Freddie Mac's CFO said the "true value" provided by the government-sponsored enterprises isn't billions of dollars in profits. Meanwhile, firms continue to pursue mortgage servicing rights.
The CFPB filed a civil suit last week against Castle & Cooke Mortgage and two top executives, accusing the Utah-based nonbank of illegally giving bonuses to loan officers who steered consumers into mortgages with higher interest rates. Overall, the firm paid 500 quarterly bonuses roughly $4 million in compensation to its retail loan officers, based on a compensation structure that rewarded them for bringing in mortgages at higher note rates, the government charges.In its suit, filed in U.S. District Court for the Central District...
The House Financial Services Committee recently voted 30‐27 to approve H.R. 2767, the Protecting American Taxpayers and Homeowners (PATH) Act, the housing reform bill introduced by Rep. Jeb Hensarling, R‐TX, the committee chairman. Among the bills Title IV provisions are a handful of regulatory relief overrides to various CFPB mortgage-related rulemakings. For example, Section 403 includes changes to the points-and-fees definitions for the qualified mortgage/ability-to-repay rule that also were included in H.R 1077...
Two industry groups have jointly written the CFPB requesting the bureau reconsider a final rule that requires lenders to disclose and deliver appraisals to consumers for both residential loans and commercial loans. The American Bankers Association and the Mortgage Bankers Association said the rule is going to create challenges for lenders when a dwelling is securing business credit, asserting it would place large burdens on lenders, as they may have to deliver thousands of appraisals to non-consumers in commercial settings...
The New York State Department of Financial Services is concerned that the CFPBs proposed amendments to its mortgage loan servicing rulemaking would interfere with the states early-intervention efforts on behalf of delinquent homeowners. Heres the problem, as NY DFS sees it: Under the CFPBs proposed amendments to the mortgage rules per the Real Estate Settlement Procedures Act/ Regulation X, mortgage servicers are prohibited from making the first notice or filing required by applicable law for any judicial or non-judicial...