Browse articles from IMFnews related to Regulatory.

November 21, 2017 - IMFnews

A 40-Page GSE ‘Draft’ Bill is Circulating in the Senate

As press time, details were sketchy, but lobbyists who claim to have knowledge of the draft caution there are several “different pieces” to the measure...

November 21, 2017 - IMFnews

One Week After Cordray Declared He’s Leaving the CFPB, Trump Still Hasn’t Named a Replacement

So, where’s Mick?

November 21, 2017 - IMFnews

FHA’s ‘Tangible Benefit Test’ Might be the Solution to VA’s Churning Problem

However, a tool currently used by FHA appears to be an obvious solution to the churning problem…

November 20, 2017 - IMFnews

Short Takes: Still Hiring: Nonprime Lenders / Wiped Clean; Franklin Codel’s LinkedIn Profile / HUD Gives $5B in Hurricane Aid to Texas / Freedom Mortgage Shines / A Rare MBS from AMIPM

Franklin Codel's LinkedIn profile had been wiped clean...

November 17, 2017 - IMFnews

What We’re Hearing: A Mystery (for Now): Franklin Codel’s Dismissal at Wells / A Major Changing of the Guard is Afoot / Rick Glass: Only the Strong Will Survive / Mick, Tell us How You Really Feel About the CFPB / Fannie & Freddie CEOs Seem Content…

A major changing of the guard is now afoot in the mortgage industry...

November 17, 2017 - IMFnews

Fannie and Freddie Approved to Re-Enter LIHTC Market for First Time in 10 Years

Freddie said it plans to close its first investment in January 2018.

November 17, 2017 - IMFnews

Pending Tax Reform has MBS Between ‘A Rock and a Hard Place’

If substantial tax reform is enacted, it would likely lead to rising expectations about growth and inflation, leading to a selloff in rates…

November 17, 2017 - IMFnews

Watt Likely Won’t Act on Zero Capital Buffer This Year, but Consensus Forming on a GSE Bill?

Republicans are reportedly on board with the federal MBS guarantee but reluctant to backstop future guarantor entities…

November 16, 2017 - IMFnews

Short Takes: Another Mortgage Trade Group Chief Announces Retirement / Redfin’s Mortgage Arm Growing Slowly / Annaly Executives Continue to Buy Stock / World Debt and U.S. Mortgage Debt / Resitrader’s Growth

Annaly executives have purchased $24.3 million worth of company stock in the open market since 2011...

November 16, 2017 - IMFnews

House Panel Passes Bill That Would Override State Usury Laws

It remains to be seen whether the language of the bill will be incorporated into the regulatory relief package…

November 16, 2017 - IMFnews

Ginnie Mae President Candidate David Kittle Tells White House He Doesn’t Want the Job

Kittle was first approached by the White House nine months ago about the job.

November 16, 2017 - IMFnews

Lenders Start Your Engines: Texas Loosens Home-Equity Regulations

The proposition revises the strict fee limits that Texas places on home-equity lines…

November 15, 2017 - IMFnews

CFPB Director Richard Cordray Resigns!

Upon Cordray’s announcement, Rep. Hensarling declared: “We are long overdue for new leadership at the CFPB, a rogue agency that has done more to hurt consumers than help them…”

November 15, 2017 - IMFnews

The New FHA MMIF Audit is Out, and It’s Not So Hot. Kiss the MIP Cut Goodbye

“By contrast, the 2017 HECM portfolio has a negative capital ratio of 19.84 percent and a negative economic net worth of $14.5 billion,” HUD said in its summary.

November 15, 2017 - IMFnews

MBA Calls for Changes to FHA’s Loan Review System

Lenders have complained about misleading and confusing labels when self-reporting loan defects…

November 14, 2017 - IMFnews

Short Takes: FHA MMIF Results Due Wednesday / Fannie’s Foray into Construction-to-Perm? / Production Chief Departs / Drones Being Used by Some Mortgage Servicers / A Loss for Invitation Homes

However, a source familiar with the matter stressed that the GSE is merely considering a construction-to-perm product and nothing more.

November 14, 2017 - IMFnews

PIMCO’s Stake in PHH Rises to 15.8 Percent. However…

PIMCO also has been buying non-agency mortgages, holding the paper in one of the funds it manages.

November 14, 2017 - IMFnews

House Panel Begins Markup of Mortgage Bills. ‘Mortgage Choice’ Should Pass…

Also likely to pass: a bill that would exempt from property appraisal requirements a mortgage of $250,000 or less if it appears on the loan creditor’s balance sheet for at least three years…

November 13, 2017 - IMFnews

Short Takes: Time for a Hearing on Why There’s No Housing Inventory / The Russians Invest in Mortgages / Angel Oak’s Latest MBS / A Nonprime REIT? / Eight New LOs for Minnesota MB

Maybe a REIT is the way to go in nonprime...

