Mortgage Daily, Mar. 21, 2017It’s been 16 years since the quality of residential loans originated has been as low as it was in the fourth quarter. But higher risk is likely ahead.
Category: Top National News
Regulators Call for Simpler Capital Rules, Easier Reporting Standards
American Banker, Mar. 21, 2017–John Heltman (subscription)Banking regulators are calling for a raft of regulatory changes, including streamlining capital, reporting and appraisal rules in order to reduce compliance burden. The agencies detailed their recommendations Tuesday in a report under the Economic Growth and Regulatory Paperwork Reduction Act.
Why Servicers Can Borrow More Against their Ginnie MSRs
National Mortgage News, Mar. 23, 2017–Bonnie Sinnock (subscription)Servicers are finding they can borrow more against their Ginnie Mae mortgage servicing rights this year, according to a recent report.
CFPB Preps to Review Major Mortgage Rules
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.”
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.