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September 21, 2018

OCC NR 2018-103 OCC Reports Mortgage Performance Unchanged

WASHINGTON—Performance of first-lien mortgages remained largely unchanged during the second quarter of 2018 compared with a year earlier, according to the Office of the Comptroller of the Currency’s (OCC) quarterly report on mortgages.

The OCC Mortgage Metrics Report, Second Quarter 2018, showed 95.6 percent of mortgages included in the report were current and performing at the end of the quarter, compared to...


Agency | GSE News
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September 21, 2018

Consumers can now freeze their credit for free

Housingwire--Ben Lane

It hopefully just got a little more difficult for scammers to abuse someone’s credit information, because, as of Sept. 21, 2018, consumers can now freeze their credit at all three of the major credit reporting agencies, for free.

Consider this one the “Equifax rule.”

Last year, in the wake of the massive data breach at Equifax, which exposed the personal information...


Industry News
Webinar: Agency and Regulatory Reporting Essentials
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September 21, 2018

OCC NR 2018-102 Agencies Approve Amendments to Swap Margin Rule

WASHINGTON—Five federal agencies approved final amendments to swap margin requirements to conform with recent rule changes that impose new restrictions on certain qualified financial contracts of systemically important banking organizations (QFC Rules). Under the amendments, legacy swaps entered into before the applicable compliance date will not become subject to the margin requirements if they are amended solely to comply with...


Agency | GSE News
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September 21, 2018

Non-QM expertise is more important than ever

Mortgage Professional America--Ryan Smith

Non-QM continues to boom – and it’s more important than ever for mortgage originators to add it to their toolbox, according to Angel Oak Mortgage Solutions.

“I think it’s an absolute must,” said Tom Hutchens, executive vice president of production at Angel Oak Mortgage Solutions. “It’s more than important – I think as a loan officer today...


Industry News
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September 21, 2018

Assembly Bill No. 3212 California Modifies Provisions Regarding Service Member Protections

AB 3212 extends the length of time that service members are protected against foreclosure, eviction, repossession, and default judgments. It also extends to them interest rate protections for student loans and clarifies that students in the National Guard and Reserve have a right to academic leave when they are called to active duty. The bill updates current law to close loopholes that...


State News
ACES Intelligent Questionnaires
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September 21, 2018

Despite Long-Term Benefits, Upfront Premium Causes HECM Hesitation

Reverse Mortgage Daily--Maggie Callahan

Last year’s principal limit factor reductions have been blamed for the dip in reverse mortgage volume this year, but some industry professionals say the higher initial insurance costs are equally — if not more — at fault.

Before the Home Equity Conversion Mortgage rules changes last October, initial mortgage insurance premiums were set at 2.5% for borrowers...


Industry News
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September 21, 2018

OCC NR 2018-101 OCC Enforcement Actions and Terminations for September 2018

WASHINGTON -- The Office of the Comptroller of the Currency (OCC) today released new enforcement actions taken against national banks, federal savings associations, and individuals currently and formerly affiliated with national banks and federal savings associations.

All Cease and Desist Orders, Civil Money Penalty Orders, and Removal/Prohibition Orders are issued with the consent of the parties, unless otherwise indicated as...


Agency | GSE News