November 13, 2017 - IMFnews

KBW: A Change to the GSE Dividend Sweep ‘Unlikely’

KBW estimates that if the corporate tax rate falls, Fannie and Freddie, combined, would have to fork over to Treasury an estimated $13 billion to $19 billion…

November 13, 2017 - IMFnews

CFPB, Ocwen Tit for Tat Continues, Thanks to DOJ

The common thread in both cases is that Ocwen and PHH similarly assert that the CFPB’s structure is unconstitutional.

November 13, 2017 - IMFnews

FHA MMIF Audit Expected to Show Positive Results. As for an MIP Cut, Don’t Bet on It

Keep in mind, that one of the first things HUD did under Trump was to kill a planned MIP reduction...

November 10, 2017 - IMFnews

As Promised: If the GOP Lowers the Corporate Tax Rate, the GSEs are in Deep Trouble

“A significant reduction in the corporate tax rate would result in a significant net loss, and that could result in a loss for the year,” said Fannie CEO Timothy Mayopoulos…

November 10, 2017 - IMFnews

Senate’s Tax Reform Bill Maintains Higher Limit for Mortgage Interest Deduction but Housing Industry Warns of Other Faults

NAR’s Mendenhall: such provisions “can turn the American Dream into a nightmare for families, as the rug is pulled out from under them.”

November 10, 2017 - IMFnews

What We’re Hearing: The Wilbur Ross Story / Tapping Mortgage Expertise / Enter the Phrase ‘Legal Proceedings’ and See What You Find / David Kittle and the Ginnie Mae Job / Reverse Lender has Record Month / A New Hire for Better Mortgage

You might say that Wilbur Ross got out of Ocwen while the getting was good...

November 9, 2017 - IMFnews

SFIG Details Key Performance Indicators for Deal Agents on Non-Agency MBS

While the concept was introduced more than a year ago, the specific duties for a deal agent remained a work in progress…

November 8, 2017 - IMFnews

Short Takes: Angel Oak Rolls Out New Non-QM Product / A Banner Month for Citadel / Radian Says Don’t Worry About Clayton / Tax Overhaul and the MID? Relax / A New Hire for Stearns Lending

A handful of mortgage executives have suggested to us that trade groups are overreacting to the GOP’s tax overhaul plan and the way it treats the mortgage interest deduction...

November 8, 2017 - IMFnews

Treasury’s GSE Plan Still a ‘Work in Progress.' No Balance Sheet Allowed?

A guarantee fund would be developed to cover losses.

November 8, 2017 - IMFnews

New HMDA Data Privacy Concerns Emerge in Wake of Data Breaches

Heightened concerns have emerged about the effectiveness of the CFPB’s information security systems…

November 7, 2017 - IMFnews

Short Takes: The ‘Think-Tank’ GSE Hearing / More Red Ink for AAMC / AmeriSave’s New President / A Servicing Milestone for Flagstar / Equity Prime Hires New CFO

Tuesday’s panel discussion has been dubbed the “think tank” hearing because it includes representatives from the Urban Institute, the Milken Institute and American Enterprise Institute…

November 7, 2017 - IMFnews

Long-Time GSE Critic Peter Wallison Doesn’t Disappoint: Kill Fannie and Freddie, He Urges

According to Wallison: “There is nothing about the way the government has managed the housing finance system for the last 50 years that would remotely recommend a continuing government role.”

November 7, 2017 - IMFnews

Ocwen Requests Oral Arguments in CFPB Case, Sans Trump’s DOJ

The Trump White House has made it clear that it’s no fan of the CFPB, but the DOJ has yet to weigh in on the case…

November 6, 2017 - IMFnews

Special Counsel Clears Cordray of Election Law Violations

The Office of Special Counsel found no evidence that the CFPB's Richard Cordray violated the Hatch Act.

November 6, 2017 - IMFnews

Short Takes: Bill Ashmore’s Next Move / Richard Pickup, the Largest Investor in Impac / Weaker Results for PennyMac, the REIT / A New Hire for MBA

PennyMac (the REIT) said third quarter results were also affected by the reduced earnings contribution from "our credit risk transfer investments..."

