Regulatory

Browse articles from IMFnews related to Regulatory.

February 22, 2018 - IMFnews

PIMCO Suggests Leaving Fannie and Freddie in Conservatorship

PIMCO also believes government MBS loan limits should be based on borrower income, not housing prices…


February 21, 2018 - IMFnews

CFPB Seeks Feedback on External Engagements, Seven More RFIs to Come

The agency will issue seven more RFIs in the coming weeks on such topics as complaint reporting and inherited rules.


February 21, 2018 - IMFnews

Short Takes: IU Chief Pagliara Weighs in on Supreme Court Decision / Bill Ackman is Now Underwater on his GSE Bets / NAMB Wants Ban on ‘Trigger Leads’ / Ditech Names Interim CEO but Does He Get the $5 Million?

It appears that Pershing Square is now under water on its GSE investments...


February 21, 2018 - IMFnews

Seniors Had Fewer Mortgage-Related Complaints in 2017

Most complaints from seniors over the past two years centered on conventional mortgages…


February 20, 2018 - IMFnews

Short Takes: Why GSE Reform is Truly Dead / A Tale of Two GSEs / Common Not Doing So Well / Stearns’ Future in Servicing? / SoFi Cuts Mortgage Workers / About Those Strategic Plans…

Social Finance is cutting positions in its mortgage division...


February 20, 2018 - IMFnews

The Mel Watt Factor Looms Large as GSE Reform Sags

One trade group official said a new FHFA director might be hell-bent on reducing the federal footprint in mortgages…


February 16, 2018 - IMFnews

What We’re Hearing: Death, Taxes and the GSEs / Sweet Tax Cows / Not a Peep Out of Pershing Square and Fairholme / The Wrath of Jeb / MSR Market Heats Up / A Huge Profit for Annaly / Citizens Bank Gets a New Mortgage Chief

Suffice to say, Fannie and Freddie are two cash cows that only a crazy person would eliminate, unless that crazy person doesn’t like money…


February 16, 2018 - IMFnews

As Appraiser Shortage Worsens, Standards are Reduced

Under the new AQB standards, only an associate’s degree in a field related to the appraisal industry will be required…


February 15, 2018 - IMFnews

Short Takes: Is Mel Watt Dropping Hints? / A Utility Model for Fannie and Freddie? / Refi Applications on the Rise (Ever So Slightly) / No (Permanent) Ginnie Prez, No FHA Chief / Uber Executive’s Foray Into Mortgages

Joshua Rosner, managing director of Graham Fisher & Co., states: “This sounds like the early stages of a utility model..."


February 15, 2018 - IMFnews

Behind the White House’s Request to Shore Up FHA Tech: 73 System Outages in 2017

The budget proposal calls for exempting “small lenders” – companies that generate about 20 percent of FHA business – from the IT fee.


February 15, 2018 - IMFnews

CFPB Continues with its ‘Public Input Series,’ Wants Feedback on Supervisory Processes

This is the fourth in a series of RFIs announced as part of Acting Director Mick Mulvaney’s “call for evidence.”


February 14, 2018 - IMFnews

Short Takes: Arch has Some ‘Fairly Well Developed’ Plans / Auditing the FHA MMIF / New Residential May Become a Player in Ginnie MSRs / Consumer Advocates Not Happy / Top VA Official Departs Agency for PenFed

Look for New Residential to become a buyer of Ginnie Mae servicing packages...


February 14, 2018 - IMFnews

Quicken Loses Another Top Executive, This Time EVP Pete Carroll

At Quicken, Carroll served as executive vice president where he helped develop the lender’s positions on key policy issues.


February 14, 2018 - IMFnews

Bill Would Restore REIT Access to FHLB Advances

Borrowing from the FHLB advance window would save REITs a ton of money…


February 14, 2018 - IMFnews

127 Mortgage Banking Executives Sign ‘Open Letter’ to Congress on GSE Reform

Housing finance reform legislation is being worked on in the House and Senate but has yet to be formally introduced.


February 14, 2018 - IMFnews

Why Not Make the FHLBanks MBS Guarantors Too?

Under this arrangement, the FHLBanks would be “jointly and severally liable” for the obligations of any single-family guarantor formed under the new system…


February 13, 2018 - IMFnews

Short Takes: The Trump Budget and the GSEs (Not So Good) / No More GSE Money for Affordable Housing / Treasury Wants to ‘Right Size’ Federal Housing Programs / Cuts in Store for the CFPB? / Arch Posts a Strong 4Q17 Profit

The Treasury Department's goal is to right-size federal housing programs...


