National Mortgage Professional, May 9, 2019–Phil HallA new effort is underway on Capitol Hill to reintroduce the Data Breach Prevention and Compensation Act, which is designed to create a new level of accountability for large credit reporting agencies that were hit with data breaches involving consumer data.
Category: Top National News
Ocwen and FIS Agree to Settle Lawsuit Over Alleged Audit Abuses
National Mortgage News, May 9, 2019–Bonnie Sinnock (subscription)Ocwen Financial and Fidelity Information Services entered into a settlement agreement over allegations involving a regulatory compliance audit the West Palm Beach, Fla.-based servicer was required to pay for.
As Hurricane, Fire Seasons Approach, More People Likely to Be in Harm’s Way
Wall Street Journal, May 9, 2019–Erin Ailworth (subscription)As emergency managers prepare for hurricane and wildfire seasons, they say growing development and higher population in vulnerable areas will likely amplify the damage and devastation.
Fannie Mae Backs ‘Dreamers’
Mortgage Compliance, May 2019–James BrodyIn March, Fannie Mae issued a policy stating it will continue to purchase and securitize mortgages for non-U.S. citizen borrowers who are lawful permanent residents under the Deferred Action for Childhood Arrivals program; Pete Mills of the Mortgage Bankers Association says FHA should follow the same policy.
Freddie Mac Opens Up Certificate Exchange for Uniform MBS to Investors
National Mortgage News, May 8, 2019–Bonnie Sinnock (subscription)Investors can now exchange certain existing Freddie Mac bonds for to-be-announced uniform mortgage-backed securities in preparation for the full launch of UMBS next month.
Wells Fargo Creates Unit to Satisfy Regulatory Demands
American Banker, May 8, 2019–Kate Berry (subscription)Wells Fargo has created an operations unit designed to focus exclusively on meeting demands of regulators who have expressed dissatisfaction with the bank’s progress after a series of scandals.
Mortgage Duration Drop Means Refinancing Concerns Are Back Again
Bloomberg, May 8, 2019–Christopher MaloneyMortgage investors’ concern about prepayment speeds may increase as a renewed U.S. rate rally helps push the U.S. MBS index duration down to its lowest level since March.
Republicans Move to Abolish CFPB
HousingWire, May 7, 2019–Ben LaneIf a handful of Republicans in the Senate have their way, the Consumer Financial Protection Bureau will not exist for much longer, as for at least the third time in the last few years, Republicans are trying to kill the CFPB.
Ocwen’s 1Q Loss Due to Lower Interest Rates Affecting its MSRs
National Mortgage News, May 7, 2019–Brad Finkelstein (subscription)Lower interest rates caused mortgage serving rights runoff plus a charge to the fair value of that portfolio and led to Ocwen Financial posting a first-quarter loss.
Fifth Avenue Losing Luster as Vacancies Climb, Rents Fall
Wall Street Journal, May 7, 2019–Esther Fung (subscription)Global retailers once seemed to pay whatever it took to lease space on Manhattan’s Fifth Avenue. That doesn’t appear to be the case anymore.