Regulatory

Browse articles from IMFnews related to Regulatory.

September 22, 2017 - IMFnews

What We’re Hearing: A GSE ‘Black Swan’? / More TBTF, Perhaps / A Dividing Issue: Zero Capital / Will Mnuchin Cut a Deal with Speculators? / Waiting on a Ginnie Mae Nominee (Still) / A New Business Home for Anne Canfield

An impossible scenario, one that keeps Federal Housing Finance Agency Director Mel Watt up a night? We shall see...


September 22, 2017 - IMFnews

Trade Groups Tell Treasury and FHFA: Legislation for GSE Reform, No Recap and Release

In a research note published Friday, Cowen & Co. notes the letter is an indication these groups believe allowing the GSEs to retain capital will prolong the conservatorships.


September 21, 2017 - IMFnews

15 Groups Tell Treasury and FHFA: Legislation to Reform the GSEs, Not Some Recap Plan

The signors add: “We … believe the debate over recapitalizing a broken system distracts from the critical structural issues that Congress must address to ensure that the federally supported secondary market serves key, bipartisan objectives.”


September 21, 2017 - IMFnews

Short Takes: Waiting on a Wider Credit Box / A 30 Percent Jump for Nonconforming / 5,000 Active Loan Brokers for UWM / Don’t Count on Another Refi Boom Quite Yet / A New Hire for Altisource

Another refi spurt in the works? It may’ve looked that way a few weeks ago, but...


September 21, 2017 - IMFnews

Why Should Lenders Go ‘Digital’? Because That’s Where the Customers Are

“Everybody’s going online to shop for most of their products, and mortgages are starting to happen the same way,” said Tim Anderson, director of eServices for DocMagic, during an Inside Mortgage Finance webinar…


September 21, 2017 - IMFnews

CFPB Modifies ‘Equal Credit’ Regs, Giving Lenders Additional Flexibility

Originators will not have to maintain different practices based on their loan volume…


September 20, 2017 - IMFnews

Houston Court Drives Final Nail into Allied’s Coffin, Imposes Total Damages of $293 Million

The case started back in 2011 as a “whistleblower” lawsuit filed in New York. Allied, a net branch operator, was based in Houston.


September 20, 2017 - IMFnews

Short Takes: Did Wells Dodge a Bullet on its CFPB Fine? / A ‘Recommendation Memorandum’ / No Effect on Wells’ Mortgage Business / Subject the CFPB to Appropriations / Stearns Goes ‘Digital’

Wells Fargo could have been subject to a whopping $10 billion fine...


September 20, 2017 - IMFnews

Walter Gets $300 Million Increase in Financing from Barclays; Stock Spikes

News of the expanded repo line sent Walter's share price soaring...


September 19, 2017 - IMFnews

Short Takes: About Those GSE Dividend Payments… / The Man Wants to be Paid / Record Attendance at ABS East / LendingTree Buys Snap Capital / Webster Gets a New President

In other words, the FHFA will once again order the dividends to be paid to Treasury. Right?


September 19, 2017 - IMFnews

Federal Court Sanctions the CFPB for Deposition Conduct

When the depositions finally occurred, a CFPB witness used “memory aids” to deliver rote, sometimes unresponsive answers to questions.


September 19, 2017 - IMFnews

New Poll: Industry Says Let Congress Fix the GSEs

Congress is not expected to produce workable GSE legislation until next year and even then, other issues – tax reform, another run at fixing “Obamacare,” for example – could kick the can down the road.


September 19, 2017 - IMFnews

House FSC to Work on GSE Reform Again. (Hint: It Looks like the PATH Act)

At the ABS East show, Rep. Barr didn’t provide further details about Republican plans for the GSEs…


September 18, 2017 - IMFnews

Short Takes: MBA Wants a Change in HUD Reinspection Policies / Having an FHA Commissioner Might Help / Montgomery Resigns from Radian Board / DBRS Updates Due Diligence Criteria / A New Hire for Mortgage Network

The FHA nominee had been a Radian director since 2012…


September 18, 2017 - IMFnews

CFPB Official Tells ABS East Attendees: Show Us Data on How Consumers Have Been Harmed

“We want to know if there are impediments because of our rules,” said CFPB Policy Analyst Patrick Orr…


September 18, 2017 - IMFnews

A Growing Problem: VA ‘Rapid’ Refis

Acting Ginnie Mae President Michael Bright confirmed the resurgence of inappropriate streamline refinancing in securitization pools, promising a crackdown…


September 15, 2017 - IMFnews

Short Takes: Patenaude Finally Gets Senate Approval to be the #2 at HUD / Acting Ginnie Chief Vows Progress on VA Refi Abuses / Radian Readies Huge Note Sale / A New Hire for eOriginal

Radian inked a deal with Wall Street underwriters this week to sell $450 million of senior notes due in 2024...


