Nationl Mortgage Professional, Jan. 29, 2016
MISMO announced updates to its residential standards in support of multiple regulatory and industry reporting requirements. Changes to the standards support the CFPB Home Mortgage Disclosure Act rule, the GSE Uniform Loan Application Dataset and Know Before You Owe or the TILA-RESPA Integrated Disclosures regulations.
HousingWire, Jan. 29, 2016–Lane, Ben
MERSCORP Holdings announced Friday that it secured another victory in a state’s highest court, as the New Hampshire Supreme Court upheld MERS’ mortgage assignment rights.
National Mortgage News, Jan. 29, 2016–Finkelstein, Brad
United Guaranty’s spinoff from American International Group will result in changes to its capital structure that could shake up the competitive landscape in the private mortgage insurance market.
HousingWire, Jan. 29, 2016–Lane, Ben
In another signal that the default mortgage business is shrinking, Walter Investment Management Corp. announced Friday that it acquired “certain assets” of Residential Credit Solutions,a Ft. Worth, Texas-based mortgage servicing company, specializes in servicing delinquent or default loans and so-called “credit-sensitive” residential mortgage loans, where the borrower is at high risk for default.
HousingWire, Jan. 28, 2016–Swanson, Brena
The Federal Housing Administration announced a new plan to reduce multifamily insurance rates in order to encourage capital financing of affordable and energy-efficient apartments. Mortgage Bankers Association President and CEO David Stevens, CMB, said the reduction represents a “significant element to expand the availability of affordable and workforce rental housing in America.”
HousingWire, Jan. 28, 2016–Finlay, Robert
The author, founding partner of Wright, Finlay & Zak, said a new Nevada law aimed at curbing controversy over a 2014 court ruling on homeowner association “super liens” is a right step, but practical application of the law could be challenging.
MortgageOrb.com, Jan. 27, 2016–Barnard, Patrick
It’s been almost four months since the Consumer Financial Protection Bureau’s TILA-RESPA Integrated Disclosure rules took effect on Oct. 3, and although it would be sensationalist to say that the complex set of rules has devastated the mortgage industry, as some predicted it would, there is solid evidence, at this point, that the rules are delaying closings, slowing originations and increasing the average cost per loan for mortgage lenders.
The Economic Times (India), Jan. 28, 2016–Mendonca, Jochelle
Business process outsourcing company FirstSource said it acquired US-based mortgage service provider ISGN’s BPO business, as it looks to expand into higher-margin services.
The Huffington Post, Jan. 27, 2016–Lazar, Michael
HUD is requesting approval to collect information of consumers who have participated, as mandated by law, in the Home equity Conversion Mortgage counseling sessions.
Wall Street Journal, Jan. 26, 2016–Scism, Leslie; Beilfuss, Lisa
American International Group Inc. will sell its broker-dealer network, conduct an initial public offering of its mortgage-insurance unit and more aggressively cut costs, Chief Executive Peter Hancock said in a strategy update Tuesday, as pressure from investor Carl Icahn grows.