November 3, 2017 - IMFnews

What We’re Hearing: The Mortgage Cycle Turns / PE Firms Ready to Pounce? / Show Mr. Cooper the Door? / Impac in Play? / loanDepot Retail Chief David Norris Departs for Law Enforcement Project / More Nonprime MBS on the Way

Ocwen will not be sold through a stock deal, but Nationstar could be...

November 3, 2017 - IMFnews

Housing and Mortgage Industries Call GOP Tax Plan a Dud for Homeownership

The $1 million cap is grandfathered and will only affect loans taken out after enactment of the bill...

November 2, 2017 - IMFnews

Short Takes: GSE Reform? What’s the Rush? / Calabria, an FHFA Director Candidate? / Capping the Mortgage Interest Deduction at $500,000 / TCF to Buy Nonbank Mortgage Firm

Mark Calabria is not exactly a fan of the GSEs...

November 1, 2017 - IMFnews

Rep. Hensarling to Retire. Speculation Immediately Begins on FHFA, CFPB Jobs

“The other natural job would be as CFPB director,” the Cowen analyst continued. “That said, Hensarling has shown much greater interest in housing finance…”

October 31, 2017 - IMFnews

Ginnie Mae Task Force Mulls Cures for Rapid Refis

Aggressive refinancing now occurs immediately after the six-month window has expired, as some of the activity may have shifted into the custom pool market…

October 30, 2017 - IMFnews

Short Takes: No Retained Portfolio for the GSEs? / A 33 Percent Chance for a Bill / Have a Mortgage Question? Ask a Real Estate Agent First / MIAC Selling Whole Loans / PrimeLending Picks SoCal Manager

No GSE-retained portfolios in Treasury's plan?

October 30, 2017 - IMFnews

NAHB Turns Against GOP Tax Overhaul After Homeownership Credit is Nixed

NAHB said by sharply reducing the number of taxpayers who would itemize, “what’s left is a tax bill that essentially eviscerates the mortgage interest deduction…”

October 30, 2017 - IMFnews

FHFA Adds Language-Preference Question to New Loan Application Despite Industry Opposition

The wording of the language-preference question first tells borrowers that their loan transaction is likely to be conducted in English but gives them the option of selecting one of six languages: English, Chinese, Korean, Spanish, Tagalog, and Vietnamese…

October 27, 2017 - IMFnews

What We’re Hearing: The Upper Hand on GSE Reform? / Jeb Hensarling, a Candidate for the FHFA Job? / Safe and Sound REITs / A Nice Return on Unsecured Consumer Loans / Dave Stevens Successor? / A Good Year for the Trade Group

But what about Watt? His term as director of the Federal Housing Finance Agency ends in early 2019...

October 27, 2017 - IMFnews

CFPB Will Rely on Tech Tools for Regulatory Oversight

The CFPB plans to develop and maintain technology solutions for coordinating supervisory information...

October 27, 2017 - IMFnews

Momentum Building for Housing-Finance Reform? Yes, No, Maybe?

Joshua Rosner, managing director of Graham Fisher & Co., said his discussions with Trump officials and members of Congress suggest that the administration’s reform principles won’t be released until early next year…

October 26, 2017 - IMFnews

Trade Groups Press Lawmakers to Pass TRID Improvement Bill

Currently, the bureau does not permit title insurance companies to disclose available discounts…

October 26, 2017 - IMFnews

Servicing Brokers Show Concern on Fannie Mae Plan to Enter the MSR Marketplace

One dealmaker, requesting anonymity, added: “Why not just sell servicing on eBay? There are reasons the market for servicing is wired as it is.”

October 26, 2017 - IMFnews

FHA Nominee (and ex-FHA Commissioner) Montgomery: Time For Us to Treat Lenders Like Partners

FHA Commissioner Nominee Brian Montgomery: “To be clear, fraud and misrepresentation have no place in any industry … but I wonder if we haven’t gone too far.”

October 25, 2017 - IMFnews

Short Takes: MBA CEO Dave Stevens Announces Retirement / The Search for a Successor Begins Now / MBA Bullish on Purchase Lending, Refis Not So Much / All Hail Peyton / President Bolts PrimeLending for Nonbank

Who will replace Dave Stevens at MBA? The speculation has already begun...

October 25, 2017 - IMFnews

Industry Urges Congress to Tweak QM Points-and-Fees Cap

Moreover, escrowed homeowners insurance premiums may count as “points and fees” due to ambiguous drafting in the regulation…


With originations expected to drop in 2018, will your shop turn to non-QM/non-prime mortgage products as a way to bolster volumes?

Yes, definitely. We’re planning a launch.
No. It’s still difficult compliance/regulatory-wise.
Maybe. It’s under consideration.
Not now. But things could change as 2018 progresses.

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