CFPB Finalizes ATR Amendments for Small Creditors, Revises LO Comp Calculation May 30, 2013 Thomas Ressler The revised rule excludes from the calculation of points and fees paid by a consumer to a mortgage broker when that payment has already been counted toward the points-and-fees thresholds as part of the finance charge.Read More
Coming June 1 From the CFPB: Ban on Mandatory Arbitration May 29, 2013 Thomas Ressler The CFPB's ban on mandatory arbitration provisions was part of the bureaus final rule on loan originator compensation promulgated in January.Read More
Short Takes: Nonperforming Loan Prices Continue to Rise / CFPB Ready to Issue Rule for Small Lenders / Speculators Wont Like Isaksons GSE Bill / Applications Tank Again / LenderLive in New Mortgage Effort May 29, 2013 Paul Muolo, Thomas Ressler, and Charles Wisniowski The auction market for nonperforming mortgages is beginning to generate heat with prices rising nicely from last year.Read More
Short Takes: No Confirmation Hearing for Watt, Yet / Should Fidelity be Allowed to Buy LPS? / Short Selling in REITs Falls / $2.3 Billion of Foreclosure Relief Checks and Counting / A Clarification May 28, 2013 Paul Muolo and Thomas Ressler The Senate Banking Committee has yet to schedule a confirmation hearing for Mel Watt to head FHFA. Does this lack of action mean anything?Read More
Short Takes: New York Slow on Loan Officer Approvals / GSEs Win Transfer Tax Case / Will the CFPB Unionize? / City National Enters Warehouse Space / Fay Servicing to Ramp up Hiring May 21, 2013 Paul Muolo, Thomas Ressler, and Charles Wisniowski New York State may be among the worst in the nation when it comes to approving loan officer applications.Read More
Sen. Reid Wont Give Up on Confirmation Hearing for Cordray May 20, 2013 Thomas Ressler Sen. Harry Reid is vowing that CFPB director Richard Cordray will get another vote in the Senate. Read More
Short Takes: MBA Offers G-Fee Deal, but Will FHFA Take It? / Wells and Citi Slowing Foreclosure Sales (Sort of) / Sen. Crapo Wants Answers from CFPB on Data Collection / Bayview Gets Hungry for NPLs, MSRs May 20, 2013 Paul Muolo and Thomas Ressler The Mortgage Bankers Association wants lower guaranty fees from Fannie Mae and Freddie Mac but is willing to barter for them. Read More
Federal Reserve May Dial Back on MBS Purchases Soon May 17, 2013 Thomas Ressler Since the housing bust, the Federal Reserve has purchased roughly $1.1 trillion of MBS backed by Fannie Mae, Freddie Mac and Ginnie Mae. Read More
Short Takes: Okay, Who Paid $100,000 for Fannie Preferred? / Warehouse Firms Loosen HARP Standards / Mortgage Apps and Housing Starts Get Whacked / Ellington Investing in Toxic MBS / CFPB Goes Spanish May 16, 2013 Paul Muolo and Thomas Ressler One investor paid $100,000 per unit for a special class of Fannie Mae preferred. Read More
Mortgage Deduction Maximized on the Coasts, Costs U.S. $72 Billion Annually May 14, 2013 Thomas Ressler The mortgage interest deduction is costing the U.S. Treasury roughly $72 billion a year.Read More