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Inside Mortgage Finance

February 8, 2018

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Government, Jumbo Sectors Take Biggest Lumps in Fourth-Quarter Lending Slump, ECM Gets Traction

New lending in the conventional-conforming market stayed on an even keel in the fourth quarter of 2017, likely buoyed by a surge in refinance business. Read More

Lenders May be Singing the Blues Because of Rising Rates, But Firms Looking to Sell Servicing Rights are Sitting Pretty

Thanks to rising interest rates in the second half of 2017, sales of mortgage servicing rights boomed last year and, the way things stand today, 2018 could bring more of the same. Read More

Appeals Court Sends PHH’s RESPA Case Back to the CFPB for Reconsideration

The U.S. Court of Appeals for the District of Columbia Circuit last week saved PHH Mortgage and its parent more than $100 million when it sent the lender’s dispute with the Consumer Financial Protection Bureau over issues related to the Real Estate Settlement Procedures Act back to the bureau, basically starting over. Read More

VA Requires Early Disclosures for IRRRLs to Help Borrowers Gauge Net Benefit of Streamline Refinancing

The Department of Veterans Affairs is directing lenders to provide early disclosures to help borrowers seeking an Interest Rate Reduction Refinance Loan determine whether they would actually benefit from the transaction and not end up victimized by a refinancing scam. Read More

Housing Advocates Concerned About Corker Reform Draft Limiting Housing Access, Unfair Lender Playing Field

Affordable-housing groups are concerned a plan drafted by Sen. Bob Corker, R-TN, for reforming the housing-finance system threatens fair access to housing. They said the proposal has been developed with little or no input from affordable-housing advocates and civil rights groups, and it doesn’t offer enough support for affordable-housing goals. Read More

CFPB Solicits Public Input on its Enforcement Actions, Signaling Big Changes May be Afoot

The mortgage industry has another opportunity to help usher in some potentially dramatic differences in the way the Consumer Financial Protection Bureau goes about its business in the post-Richard Cordray era. Read More

OIG Says FHFA Needs Better Oversight Of Fannie’s Corporate Governance Policies

The Federal Housing Finance Agency Office of Inspector General took issue with the way Fannie Mae handles potential conflicts with its senior executive officers and wants the FHFA to pay closer attention to the problem. Read More

Lenders Seek Access to Department of Health and Human Services Database in Lieu of Income Verification by IRS

Ongoing issues with the income-verification system at the Internal Revenue Service have prompted lenders to seek other options to verify the income of mortgage borrowers. In a new request to the Treasury Department, the Consumer Mortgage Coalition suggested that a database from the U.S. Department of Health and Human Services is a viable alternative to the IRS system. Read More

More Ominous Signs for Walter/Ditech: CEO Tony Renzi Departs with No Successor Named

Walter Investment Management Corp. had hoped to emerge from bankruptcy protection by the end of January, but now has a new problem on its hands: no CEO and no guidance on when it might actually have one. At press time, the revised target date to emerge from bankruptcy was Feb. 9. Read More

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