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Inside Mortgage Finance

December 14, 2017

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CFPB’s English Files for Preliminary Injunction as Acting Head Mulvaney Pulls Back on Enforcement

There was plenty of activity at the Consumer Financial Protection Bureau over the last week, from continuing legal drama over the leadership of the agency to changes in enforcement activity and a possible regulatory roll-back. Read More

In 3Q17, Subservicing Gains Once Again – with Nice Increases For Nationstar and PHH; Trouble for Ocwen and Ditech?

The nation’s subservicing vendors grew their base of contracts by 6.2 percent from the second to third quarter and 20.1 percent year-over-year, according to data compiled by Inside Mortgage Finance. Read More

Home-Equity Lending Declined Slightly in 3Q17, Credit Unions Still Gung-Ho About the Market

The amount of home-equity debt outstanding continued its years-long slide during the third quar-ter, and many top lenders reported slowing production of new loans, according to a new ranking and analysis by Inside Mortgage Finance. Read More

GSE ‘Zero Capital’ Day is Almost Here; FHFA Chief Watt Not Likely to ‘Cross the Line’ and Change the Dividend Payments

In roughly 10 business days, Fannie Mae and Freddie Mac – which guarantee half of all mort-gage debt in the U.S. – will run out of capital unless their regulator at the Federal Housing Finance Agency does something about it. Read More

HFS Committee Voted to Suspend Housing Fund Payments if GSE Dividend Payments Aren’t Made

Members of the House Financial Services Committee this week approved a bill that would sus-pend Fannie Mae and Freddie Mac contributions to the Housing Trust Fund if the government-sponsored enterprises don’t pay dividends to Treasury. The panel approved the bill on a partisan vote of 33 to 27. Read More

Lenders Face Uncertainty on Whether Underwriters are Eligible for Overtime Pay After SCOTUS Ducks the Issue

The Supreme Court of the United States recently refused to take up a case that would have ad-dressed a split in the lower courts regarding mortgage underwriters and overtime. With conflicting cir-cuit court opinions on the matter, lenders face regulatory uncertainty about whether underwriters are entitled to overtime. Read More

Lenders Continue to Get Hit with Steep Penalties Despite HUD Chief’s Assurance the FCA Issue Would be Resolved

IberiaBank of Lafayette, LA, has agreed to pay $11.7 million to the federal government to resolve an alleged violation of the False Claims Act by submitting false certifications to obtain FHA in-surance on ineligible mortgages. Read More

Significant Differences in Values Determined by Traditional Home Appraisals and AVMs Could Impact LTV Ratios

If lenders shift from traditional appraisals to automated valuation models, there could be an im-pact on loan-to-value ratios and loan balances for new originations, according to CoreLogic. The firm found that traditional appraisals done when a mortgage is originated are less likely than AVMs to reach a value below the contract price. Read More

Research Paper Revisits Post-2008 Legislative Efforts, Suggests Banks Delayed Foreclosures to Influence Dodd-Frank Outcome

Banks servicing delinquent mortgages in 2009-2010 allegedly delayed foreclosure starts in the districts of then-members of the House Financial Services Committee in order to influence legislative action on the Dodd-Frank Act, according to a working paper published by the Ohio State University. Read More

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