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June 23, 2018

Ginne Mae Notes and News No. 32 Issuer Operational Performance Profile Enhancements Overview

In June 2017 Ginnie Mae developed and released key metrics and scoring enhancements to the Issuer Operational Performance Profile (IOPP) tool. In addition to enhancing the user experience, these enhancements successfully:

  • incorporated new metrics,
  • provided issuers with metric details,
  • adjusted treatment of null metrics,
  • incorporated metric null assignments,
  • added absolute tier assignments,
  • created additional peer group designations,
  • removed ultimate parent relationships,
  • hid pending metrics from reporting, and
  • improved report performance.
...
Agency | GSE News
ACES Intelligent Questionnaires
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June 22, 2018

Plaintiffs in industry lawsuit challenging CFPB payday loan rule move for reconsideration

Ballard Spahr LLP--Jeremy T. Rosenblum and Alan S. Kaplinsky

We have previously blogged about the industry challenge to the CFPB’s rule on payday/vehicle title/high rate installment loans.  The Plaintiffs’ have now filed an Unopposed Motion for Reconsideration and have advised that the CFPB intends to file a separate supporting memorandum.  In their Motion for Reconsideration, the Plaintiffs’ argue...


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June 22, 2018

California foreclosure attorney sentenced for fraud

National Mortgage News--Garth Stapley, The Modesto Bee

One-time Modesto City Council candidate Robert Farrace, an attorney and real estate broker, was sentenced Monday to two years in federal prison for defrauding real estate lenders.

Farrace, 53, was president of the Stanislaus County Bar Association when a jury in November convicted him of three fraud counts after a five-day trial. His law license...


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June 22, 2018

New York Fed report finds CFPB oversight does not significantly reduce volume of mortgage lending

Buckley Sandler, LLP--InfoBytes Blog

The Federal Reserve Bank of New York (New York Fed) released a June 2018 Staff Report titled “Does CFPB Oversight Crimp Credit?” which concludes that there is little evidence that CFPB oversight significantly reduces the overall volume of mortgage lending. The report compared the lending outcomes of companies subject to CFPB oversight with smaller institutions below $10 billion...


Agency | GSE News
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June 22, 2018

Mortgage payments require biggest share of income in years

Mortgage Professional America--Ryan Smith

Mortgage payments now take the largest share of homeowners’ income since 2009, according to a new report.

Zillow’s latest affordability report found that a combination of rising mortgage rates and strong home-value appreciation in the first quarter led to one of the largest recorded quarterly increases in mortgage burden since the Great Recession. In the first quarter...


Industry News
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June 22, 2018

MBA Voices Support for False Claims Act Reform Bill

MBA Newslink--Mike Sorohan

The Mortgage Bankers Association threw its support behind legislation that would clarify how FHA-insured loans are treated under the False Claims Act.

Reps. Josh Gottheimer, D-N.J., and Lee Zeldin, R-N.Y., on June 1 introduced H.R. 5883, the Fixing Housing Access Act of 2018 (https://www.congress.gov/bill/115th-congress/house-bill/5993?r=2). The bill would clarify how civil actions brought against FHA-insured loans under the...


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