February 13, 2018 - IMFnews

CFPB Issues Industry-Friendly Strategic Plan

Acting CFPB Director Mick Mulvaney: “If there is one way to summarize the strategic changes occurring at the bureau, it is this: we have committed to fulfill the bureau’s statutory responsibilities, but go no further.”


February 12, 2018 - IMFnews

Trump Budget: DTA Hits Mean Treasury Draws for Fannie and Freddie. White House Wants to Cut Contributions to the Housing Trust Fund

Freddie Mac's Treasury draw is estimated at $400 million...


February 12, 2018 - IMFnews

Short Takes: RESPA (TRID) Changes May Become Law / Watching the 10-Year (Rise) / Can Mulvaney Wear Three Hats? / Naming a Permanent CFPB Director / A New Hire for Silver Hill

Another day and another increase in rates...


February 12, 2018 - IMFnews

Ocwen EVP of Lending Otto Kumbar Departs – and with a Nice Severance Package

Kumbar will be paid $1.25 million for leaving Ocwen, a package that also includes a relocation reimbursement…


February 12, 2018 - IMFnews

Housing Advocates Worried about Sen. Corker’s GSE Reform Draft

The Center for Responsible Lending and other groups said the Corker draft threatens access, affordability and market stability…


February 9, 2018 - IMFnews

What We’re Hearing: America, a Good Mortgage Customer? / Higher Rates, but How Much Higher? / Mortgage Bulls / Three Former Clayton Executives Launch Due Diligence Firm / Santander’s Warehouse Chief Departs / Mel Watt’s Successor Might…

The new game in town is figuring out who will succeed Mel Watt as director of the Federal Housing Finance Agency...


February 9, 2018 - IMFnews

House Green Lights Revision to Points and Fees Calculation

House Financial Services Committee Chairman Jeb Hensarling said The Mortgage Choice Act is needed because the CFPB wrote a flawed and problematic definition that grossly miscalculates points and fees...


February 9, 2018 - IMFnews

FHFA OIG Takes Issue with Regulator’s Handling of Potential Conflicts Involving Fannie Mae Executives

The names of Fannie Mae executives potentially involved in conflicts of interest were redacted from the report.


February 8, 2018 - IMFnews

Ginnie Mae Lays Down Law on VA Churning, Warns Select Group of Issuers They Face Banishment

Issuers cited by Ginnie Mae are expected to deliver a corrective action plan...


February 8, 2018 - IMFnews

Will CFPB Chief Mulvaney Say ‘Never Mind’ on PHH Case?

In fact, it’s possible the CFPB under Acting Director Mick Mulvaney may just say: never mind.


February 7, 2018 - IMFnews

Short Takes: The FHFA Version of Mick Mulvaney / Political Appointees at the FHFA? / Waiting on Hensarling’s GSE Draft / A Strong Profit for Genworth / Reverse Lender Goes Forward

Rep. Hensarling, a Republican from Texas, has yet to unveil a legislative blueprint…


February 7, 2018 - IMFnews

MBA Chairman Motley Hopeful that HUD Will Act Soon on FHA Clarifications

The trade group chief said uncertainty still exists around FHA loan level certifications…


February 7, 2018 - IMFnews

Mortgage Servicers Worry about Bankruptcy Provisions in CFPB Rule

As of April 2018, mortgage servicers will have to send monthly billing statements to consumers in active bankruptcy cases…


February 6, 2018 - IMFnews

Short Takes: What Stock Market Correction? / Bond Prices? / Fretting Over Fannie-Freddie Common / The GSE Message from Jeb and Steve / BlackRock Likes Genworth / New Penn Gets a New President / FSR Chief Pawlenty Departs

The price of Fannie Mae and Freddie Mac common is getting smacked around...


February 6, 2018 - IMFnews

House Poised to Pass Qualified-Mortgage Tweak

However, there is no companion legislation in the Senate...


February 6, 2018 - IMFnews

Chairman of House Financial Services Subcommittee Pondering GSE Reform

MBA’s Dave Stevens worries about what might happen to the mortgage market under a Trump-appointed FHFA director…


February 5, 2018 - IMFnews

Fannie’s Re-entry into the LIHTC Market: $100 Million for Affordable Rentals

The Raymond James Affordable Housing Fund is part of the GSEs’ effort to provide capital for affordable rental housing and underserved markets.


February 5, 2018 - IMFnews

Lender Alert: VA Issues Disclosure Guidance on IRRRLs

Lenders are required to provide early disclosures “no later than the third business day after receiving the veteran’s loan application.”


