HousingWire, Oct. 24, 2016–Lane, Ben
Enhancements to Loan Advisor Suite could help lenders’ bottom line.
Category: Top National News
Will PHH Victory Undermine CFPB Authority in Similar Court Battle?
HousingWire, Oct. 12, 2016
Now with the PHH ruling finalized, CEI General Counsel Sam Kazman said that the ruling opens the door for CEI’s district court case, State National Bank of Big Spring v. Lew, to move forward, challenging the constitutionality of other aspects of the Consumer Financial Protection Bureau.
Eight Years Later, Subprime Mortgage Crisis Rears Its Ugly Head in the Form of Deutsche Bank
GoRion, Oct. 12, 2016–Bourgi, Sam
The Deutsche Bank probe appears to be one of the final remnants from the subprime mortgage crisis, which set in motion a painful economic collapse both at home and abroad. Since then, the U.S. housing market has seen a painful restructuring, where new regulations, tighter lending guidelines and a shaky economy thwarted the sector’s recovery on several occasions.
Why Mortgage Servicing Is at a Breaking Point
National Mortgage News, Oct. 12, 2016–Kilgore, Austin
The housing crisis forever changed the business of servicing. The new normal is here. It’s time for the industry to wake up and do something about it.
Proprietary Reverse Production Up More Than HECM
Mortgage Daily, Oct. 12,, 2016
Of the 4,378 home-equity conversion mortgages endorsed by the Federal Housing Administration in August, retail originators were responsible for 2,440 units.
Appeals Panel Deals Setback to Consumer-Watchdog Agency
Wall Street Journal, Oct. 11, 2016–Kendall, Brent; Hayashi, Yuka
A federal appeals-court panel ruled the structure of the Consumer Financial Protection Bureau is unconstitutional, setting aside an enforcement action against a mortgage lender and handing a blow to the five-year-old agency.
CFPB Fines Navy Federal $28.5M Over Debt Collection
National Mortgage News, Oct. 11, 2016–Ouyang, Xuanyan Iris
Navy Federal Credit Union, the largest credit union in the country, agreed Tuesday to pay $28.5 million to settle regulatory allegations it engaged in illegal debt collection practices.
Small Lenders Worry GSE Moves Will Leave Them Behind
National Mortgage News, Oct. 13, 2016–Collins, Brian
The Mortgage Bankers Association wants FHFA to continue to build on its credit risk transfer programs and accelerate the transfer of credit risk to private investors. But it acknowledges FHFA needs to ensure fair access for smaller lenders.
Stated Income Mortgages Quietly Return to RMBS
GoRion, Oct. 13, 2016–Curry, Kerry
Stated income loans all but disappeared after the housing crisis, but they, along with other forms of subprime lending, have quietly returned, albeit often under new terminology.
The Foreclosure Crisis Is Over, But Not in Every State
Atlanta Journal-Constitution, Oct. 13, 2016–DiGangi, Christine
The housing crisis played out differently state by state, and foreclosure can take a very long time in some jurisdictions.