HousingWire, Mar. 23, 2017–Brena SwansonUnder Dodd-Frank, the Consumer Financial Protection Bureau must “use available evidence and data to assess all of its rules five years after they go into effect to ensure they are meeting the purposes and objectives of Dodd-Frank, and the specific goals of the subject rule.”
Category: Top National News
Lenders Go Outside the Box to Offest Lost Production
National Mortgage News, Mar. 23, 2017–Lew Sichelman (subscription)With the big drop-off in refinancing, lenders are beginning to realize there is a whole world of would-be borrowers who have been unable to find financing for their deals, business they can address to offset lost production.
Freddie to Automate Underwriting of Borrowers Who Lack Scores
National Mortgage News, Mar. 23, 2017–Bonnie Sinnock (subscription)Freddie Mac will allow automated underwriting of borrowers who lack credit scores but have other financial records starting in June.
Ocwen’s Board Transformation Continues: Appoints Robert Lipstein Independent Board Member
National Mortgage Professional, Mar. 23, 2017Ocwen Financial Corp. announced the company increased the size of the board from eight to nine, and has appointed Robert J. Lipstein to the board to serve until the company’s next annual shareholder meeting.
After the Ides of March
GoRion, Mar. 24, 2017–Donna MitchellAs short-term rates increase, you could see the amount of private label securitization go up a fair amount, said MBA Chief Economist Mike Fratantoni, especially if most mortgage loans on bank balance sheets meet the qualified residential mortgage standards for exemption from the risk-retention rules.
Health Care Repeal Failure Complicates Rollback of Dodd-Frank
National Mortgage News, Mar. 27, 2017–Ian McKendry (subscription)House Republicans’ failure to repeal the Affordable Care Act – an issue that has animated the party caucus since its passage in 2010 – has thrown into question their ability to enact regulatory relief.
Ocwen Now One Giant Step Closer to Acquiring MSRs Again after New NYDFS Agreement
HousingWire, Mar. 27, 2017–Ben LaneIt appears that Ocwen could be on the brink of returning to the mortgage servicing rights market full force, after the nonbank announced Monday that it reached a new agreement with the NYDFS, which paves the way for the complete removal of the MSR restrictions.
End of an Era on Goldman’s Mortgage-Trading Desk
Wall Street Journal, Mar. 27, 2017–Liz Hoffman (subscription)The departure of Michelle Gill, who headed Goldman’s mortgage-securitization business, is the end of an era of sorts.
Commercial, Multifamily Mortgage Delinquencies Remain Low in U.S.
World Property Journal, Mar. 14, 2017–Michael GerrityAccording to the Mortgage Bankers Association’s most recent Commercial/Multifamily Delinquency Report, delinquency rates for commercial and multifamily mortgage loans remained low in the fourth quarter.
GOP Senator Suggests Raising Flood Insurance Cap to Solve Fiscal Woes
National Mortgage News, Mar. 14, 2017–Brian Collins (subscription)Sen. Mike Rounds, R-S.D., suggested Tuesday that the National Flood Insurance Program should boost its insurance coverage to $427,000 from $250,000 in an effort to put it on sounder fiscal footing.