Regulations

Browse articles from all of our Newsletters related to Regulations.

March 21, 2019 - Inside Mortgage Finance

Passive MSR Investors Asked To Register. What’s the Deal?

Passive owners of mortgage servicing rights that have nothing to do with the monthly processing chores are now required to register with the Financial Institutions Division of the Ohio Department of Commerce, a change that has industry analysts and dealmakers scratching their heads.


March 21, 2019 - IMFnews

Short Takes: The Supremes Rule on Foreclosures and the FDCPA / It’s Good to be King, Unless You’re the CEO of Freddie Mac / Angel Oak Bolsters Office Space Big Time / Tennessee Bank Looking for Non-QM Loans / Two New Directors for Fannie / Correction: Freddie CEO, Not Fannie

Based on Freddie’s annual profits, CEO Don Layton is probably one of the two most underpaid bosses in the world of finance. Soon that distinction will belong to David Brickman...


March 20, 2019 - IMFnews

OCC Fines Citibank $25M for Fair Lending Violations

According to the consent order, between 2011 and 2015, Citi had certain control weaknesses related to its “relationship loan pricing” program...


March 20, 2019 - IMFnews

Senate Banking Committee Unveils Lineup for Two Days of GSE Reform Hearings

When it comes to GSE reform, it's never too early to call 12 witnesses...


March 20, 2019 - IMFnews

Short Takes: Getting the Industry’s Pulse on GSE Reform / Who Gets to Lead? / Why Phillips Didn’t Get the FHFA Job / The Battle for Risk / Selling Shares in Invitation Homes / Radian Names Dave Stevens to Its Board

Who knows more about GSE reform: the White House or Treasury? We get a sense the two parties don't see eye to eye on everything...


March 19, 2019 - IMFnews

Short Takes: Why the GSE Net Worth Sweep Won’t be Reversed / Recap and Release? / A Much-Watched Profit Reading / Starwood and Impac, a Symbiotic Relationship / Bank Failures, Anyone? / Reverse Lender Hires Sales Chief

Each quarter, GSE profits reduce the federal budget deficit. If that cash is forfeited...


March 18, 2019 - IMFnews

Short Takes: A New Wave of Optimism? / Value Your CFO / Feds Plan Community Hearings on BB&T-SunTrust Deal / MFA Buying Plenty of Whole Loans. Can An MBS Be Next? / Former HUD Official Pam Patenaude Lands

Mortgage REIT MFA Financial, New York, bought roughly $1 billion worth of loans during the fourth quarter...


March 18, 2019 - IMFnews

Genworth Sale Continues to Drag On, Ninth Waiver Granted

The sale of Genworth was first announced in October, 2016…


March 18, 2019 - IMFnews

Worried About Risk, FHA Seeks to Mitigate Decreasing Credit Scores, More…

Changes to the agency’s TOTAL Mortgage Scorecard, go into effect March 18...


March 15, 2019 - Inside FHA/VA Lending

Around the Industry

Carson to Leave HUD After Trump’s First Term; Ginnie Annual Summit Set; Regulators Reject Request for Hearing on Appraisal Threshold; VA Announces Special Relief for Alabama.


March 15, 2019 - Inside FHA/VA Lending

FHA Streamlines Home Warranty, Inspection Process

In an effort to streamline its lending process, the FHA has scrapped the requirement of a 10-year protection plan for newly constructed single-family homes, according to guidelines released this week.


March 15, 2019 - Inside FHA/VA Lending

FHA Lenders Can Opt for Third-Party Verification

FHA lenders can now outsource verification of a borrower’s employment, income and other assets to third-party vendors. The new guidance, which came into effect on Feb. 15, applies to all FHA forward mortgages and Home Equity Con-version Mortgage loans.


March 15, 2019 - Inside FHA/VA Lending

2020 Budget: HUD Spending Cut by 16%, IT Fees Return

The Trump administration’s 2020 budget seeks $44.1 billion for the Department of Housing and Urban Development and $400 billion in new loan commitments for FHA.


March 15, 2019 - IMFnews

What We’re Hearing: The Changing of the Guard at the FHFA / A Deep Resume / Retained Capital for Fannie and Freddie, a Matter of When? / The Holy Grail / Impac Mortgage, Act III / FHA Moves to Sure Up its Book

An increase in retained earnings is a pre-cursor to GSE “recap and release,” or as Fannie/Freddie investors call it, the Holy Grail…


March 15, 2019 - IMFnews

FHFA’s Otting in a Position to Bolster the Non-Agency Market

SIFMA’s Daniel Goodwin: “Financial regulators must create a level playing field so that entities like the GSEs do not enjoy capital benefits that add to the tilting of the market…”


March 15, 2019 - Inside MBS & ABS

Mortgage Grapevine

GSE Reform Hearings, Already?; The UMBS is Coming; NAR Pushes ‘Utility’ Plan…


March 15, 2019 - Inside MBS & ABS

Analysts See Little Impact of Ginnie Servicing Spread Hike

Ginnie Mae’s new rule requiring servicers to maintain a minimum servicing spread of 25 basis points will have very little impact on medium and large servicers, according to analysts with Keefe, Bruyette & Woods.


March 14, 2019 - IMFnews

Short Takes: Not the Best Written Indictment? (Manafort) / Bought for $3 Million but Worth $8 Million a Few Years Later / Rates Move Lower / Applications Move Higher / PennyMac’s $200 Million Stock Sale / A New Hire for Gateway Mortgage

Thanks to declining interest rates, lenders are feeling more optimistic these days...