September 15, 2017 - IMFnews

Treasury Taking Meetings on GSE Issues, Including Zero Capital and Multiple Guarantors

Rob Zimmer, a former Freddie Mac executive: “Republicans run this town, obviously, and there is no way they want to be identified as the party of taxpayer bailouts for large financial institutions.”


September 14, 2017 - IMFnews

Senior Democrats on Senate Banking Committee Implore Treasury, FHFA to Allow GSEs to Build Capital

The correspondence, which includes the signature of ranking minority member Sherrod Brown, D-OH, notes: “We are simply requesting that the GSEs be permitted to build capital...."


September 14, 2017 - IMFnews

A Revision Coming for the Definition of ‘Home Mortgage Loan’ (CRA Changes)

The amendments could take effect at the start of 2018…


September 13, 2017 - IMFnews

Short Takes: At SoFi, CEO Cagney is Out. As for the IPO… / Stock Options as an Enticement / Patenaude Nomination Could Get a Vote / Flawless TRID Implementation? / Arbolida to Manage LA Branch for Finance of America

It’s possible that the nomination of Pam Patenaude to be the number-two at HUD could get a floor vote this week...


September 13, 2017 - IMFnews

In New White Paper, MBA Takes Aim at the CFPB

MBA believes the CFPB should concede it is bound by the guidance it issues…


September 13, 2017 - IMFnews

In the Wake of Hurricane Irma, ABS East Securitization Show is Still a Go for Miami Beach

Information Management Network will contribute proceeds from the conference to aid hurricane relief efforts.


September 13, 2017 - IMFnews

Brian Montgomery (Finally) Picked for FHA Chief. Kittle for Ginnie Prez?

If confirmed by the Senate, it would be Montgomery’s second go at the FHA post, a position he held in the administration of George W. Bush.


September 12, 2017 - IMFnews

White House Finally Issues ‘Intent’ to Nominate Notice on Brian Montgomery for FHA Commissioner

While in the Bush White House, Montgomery assisted in HUD’s recovery and rebuilding efforts along the Gulf Coast and New Orleans following Hurricane Katrina. He is expected to play a similar role in the wake of hurricanes Harvey and Irma.


September 12, 2017 - IMFnews

Short Takes: Former DB Exec Paul Mangione Slammed in DOJ Civil Complaint / Fort Schuyler Advisors? / Angel Oak Passes $7B Mark / Richard Cordray? / A New CFO for LenderLive

As IMFnews went to press, Mangione could not be reached for comment. He currently heads Fort Schuyler Advisors...


September 12, 2017 - IMFnews

Credit Unions as ‘Players’ in the MSR Market? Interesting, but…

Second, it’s unclear if a CU wanting to buy receivables from another shop would face “membership” issues…


September 12, 2017 - IMFnews

CFPB Eyeing the Equifax Mess, Forced Arbitration an Issue

“Equifax’s credit monitoring product contains a mandatory arbitration clause that denies people their right to join together to sue the company for wrongdoing,” the bureau spokesman said.


September 11, 2017 - IMFnews

International Monetary Fund Favors a Fannie-Freddie Merger

The IMF, of course, has no jurisdiction whatsoever over Fannie Mae and Freddie Mac…


September 11, 2017 - IMFnews

Hurricane Harvey Puts 300,000 Loans on the Line. Estimates Begin on Irma Damage

Black Knight estimates there are 1.18 million mortgaged properties in FEMA-designated disaster areas influenced by the hurricane...


September 11, 2017 - IMFnews

Appraisal Groups Tell Congress to Make GSEs Do Away with Waivers

As a result, they urge the GSEs to do away with the appraisal waiver program for now…


September 8, 2017 - IMFnews

What We’re Hearing: Treasury Mulls Plans for Fannie and Freddie / $200 Billion Should Do It / GSE Hearing Nixed / Milken Ramps Up Its Involvement / How Low Might the 10-Year Fall / Warren Likes Real Estate and Gets a Mortgage Company Too

In case you’re wondering the concept of GSE “recap and release” is not under consideration...


September 8, 2017 - IMFnews

Hurricane Damage: Despite Consumer Moratoriums, MBS Issuers Must Keep Making Payments

Just because consumers might be off the hook for at least 90 days on making their payments, MBS investors will want their money, noted on observer…


September 7, 2017 - IMFnews

ICBA Says Government Seizure of Fannie and Freddie was ‘Questionable at Best’

ICBA’s comment marks the first time that a major industry trade group has questioned putting Fannie and Freddie into conservatorship…


September 6, 2017 - IMFnews

Short Takes: Loan Closings Cancelled in Parts of FL as Hurricane Approaches / A Rarity: Podium Readies Jumbo MBS Backed by Reverses / Applications and Refis on the Rise / Freddie Exec Takes CIO Job with Subservicer Cenlar

As another hurricane approaches the U.S. more loan closings are cancelled...


