Category: Top National News

Mortgage Daily, Dec. 11, 2017Although overa1l issuance eased at Ginnie Mae, issuance of reverse mortgage securities was the highest it’s been in 15 months.

HousingWire, Dec. 11, 2017–Ben LaneCalifornia announced Monday it reached a $1.1 million settlement with Movement Mortgage to resolve allegations that the company serviced loans without a California state license and violated the state’s per diem interest rules.

National Mortgage News, Dec. 11, 2017–Elina Tarkazikis (subscription)Fannie Mae and Freddie Mac will suspend the evictions of foreclosed single-family properties during the holiday season.

HousingWire, Dec. 8, 2017–Ben Lane”PACE liens pose a real danger to secured lenders and to the MMI fund because they erode the underlying collateral due to their priority lien position in the event of default,” MBA President and CEO David Stevens said in a statement.

Los Angeles Times, Dec. 8, 2017–Jim PuzzangheraPresident Trump on Friday denied a report that the federal consumer financial watchdog might drop sanctions against Wells Fargo & Co. for alleged mortgage lending abuses, and said the bank could face even tougher penalties.

National Mortgage News, Dec. 8, 2017–Ian McKendry (subscription)Two steps forward and one step back. That appears to be the current state of play regarding the effort to revamp the housing finance system.

HousingWire, Dec. 8, 2017–Ben LaneOn Friday, the DOJ announced that IBERIABANK Corporation, IBERIABANK and IBERIABANK Mortgage, agreed to pay a fine of $11,692,149 to resolve allegations that the companies violated the False Claims Act by falsely certifying that loans originated by the companies were eligible for FHA mortgage insurance.

Mortgage Daily, Dec. 8, 2017–Sam GarciaA regulator is helping lenders prepare for upcoming changes to Home Mortgage Disclosure Act reporting. Two mortgage firms are using service providers to help them with quality control.

Bloomberg, Dec. 7, 2017–Joe LightThe actions, which were announced Thursday, stem from a probe by Ginnie Mae, a government-owned corporation that guarantees payment on $2 trillion-worth of mortgage-backed securities. Its bonds include loans made through the Department of Veterans Affairs as well as other federal programs meant for low-wealth or rural borrowers.

Orange County Register (Calif.), Dec. 7, 2017–Jeff LazersonAccording to the Mortgage Bankers Association, compliance costs have increased $1,000 per file in the 2012 through 2015 timeline. MBA cites its members’ difficulties with regulation by enforcement. It would rather have clear guidance on what the CFPB expects.