Mortgage Daily, Apr. 25, 2017In March, 27,980 complaints were filed against U.S. financial service providers. Activity increased 7 percent from the previous month, the Consumer Financial Protection Burea said.
Category: Top National News
Fannie Makes it Easier for Student Loan Borrowers to Get Mortgages
National Mortgage News, Apr. 25, 2017–Bonnie Sinnock (subscription)Fannie Mae has made three selling guide changes aimed at helping the growing number of borrowers with student debt qualify for home loans, and may begin testing similar proposals related to this goal.
U.S. Bank Fined $15 Million for Bankruptcy Filing Violations
HousingWire, Apr. 25, 2017–Ben LaneThe Office of the Comptroller of the Currency announced Tuesday that it is ordering U.S. Bank National Association to pay a civil penalty of $15 million for what it calls “bankruptcy filing violations” that occurred between 2009 and 2014.
Is The MBA’s GSE Reform Proposal ‘The One?’
Mortgage Orb, Apr. 26, 2017–Patrick BarnardWith the Trump administration in the White House and a Republican-controlled Congress, it could be argued that the time has never been so ripe for GSE reform to finally happen.
Trade Groups Support Upgrade to PACE Loan Protections
National Mortgage Professional, Apr. 26, 2017–Phil HallMore than two dozen national and regional trade groups representing the mortgage and real estate industries [including the Mortgage Bankers Association] joined together to support new legislation that is designed to improve consumer protection requirements for Property Assessed Clean Energy (PACE) loans.
Back Against Wall, Ocwen Challenges CFPB’s Constitutionality
American Banker, Apr. 26, 2017–Kate Berry (subscription)With its business under threat, Ocwen Financial asked a federal judge on Wednesday to throw out a lawsuit filed against it last week by the Consumer Financial Protection Bureau, claiming the agency is “unconstitutionally structured.”
Courts are New Weapon of Choice for Banks Looking to Shift Policy
National Mortgage News, Apr. 26, 2017–Rob Blackwell, Joe Adler (subscription)Financial services companies and groups are increasingly willing to take the regulatory regime to court in an effort to fight back against enforcement orders and initiatives–and so far, they appear to be succeeding.
Republican Bid to Gut Dodd-Frank Renews the Debate About Breaking Up the Banks
Bloomberg, Apr. 26, 2017–Elizabeth DexheimerThe roll-out of legislation this week that would rip up much of the Dodd-Frank Act marks a pivotal moment for Republicans’ efforts to overhaul post-crisis financial rules. It’s also an opportunity for Democrats to push an agenda that GOP lawmakers and finance executives are less keen to talk about: Breaking up Wall Street megabanks.
Flow Deal on GSE MSRs Could Reach $600 Mil
Mortgage Daily, Apr. 27, 2017A new offering of mortgage servicing rights on as much as $600 million in government-sponsored enterprise loans has an East Coast concentration.
Republicans Increasingly Optimistic about Housing Finance Reform
National Mortgage News, Apr. 27, 2017–Ian McKendry (subscription)While lawmakers have grown increasingly pessimistic about the chances to significantly revamp the Dodd-Frank Act, they are hopeful that housing finance reform–which has bedeviled Congress for the past nine years–may finally have a shot at enactment.