Regulatory

Browse articles from IMFnews related to Regulatory.

January 18, 2019 - IMFnews

What We’re Hearing: GAO Worries About Fannie & Freddie / The Return of Jeb Hensarling / Top-Ranked Nonbank Enters the HELOC Market / Quicken Courts the Refi Market / Eddy Perez to Head MORPAC / Take Our Salary Survey

The title of the new GAO report says it all: The Prolonged Conservatorships of Fannie Mae and Freddie Mac...


January 18, 2019 - IMFnews

Government Shutdown Causing Uncertainty for ABS, MBS Issuers

Mayer Brown attorneys said because of the government shutdown SEC staff is not available to review and accelerate the effectiveness of registration statements…


January 17, 2019 - IMFnews

Short Takes: A Landmark Non-QM MBS from Angel Oak / Better Mortgage Sees Furloughed Government Workers and Comes Up with a Product to Serve Them / Retail Declines at BB&T / Seterus Hands Out Pink Slips to 300 / MGIC’s Results / MBA Promotes Knowlton

The Seterus platform will cut 300 full-time workers in the Durham area. The unit is being sold to Mr. Cooper...


January 17, 2019 - IMFnews

Ditech Gets a Breather from Its Note Holders (For Now); COO Terminated

Ditech also terminated the employment of Chief Operating Officer Ritesh Chaturbedi.


January 16, 2019 - IMFnews

Short Takes: Mr. Cooper Cuts Jobs in California / Blackstone’s Finance of America Unit Will Close Roseville Office / loanDepot Courting Wells Fargo LOs? / Freshman Socialist Will Sit on the HFSC / A New Hire for Nations Lending

Socialist Rep. Alexandria Ocasio-Cortez, D-NY, will sit on the House Financial Services Committee, which oversees banking, mortgages, as well as Fannie Mae and Freddie Mac.


January 16, 2019 - IMFnews

Ginnie Mae Postpones Annual Summit, Citing Government Shutdown

Scheduled speakers included Housing and Urban Development Secretary Ben Carson, Kasper and Edward DeMarco, former acting Director of the Federal Housing Finance Agency.


January 15, 2019 - IMFnews

Short Takes: Worrying About What Mark Calabria Might Do / Ever Seated? / A Price War Brewing in Non-QM? / Tim Anderson’s Blockchain Job / Freddie Gets a New General Counsel

We understand a bit of a price war may be brewing in the non-QM market...


January 15, 2019 - IMFnews

Consumer Complaints Up 3.8 Percent in 2018. Mortgage Gripes Tank

Companies with the most gripes filed against them were the three major credit reporting bureaus: Equifax, Experian and TransUnion...


January 11, 2019 - IMFnews

What We're Hearing: The Otting Era Commences / Waiting on the Senate (It Didn’t Work for Michael Bright) / 11 Days In and All Shook Up / HFSC Chair Worries about Furloughed Workers and Delinquencies / Keep an Eye on Jan. 15 / The Milken Institute Weighs in on ‘Administrative’ Reform of the GSEs

We’re just 11 days into the new year and already things are getting interesting in the mortgage industry...


January 11, 2019 - IMFnews

What Michael Bright’s Resignation Might Mean for GSE Reform

The odds of GSE “recap and release” becoming a reality just went down…


January 11, 2019 - IMFnews

Lenders Not Liable for a Servicer’s RESPA Violation

Under RESPA, servicers are generally required to consider borrowers for loss mitigation if the servicer receives a loss mitigation application at least 37 days before a scheduled foreclosure sale.


January 11, 2019 - IMFnews

CFPB Report Raises Questions about Non-QMs, DTIs, Servicing and More

The CFPB determined the ATR rule has reduced lending to some extent to borrowers with high debt-to-income ratios…


January 10, 2019 - IMFnews

Short Takes: Who Is Maren Kasper? / Not Shy / Headed to the White House? / GSE ‘Recap and Release’ Just Got Knee-Capped / IMA Offers Bulk MSR Package

With Michael Bright's departure, GSE "recap and release" just got hurt...


January 9, 2019 - IMFnews

Market Shocker: Ginnie Mae Interim President Michael Bright Quits

Bright was first nominated to the post by President Trump in May of last year. He had been serving as an EVP at Ginnie.


January 9, 2019 - IMFnews

FHA Tells Servicers to be Lenient Toward Furloughed Federal Workers and Contractors

The FHA handbook states that servicers can receive a “financial incentive” for offering forbearance...


January 8, 2019 - IMFnews

Short Takes: $249 Million in Mortgage Payments at Risk? / Will Trump Order Fannie and Freddie to Stand Down? / Assessing Mark Calabria / Lovell Buys ATTOM / LoanLogics Hires Mortgage Tech Vet

Overwhelmingly, industry analysts expect Mark Calabria to shake things up at the Federal Housing Finance Agency – that is, once he’s approved by the full Senate.


