Bank of America entered into a massive buyback settlement with Fannie Mae in January, but has yet to sell any 'purchase' loans to the GSE in 2013. However, this may change soon.
Although all of Bank of America earned $2.6 billion in the first quarter, its mortgage business lost money thanks to legacy problems. Also, it appears the bank is addicted to refis.
The final HUD regulation marks the first time the agency has made changes to the LI program, which enables high-performing lenders to insure forward mortgages without a pre-endorsement review.
Democrats in Congress have raised concerns about how five banks have responded to new servicing standards included in the $25 billion national servicing settlement.
The CFPB is a tough cop on the beat, no doubt. But is the agency and its rules causing certain banks in Oklahoma to exit the residential lending sector?
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