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.
Category: Top National News
Trump Denies that Wells Fargo May Avoid Federal Penalties for Alleged Mortgage Lending Abuses
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.
Fannie and Freddie: Should They Stay or Should They Go?
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.
False Claims Act Claims Another One: IBERIABANK Fined $11.7 Million for FHA Lending Violations
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.
Service Providers Help With Mortgage Compliance
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.
U.S. Cracks Down on Firms Making Predatory Mortgages to Veterans
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.
Here are Five Ways to Improve the CFPB
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.
Ginnie Limits VA Refinances to Address Churning
Mortgage Daily, Dec. 7, 2017On Thursday, the government-owned corporation announced restrictions for streamline and cashout refinances being pooled into Ginnie Mae I Single Issuer Pools and Ginnie Mae II Multiple Issuer Pools.
Tax Servicing an ‘Intricate Part of the Loan Servicing Industry’
Mortgage Orb, Dec. 6, 2017–Marcus Balocca, John PermejoTax servicing is a complex but important part of loan servicing. There are more than 24,000 tax agencies or taxing authorities across the country and U.S. territories, each with their own rules, processes and guidelines for providing tax information and collecting and processing tax payments.
Breaking Down Hensarling’s GSE Reform Overture
National Mortgage News, Dec. 6, 2017–Rob Blackwell, Ian McKendry (subscription)House Financial Services Committee Jeb Hensarling shifted tactics on housing finance reform Wednesday, acknowledging that a bill he’s pushed for years to virtually eliminate the government’s role in the mortgage market lacks the support to become law.