January 7, 2019 - IMFnews

Short Takes: IRS Cranks Up the IVES Machine Again / Otting at FHFA, Day 1 / AltLoan Enlists a New Capital Markets Partner / 45 Percent Plan to Enter the Non-QM Space This Year / Academy LO Joins Bay Equity Home Loans

Roughly 45 percent of respondents said they definitely will enter the the Non-QM market this year.


January 7, 2019 - IMFnews

Democrats on the HFSC Seek FHA Loans for DACA Recipients

Although HUD has voiced its opinion on the eligibility of DACA recipients informally, no official, definitive pronouncement has been issued – to the consternation of lenders.


January 4, 2019 - IMFnews

What We’re Hearing: Top Production Exec Ready to Depart? / The Mel Watt Era at the FHFA is About to End / Will IBM do to Promontory What it Did to Seterus? / Ugly Mortgage Job Numbers / Selling Ditech Shares / Dynex Hires Dave Stevens as a Director

One former Fannie Mae executive familiar with Seterus opined that IBM likely received “pennies” compared to what it invested in Seterus...


January 4, 2019 - IMFnews

Government Shutdown has Little Effect on FHA/VA Loan Programs (So Far)

No disasters have been reported yet, but some lenders are beginning to worry...


January 3, 2019 - IMFnews

Short Takes: The First Mortgage M&A Deal of the Year? / Mnuchin is Aware of the IRS Tax Transcript Problem / Will Government Workers Miss a Mortgage Payment? / Happy New Year from President Trump: Your Pay is Frozen / Tom Selleck Keeps Pitching HECMs / Celink Settles DOJ/FCA Claims

Celink, a servicer of reverse mortgages, has agreed to pay the federal government $4.25 million for violating the False Claims Act...


January 2, 2019 - IMFnews

Short Takes: A Government Shutdown-Related Reminder from Fannie Mae / A Fundraising Record for MBA’s MORPAC / Rising Worries, Falling Rates / Nervous / AI Gets a New (Annual) President

At press time, the yield on the benchmark 10-year Treasury was at 2.67 percent, the lowest reading in almost 12 months…


January 2, 2019 - IMFnews

Loan Officer OT Pay Case Sent Back to Lower Court, Dealing a Blow to LOs

According to the ruling by the appeals court, Citizens pays its LOs $11.50 an hour along with commissions based on volume…


January 2, 2019 - IMFnews

Analysts Positive on VA’s Interim Rule on Cash-Out Refis, but…

The rule creates two types of cash-out refinances…


January 2, 2019 - IMFnews

Employee Satisfaction at the CFPB Plunges

A CFPB spokesperson said that 2018 was, no doubt, “a tumultuous year of great change.”


December 31, 2018 - IMFnews

Short Takes: Worrying About the IRS / NRMLA Talking to Members about the HECM Situation / Most Underwriting Can Continue / Mnuchin’s Future / OCC Hires SBC Attorney

Capital Alpha Partners: “Mnuchin’s job is in danger the same as any cabinet member under Trump...."


December 31, 2018 - IMFnews

GSE Credit Scoring Models: The Future is Unwritten

Fannie and Freddie tossed out the idea of creating their own internal models as impractical...


December 31, 2018 - IMFnews

FEMA Reverses Course on Decision to Halt New Flood Policies

The NAR called FEMA’s about-face a “critical win.”


December 31, 2018 - IMFnews

Industry Concerned About Shutdown and Effect on IRS Verifications, MBA Asks Treasury to Step In

MBA CEO Bob Broeksmit: “We have made our concerns known to Treasury and request that IRS employees performing this vital work be deemed essential so loan closings can continue without further interruption.”


December 27, 2018 - IMFnews

Short Takes: Wells Fargo Executive Takes a Job with UCM / The NAR is Not Happy with FEMA / No Word From Peter Bell and NRMLA / Fannie Mae Director Haywood Moves On / Trouble in the Sandbox

The National Association of Realtors is none too happy with FEMA's actions during the government shutdown...


December 27, 2018 - IMFnews

Democrats Take Issue With Mulvaney’s Past Moves at the CFPB, MLA Becomes a Focus

Roughly 24 Democrats, led by Rep. Maxine Waters, CA, recently sent a letter to Kraninger arguing that the CFPB has the authority to supervise entities under the MLA.


December 27, 2018 - IMFnews

Lion Point Capital Declares 50 Percent Stake in Ditech

The investment banking firm Houlihan Lokey has been fielding offers for Ditech…


December 26, 2018 - IMFnews

Short Takes: Trouble Ahead for FHA? / Steve Mnuchin’s Christmas Eve Massacre / Significant Players in the Mortgage Market / Who Knows / Who Put the Thought in the Treasury Secretary’s Head? / Craig Phillips Rising? / A New Hire for StoneHill

Was it Mnuchin’s idea to call the six bank CEOs or did President Trump put him up to it? That storyline has yet to be fully explored…


December 26, 2018 - IMFnews

Dems Select Rep. Waters as the First Woman Chair of the HFSC, Mulvaney Put on Notice

Rep. Waters to Mick Mulvaney: “I am writing to inform you that while your time running the Consumer Bureau may be over, the time for accountability for your actions is about to begin.”


