HousingWire, Apr. 29, 2016–Finlay, Robert
California continues its effort to pass a law that would require loan servicers to work with successor’s to borrowers on loss mitigation options. The same effort failed last year. The California Mortgage Bankers Association and other industry groups pointed out numerous problems they said would cause harm for borrowers, lenders and the housing market.
National Mortgage News, Apr. 28, 2016–Berry, Kate
The Consumer Financial Protection Bureau will propose changes in late July to its mortgage disclosure rule to provide “greater certainty and clarity” to the mortgage industry. Pete Mills, a senior vice president of residential policy and member services at the Mortgage Bankers Association, said the changes requested by the industry do not involve policy issues but rather resolving differing interpretations of the rule.
National Mortgage News, Apr. 28, 2016–Sinnock, Bonnie
During the mortgage crisis, servicers recruited people from the origination business to help with loan modifications. Now the two sides of the industry are coming together in a new way.
HousingWire, Apr. 28, 2016–Lane, Ben
Early Thursday morning, Joseph Smith, the monitor of the National Mortgage Settlement, announced that Ocwen Financial was not in compliance with one of the performance metrics of the National Mortgage Settlement and prohibited the nonbank from taking foreclosure actions on more than 17,000 loans. In response, Ocwen noted the holds are not “frozen foreclosures,” but that “Many of these loans have never been referred to foreclosure and never will be.
Block News Alliance, Apr. 29, 2016–Grant, Tim
Losing a home to foreclosure has left such a bad taste with some former homeowners that they have lost much of their will and desire to go through the underwriting process to get approved for a new home loan–even though years may have gone by since the foreclosure episode.
National Mortgage News, Apr. 28, 2016–Finkelstein, Brad
Arch Capital saw a 77% increase in the mortgage insurance segment’s operating income, and its U.S. unit saw its new insurance written increase by 34%.
National Mortgage News, Apr. 27, 2016–Collins, Brian
Large lenders are pushing the Federal Housing Administration to revamp its loan defect taxonomy to provide more certainty about potential errors and mistakes that could lead to enforcement actions. “We are trying to get to a place where you don’t have minor errors creating treble damages risk under false claims,” said Pete Mills, a senior vice president at the Mortgage Bankers Association.
National Mortgage News, Apr. 27, 2016–Berry, Kate
Consumer Financial Protection Bureau Director Richard Cordray reiterated in a recent letter to Sen. Bob Corker, R-Tenn., that lenders are allowed to fix non-numerical clerical errors for up to 60 days after the issuance of a corrected mortgage disclosure form.
MarketWatch, Apr. 27, 2016–Hoak, Amy
Thin housing inventory has contributed to a spike in remodeling as buyers pour money into their current homes instead of moving–often using home equity to do it.
National Mortgage News, Apr. 27, 2016–Finkelstein, Brad
Clayton Holdings reported a $3.7 million pretax first-quarter loss, but Radian’s mortgage insurance business had pretax income of $140 million, a 10% increase over the prior year.
