Industry News

This topic consolidates the heartbeat of today's mortgage banking environment with news stories relevant to the financial compliance industry. 

April 25, 2019

FHFA Updates on Foreclosure Stats

DS News--Mike Albanese

Fannie Mae and Freddie Mac completed 13,589 foreclosure prevention actions in January, according to the Federal Housing Finance Agency’s January Foreclosure Prevention Report. January’s actions brings the total number of preventative actions to approximately 4.3 million since the start of conservatorships in September 2008.

More than half of the actions reported...

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April 25, 2019

GE's subprime lender WMC Mortgage files for Chapter 11 bankruptcy

Housingwire--Ben Lane

General Electric is moving closer to putting its failed attempt to capitalize on the subprime lending boom into its rearview mirror.

Earlier this month, GE agreed to pay a fine of $1.5 billion as part of a settlement with the Department of Justice over the pre-crisis lending activities of the company’s shuttered subprime lending unit, WMC Mortgage.

And this week, WMC Mortgage...

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April 24, 2019

“Too Good to be True” – Unfortunately, that's the Case with the FCC’s New Reassigned Number Database

insideARM--Rozanne Anderson

Editor's Note: This article previously appeared on the Ontario Systems Blog and is republished here with permission.

If you are like me, you cheered when you read the Federal Communications Commission (FCC) is coming out with a reassigned mobile phone number database. Visions of daily scrubs against a free public database of mobile phone numbers supported by carriers across...

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Surviving an Onsite Audit

April 24, 2019

Overcoming the ‘Language Barrier’ Between Forward and Reverse Mortgages

Reverse Mortgage Daily--Chris Clow

There’s a shift under way toward more originators offering both reverse mortgage and forward mortgage products. Yet a complicating factor in this transition out of forward mortgages is the fact that the two industries use different terms to discuss similar concepts.

This is a complicating factor identified by Michael Banner, president of Professional Mortgage Alliance, LLC...

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April 24, 2019

A New Look at Mortgage Servicing Compensation

DSNews--Seth Welborn

A new report published by Urban Institute, Urban’s Housing and Finance Policy Center, and the Mortgage Servicing Collaborative (MSC) discusses three options for how best to approach mortgage servicing compensation structure. The report is divided into three options: retain the status quo, move to a fee-for-service model, or move to a central default utility model.

According...

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April 23, 2019

On the Precipice of Change: In Support of GSE Reform

mortgage media--Dave Stevens

History can repeat itself. For the past decade I have advocated for legislative GSE reform, a position taken by the Board of Directors of the Mortgage Bankers Association. What I observed both in a senior role at a GSE in the early 2000s, and subsequently watching behaviors in a state of conservatorship, has cemented my view.

Any reform without...

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April 23, 2019

Keller Williams to begin buying and selling houses

HousingWire--Ben Lane

Following a path previously laid out by the likes of real estate search engines Zillow and Redfin, and taking a page out of the playbook of iBuyer platforms OpendoorOfferpad, and others, real estate agency Keller Williams is about to start buying and selling houses.

Next month, Keller Williams will launch an iBuyer offering, which will be...

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Webinar: Agency and Regulatory Reporting Essentials

April 23, 2019

The Impact of Opportunity Zones

DSNews--Seth Welborn

Department of Housing and Urban Development Secretary Benjamin Carson was recently interviewed on Fox News’ "The Next Revolution with Steve Hilton” to talk the proposed new regulations aimed at making it easier for investors to take advantage of tax breaks for investing in “Opportunity Zones” in low-income areas.

According to Carson, in the past, “policies have been pretty much...

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April 19, 2019

Federal regulators discuss national bank’s remediation progress

Buckley Sandler, LLP--InfoBytes Blog

On April 9, Senators Elizabeth Warren (D-Mass) and Sherrod Brown (D- Ohio) released responses to inquiries sent last month to the Federal Reserve Board, the OCC, and the CFPB, which expressed, among other things, concern about the level of response taken by a national bank regarding its auto-lending practices, as well as the bank’s remediation plans and compliance risk...

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April 19, 2019

CFPB to Discuss Dodd-Frank and More

DSNews--Seth Welborn

On Thursday, the Consumer Financial Protection Bureau (CFPB) announced a symposia series exploring consumer protections in today’s financial services marketplace.

“There are a number of outstanding, challenging issues the Bureau is facing – some of which Congress directed us to address. I believe that the best way to address these issues is with proactive dialogue,” said CFPB Director Kathleen...

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April 18, 2019

HUD seeks to end public housing aid for undocumented immigrants

HousingWire--Jessica Guerin

The Department of Housing and Urban Development proposed a rule to Wednesday that would end public housing aid for undocumented immigrants.

An administration official told The New York Times that the rule would ensure that only American citizens receive housing assistance from HUD, putting an end to a loophole that did not require some aid recipients to prove citizenship.

...
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