February 2, 2018 - IMFnews

What We’re Hearing: Interest Rate Armageddon? / Sucking Pond Water? / Tony Renzi’s February Surprise / A Raise for Ginnie Mae Staffers / Investors Unite Weighs in on the Corker Bill (Not Happy) / Mnuchin’s GSE Plan

Investors Unite is not happy...


February 2, 2018 - IMFnews

CFPB Consolidates and Restructures Fair Lending Enforcement Apparatus

CFPB Senior Advisor John Czwartacki said: “The bureau’s statutory mandate includes the supervision and enforcement of fair lending laws and regulations … the bureau will continue to perform those functions.”


February 2, 2018 - IMFnews

Ginnie Issues Warning to Servicers, Some Could be Terminated for High Delinquencies

New agency guidance makes clear that issuers are expected to make an ongoing investment in servicing capability…


February 2, 2018 - IMFnews

NAR Wants FHFA to Reduce G-Fees, LLPAs

The NAR request comes at a time of rising interest rates…


February 1, 2018 - IMFnews

Short Takes: Mortgage Trouble at SoFi / Thin Margins / Ex-Fannie Mae Worker Indicted / Mortgage M&A in New England / A New Hire for Bay Equity Home Loans

One executive familiar with SoFi’s residential business said the company is operating on razor thin profit margins…


February 1, 2018 - IMFnews

Trump White House Working on a ‘Short List’ to Replace FHFA Director Mel Watt?

Calabria is a former director of financial regulation studies at the Cato Institute, a conservative think tank that would like to do away Fannie and Freddie…


February 1, 2018 - IMFnews

Hensarling Wants CFPB's Mulvaney to Appeal PHH Loss to the Supreme Court

Neither Hensarling or Waters addressed the fundamental RESPA issues involved in the case…


February 1, 2018 - IMFnews

CFPB Chief Mulvaney Continues with ‘Calls for Evidence,’ Agency Wants Input on Adjudications

The next RFI in the series will address the bureau’s enforcement processes...


February 1, 2018 - IMFnews

Housing Finance Reform Waits for the Democrats to Show Up. (Don’t Hold Your Breath)

Bill Maloni, a retired Fannie executive who’s been tracking the reform debate for years, believes the Corker bill, if enacted as is, eventually will place the secondary market in the hands of the megabanks.


January 31, 2018 - IMFnews

Short Takes: Leaked DOJ Memo Directs Prosecutors to Dismiss Meritless FCA Cases / FCA by the Numbers / Joshua Rosner Weighs in on Corker Bill / Flushing GSE Money Down the Toilet? / Ally’s Mortgage Profit

DOJ notes that “over the last several years” there has been a record increase in qui tam (whistleblower) actions filed under the False Claims Act...


January 31, 2018 - IMFnews

Appeals Court Rules in PHH’s Favor in RESPA Dispute with the CFPB; However, CFPB's Constitutionality is Upheld

The ruling is a huge win for the mortgage industry, said former CFPB attorney Benjamin Olson, now a partner at the Buckley Sandler law firm…


January 31, 2018 - IMFnews

FHA Issues Disaster-Related Waiver for Early-Payment Default Reviews

Due to the string of natural disasters, FHA anticipates an increase in EPDs…


January 31, 2018 - IMFnews

Widespread Support for HFSC Portfolio QM Bill

However, at the markup, the bill was amended to limit the types of mortgages that will receive QM status.


January 31, 2018 - IMFnews

Corker’s GSE Bill Raises a Host of Questions. Five or Six MBS Guarantors Need to be Up and Running For it to Work

The FHFA would be tasked with maximizing profits on any asset sales by Fannie and Freddie, according to the Corker bill…


January 30, 2018 - IMFnews

GSE Reform Draft (#29) Lays Out a New Mortgage Market with a Federal Guarantee but Private Capital; FHFA and Ginnie in Charge; Treasury Can’t Sell GSE Stock

Treasury would be barred from selling or disposing of “any senior preferred shares, any interest in the warrants, any common shares acquired upon the exercise of the warrants, or any other equity interest that were acquired pursuant to the Senior Preferred Stock Purchase Agreement.”


Poll

How many new retail loan officers (net) is your shop looking to hire in the first quarter of 2018?

1 to 10. We’re being careful.
11 to 30. We’re feeling slightly bullish.
31 or more. We’re in expansion mode.
None. We’re staying right where we are, for now.
We’re cutting back.

vote to see results