December 26, 2018 - IMFnews

Mortgage Industry Assesses Pain from Government Shutdown, HECM Endorsements End, New Flood Policies Doubtful

Brian Chappelle, a principal in Potomac Partners told IMFnews that his lending clients “are starting to worry.”


December 26, 2018 - IMFnews

CFPB Details HMDA Data Fields That will be Released Publicly, Opts for Borrower Privacy

The loan originator’s unique identifier assigned by the Nationwide Mortgage Licensing System and Registry will not be disclosed publicly…


December 26, 2018 - IMFnews

FHFA Nominee’s Past Comments Could Come Back to Haunt Him (With Democrats at Least)

As the former director of financial regulation studies at the Cato Institute, Mark Calabria brings a decidedly libertarian perspective to housing finance.


December 21, 2018 - IMFnews

What We’re Hearing: The Senate Waiting Game and Mark Calabria / What Might Mnuchin Come Up With? / Otting and Mnuchin and One West / Angelo Mozilo Makes it Rain Once More / MorVest’s MSR Auction / George Bailey Lives (A VA Story) / A Short Publishing Break

The news of Otting’s appointment and what might transpire afterwards did nothing to boost the share price of Fannie and Freddie common...


December 21, 2018 - IMFnews

As Expected, OCC Chief Otting Tapped by White House to be Interim FHFA Director

Joseph Otting will be joining the Trump administration's "two-hat" club...


December 21, 2018 - IMFnews

SIFMA Meets with White House Officials on GSE Single-Security Initiative

The Wall Street group’s advisory council on TBA guidelines met earlier this week with several key Trump administration officials...


December 21, 2018 - IMFnews

Not Going Anywhere: HUD Secretary Ben Carson

Meanwhile, acting Ginnie Mae President Michael Bright still awaits Senate confirmation, even though he was officially nominated to the post by President Trump on May 15.


December 20, 2018 - IMFnews

Short Takes: loanDepot CEO: Nothing but Blue Skies for Loan Officers / It’s Not Cancelled Until It’s Cancelled / An Op-Ed Counterweight / A Pile of Coal for Stocks / Second LP Analogies / Don’t Look at the Dow / A New CEO for PRMI

Hindes’ piece is entitled “Fannie and Freddie didn’t get a bailout. It was a stick-up.”


December 20, 2018 - IMFnews

Kraninger Kicks the BCFP Name to the Curb, Though Not Entirely

Kathy Kraninger: “In other words, we have a legal name but will be using our colloquial name and the branded acronym ‘CFPB.’”


December 19, 2018 - IMFnews

Short Takes: Do GSE Servicers Need to Worry About Liquidity? / MF Cap Set at $35 Billion / New American Buys Minnesota Lender / Humble Beginnings / Kraninger Will Keep the CFPB Name / BoNY Mellon to Enter Non-Agency Market as Master Servicer

Liquidity means access to cash – and is a chief concern of Ginnie Mae acting president Michael Bright as well…


December 19, 2018 - IMFnews

FHA Drops Warranty Requirements for New Single-Family Construction

FHA says positive trends in the housing sector have weakened the need for the multi-year warranty.


December 19, 2018 - IMFnews

Adverse Ruling in Closely Watched Case Could Increase Servicer Liability

The Tenth Circuit found the FDCPA’s plain language to be controlling…


December 18, 2018 - IMFnews

Short Takes: Freddie Mac’s New CEO? / Jeb’s Last Stand? Maybe Not / A ‘Comical’ Situation / A Low Grade for Hensarling? / Fannie’s New Chairman

As one veteran industry lobbyist explained with a hint of ire: “You’re telling me that a bunch of lame duck Congressmen who lost an election are going to show up on the Friday before Christmas?”


December 18, 2018 - IMFnews

Speculation Centers on Clinton Jones for FHA Commissioner

Clinton Jones has worked for the HFSC since February 2013. From 2007 to 2008 he was a registered lobbyist for Fannie Mae.


December 17, 2018 - IMFnews

Ginnie Stats Reveal Sharp Increase in FHA Risk Layering Over Two Years

Loans with DTI ratios exceeding 50 percent accounted for 29.60 percent of FHA business in Ginnie MBS during the first two months of the fourth quarter…


December 17, 2018 - IMFnews

Outlook for Prime Non-Agency MBS Tied to GSE Pricing, Tools

With Mel Watt’s term as FHFA director ending in early January, a new director appointed by President Trump is widely expected to take actions to reduce the GSEs’ footprint…


Poll

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