Earlier this year, Wells Fargo offloaded roughly $20.7 billion in Ginnie servicing rights. The buyers? A bank and a nonbank. Meanwhile, the Equifax data hack will cost upwards of $700 million in settlement costs.
The CFPB now prefers to solve potential mortgage violations through supervision rather than enforcement. The bureau also has shifted its fair lending priorities.
Is the White House getting cold feet on administrative reform of Fannie and Freddie? Maybe, maybe not, but it appears the Federal Housing Finance Agency may not release its GSE capital rule until December.
The Mortgage Bankers Association is making headway on getting the CFPB to change its loan originator compensation rules. But how far will the bureau go?
Industry groups are unsettled by state mortgage servicing requirements that go beyond the Consumer Financial Protection Bureau’s rules. More than 30 states now require nonbank servicers to obtain licenses.
Lenders approve fewer loan applications and apply more conservative underwriting standards in states that impose a judicial foreclosure process, according to new research.
Experts differed on core issues regarding defining “abusive,” but generally agreed the CFPB could issue guidance, rather than a formal rule, to clarify the situation.
State regulators are showing no sign of slackening their focus on "fair servicing," with mortgage processors seeing more examinations focusing on disparate-impact theories.
Grapevine: A few days ahead of a scheduled bankruptcy auction, New Residential Investment Corp. has swooped in and made a "stalking horse" bid. Meanwhile, a big promotion at Fannie Mae and a record month for Guaranteed Rate.
It will be the 11th issuance of its type by loanDepot.
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