September 6, 2017 - IMFnews

FHA Extends Interim Rules for Condo Project Approval

Spot-condo approvals would require property recertification every three years…


September 6, 2017 - IMFnews

Nine Years Ago, Fannie and Freddie Were Taken Over. Treasury is Now $82.3 Billion Richer

Investors Unite speaks for GSE shareholders – except senior preferred holders (the Treasury Department)…


September 6, 2017 - IMFnews

CFPB’s Cordray to Give Ohio Speech on Date of Gubernatorial Debate. Meaning?

Fun fact: Ocwen is one of the sponsors of the event where CFPB Director Richard Cordray will be speaking…


September 5, 2017 - IMFnews

Short Takes: Trump Tax Cuts Could Damage High-End Market / Almost 60 Groups Fight for Vote on Patenaude / The Signors / Hurricane Damage Update / A New Hire for Mortgage Network

Groups signing the Patenaude letter include the Center for Responsible Lending, Community Mortgage Lenders of America, NAACP, NAR and many others…


September 5, 2017 - IMFnews

During Labor Day Speech, CFPB Director Corday Sounds a Little Like a Candidate

Sounding like a candidate, the CFPB Director noted: “If we do not push back on the forces that press people down, we are allowing America’s promises to go unfulfilled.”


September 1, 2017 - IMFnews

What We’re Hearing: A $1 Billion Capital Buffer for the GSEs? / What Would the Minimum Be? / Government Assistance for Ginnie Issuers / A Status Report from Cornerstone Mortgage in Houston / Richard Cordray: Still There

CFPB's Cordray clerked for both Robert Bork and Anthony Kennedy...


August 31, 2017 - IMFnews

Short Takes: Navy Federal Would Like to Purchase Servicing Rights / An MSR Offering from Prestwick / Fed Okays Sterling’s Purchase of Astoria / A Clarification / New Hires for Castle & Cooke

The Fed just greenlighted a bank M&A deal...


August 31, 2017 - IMFnews

S&P: Residential Servicers Can Anticipate Vigorous Regulation to Continue

Even if the feds ease up on regulation, the states will continue to be vigorous…


August 31, 2017 - IMFnews

Looks Like CFPB Director Cordray is Staying – for Now

In a blog posting midweek, attorney Barbara Mishkin of Ballard Spahr says it appears Cordray will not resign before Labor Day…


August 31, 2017 - IMFnews

New HECM Underwriting Changes Could Reduce Program Volume by 20 Percent

During a press briefing with the media this week, HUD officials estimated there are roughly 24 million seniors with untapped equity in their homes…


August 30, 2017 - IMFnews

Short Takes: Richard Cordray, Still on the Job / Coming Soon: 2Q17 Warehouse Ranking / New Bank Statement Loan Takes Off / Berkshire Now BofA’s Largest Shareholder / A New Hire for Falcon

Earlier this month, nonprime lender Citadel Servicing Corp., Irvine, CA, launched a one-month bank-statement program for self-employed borrowers.


August 30, 2017 - IMFnews

HUD Quadruples the Upfront Reverse Mortgage Premium. NRMLA Not Happy

NRMLA said the changes "diminish the benefit (amount of loan proceeds) available and increase the costs (increased upfront mortgage insurance premium) to most borrowers.”


August 30, 2017 - IMFnews

Errors in Moody’s Database Prompt Reassessment of Ratings on Nearly 1,000 Pre-Crisis Non-Agency MBS

Problems regarding the ratings of IO tranches of pre-crisis non-agency MBS emerged in June of this year...


August 29, 2017 - IMFnews

Short Takes: Huge Changes Coming to FHA HECM Program / UWM Ponies Up More Money for Brokers / One is the Loneliest Number / Scrutiny for Industrial Loan Charters / AI CEO Resigns After 10 Years

So, how is the program doing? A spokesman for UWM said 40 firms were created with the first round of seed money and all are still in business.


August 29, 2017 - IMFnews

Promontory MortgagePath Hires Dealmaker Rudy Orman to Head Sales

Late last year, IBM bought Ludwig’s Promontory Financial Services advisory firm, but the former OCC chief kept two divisions: Promontory MortgagePath LLC and Promontory Interfinancial.


Poll

The year is almost 75% done. How is mortgage origination volume at your shop?

We will fund about the same as we did in 2016.
We will fund more than last year – by a little.
We will fund more than last year – by a lot.
We will fund less than last year – by a little.
We will fund less than last year – by a lot.

vote to see results