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Inside Mortgage Finance

April 14, 2011

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Bank Regulators’ Servicing Consent Decrees Call For System Improvements, No Penalties for Now

Federal regulators this week announced consent decrees with 14 major mortgage servicers and two top mortgage-industry service providers requiring lenders to upgrade and more closely monitor their loss mitigation efforts. Monetary penalties were not included in the consent decrees, but regulators say... Read More

MBA Concerned About ‘Rush to Judgment,’ Seeks Answers on GSE Servicing Compensation Reform

The largely behind-the-scenes efforts of federal regulators, Fannie Mae and Freddie Mac to revamp the compensation structure for residential mortgage servicing need to slow down and allow for more industry input before any proposal is finalized, the Mortgage Bankers Association says. The Federal Housing Finance Agency announced... Read More

Borrowers of Modest Means May Find Access to Mortgage Credit Squashed by QRM Proposal

The “qualified residential mortgage” definition and other aspects of the proposed rule on risk retention recently released by federal regulators could cripple low- and moderate-income borrowers’ access to mortgage financing, according to industry representatives and consumer advocates. When they released the proposed rule in March, the agencies knew... Read More

Feds, State AGs Ratchet Up Their Focus On Consumer Financial Services Providers

The Obama administration announced a joint effort to boost enforcement of mortgage regulations through increased federal-state cooperation. The Consumer Financial Protection Bureau and the Presidential Initiative Working Group of the National Association of Attorneys General rolled out... Read More

Mortgagee Review Board Settles Complaint Over Failure to Demonstrate Ability to Pay

The FHA’s Mortgagee Review Board recently announced a settlement with Massachusetts-based First American Mortgage Trust, regarding alleged violations related to the lender’s due diligence practices, including refinancing loans for borrowers with major credit delinquencies absent full verification of the borrowers’ ability to sustain... Read More

Thrifts See Sharp Decline in Mortgage Production In 2010, Record-Low Market Share for Industry

Despite a relatively strong rebound in the fourth quarter, savings institutions reported a sharp decline in residential mortgage lending in 2010 that reduced the industry’s share of the overall home lending market to its lowest level ever. Lenders regulated by the Office of Thrift Supervision reported $136.2 billion in single-family mortgage lending last year, a 39.2 percent drop from 2009 levels. It was the lowest annual output for the thrift industry since 1996 and reduced the...[Includes two data charts] Read More

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