March 14, 2019 - IMFnews

Lender Diversity, Inclusion Activities on CFPB’s Radar Screen

The letters refer to the diversity and inclusion standards issued by the agency in 2015...


March 14, 2019 - IMFnews

SBC Chairman Crapo Schedules Two Days of Hearings on GSE Reform

NAR would like to see Fannie and Freddie restructured as tightly regulated shareholder-owned utilities...


March 14, 2019 - IMFnews

CFPB Promises to Resolve GSE ‘Patch’ Responsibly

In January, the CFPB released a five-year look-back report assessing the implementation and effect of the ability-to-repay rule…


March 13, 2019 - IMFnews

Tiered Supervision of Nonbanks Advocated by Trade Groups

Nonbanks in recent years have expanded their presence in the market significantly...


March 13, 2019 - IMFnews

Short Takes: More Non-QM MBS Deals on the Way / What’s Ginnie Mae Really Worried About? / A Big ‘Nothing Burger’? / What Borrowers Want When They Shop Online for a Mortgage / Amherst’s Appetite for SFR / A New Hire for Incenter

Another official described the Ginnie Mae change as a “nothing burger…”


March 12, 2019 - IMFnews

Short Takes: Banking on a GSE Dividend / Maybe Next Time Around / Democrats Put CFPB Chief Kraninger on the Grill / Home Point Expands Correspondent Presence / A New Creative Hire for Guaranteed Rate

Kraninger faced some tough questions from Sen. Warren...


March 12, 2019 - IMFnews

HFSC Chairwoman Asks CFPB Staffers to Expose Bad Bosses

The Congresswoman said she is troubled by recent reports that show employee satisfaction at the CFPB fell sharply last year…


March 12, 2019 - IMFnews

In New Budget, White House Hikes Value of GSE Senior Preferred by 21%

However, there is no detailed explanation on the accounting…


March 12, 2019 - IMFnews

Trump Wants to Slash HUD’s Budget by 16%, but Allows for FHA ‘Tax’ to Upgrade IT

The Trump White House wants to impose a fee on FHA lending to raise the money...


March 11, 2019 - Inside the CFPB

Other News in Brief

CFPB to Hold Spring 2019 Advisory Committee Meetings; FTC Sends Annual Report to CFPB With ECOA Activities; Consumer Groups Seek CFPB Records on Eric Blankenstein; CFPB Warns of Widespread Elder Financial Abuse; CFPB Announces System for Prepaid Issuers to Submit Account Agreements.


March 11, 2019 - Inside the CFPB

Kraninger’s First Lawsuit on CID, What Does it Mean?

The CFPB last month filed its first lawsuit under the leadership of Kathy Kraninger. Interestingly, the lawsuit seeks to enforce a 2017 civil investigative demand that was issued under former Director Richard Cordray. Industry stakeholders read it as a possible harbinger of a shift in the bureau’s enforcement actions from those of Kraninger’s predecessor Mick Mulvaney. …


March 11, 2019 - Inside the CFPB

Lender Diversity, Inclusion Activities on CFPB’s Radar

The CFPB is calling upon financial institutions to submit a self-assessment of their diversity and inclusion activities, according to the law firm Ballard Spahr. “We recently learnt that several clients have received letters from the CFPB’s Office of Minority and Women Inclusion indicating that the bureau will be inviting them to submit a self-assessment of their diversity and inclusion policies and practices and requesting contact information for the individuals leading their D&I efforts,” attorney Dee Spagnuolo…


March 11, 2019 - Inside the CFPB

Maxine Waters Asks CFPB Staff to ‘Expose’ Bad Bosses

In a letter to CFPB staff recently, Rep. Maxine Waters, D-CA, chairwoman of the House Financial Services Committee, urged employees to blow the whistle on agency leaders.


March 11, 2019 - Inside the CFPB

Servicemembers Prefer VA Mortgages, Says CFPB

More first-time homebuyers in the military are using mortgages guaranteed by the Department of Veterans Affairs, a recent CFPB report shows.


March 11, 2019 - Inside the CFPB

CFPB Seeks Insight into PACE Financing

The CFPB has sought insight and opinion from market participants on origination and underwriting processes for Property Assessed Clean Energy financing as it prepares to under-take rulemaking.


March 11, 2019 - Inside the CFPB

Tiered Supervision of IMBs Advocated by Trade Groups

The CFPB should open up a policy discussion about a tiered supervision structure of smaller independent mortgage banks, according to industry trade groups.


March 11, 2019 - Inside the CFPB

Partisan Debates on CFPB Power, Clashes at Hearing

Republicans on the House Financial Services Committee in a hearing last week rebutted a proposed bill undoing changes made by former CFPB acting Director Mick Mulvaney.


March 11, 2019 - Inside the CFPB

Kraninger to Focus on Prevention of Harm

Kathy Kraninger, now into her fourth month as CFPB director, seems to have adopted an industry-friendly approach at the agency, but she’s being less dramatic than her predecessor Mick Mulvaney.


March 11, 2019 - IMFnews

IGs Asked to Investigate GSE Insider Trading Allegations Tied to FHFA/OCC Employees

Two public watchdog groups are demanding an IG probe into possible media leaks and a spike in the stock price of GSE shares...


March 8, 2019 - Inside Mortgage Trends

Industry Seeks Delay of Credit Loss Standard

Industry groups have once again requested federal regulators delay a new accounting standard for credit losses. The Current Expected Credit Loss standard is scheduled to be implemented on a phased-in basis beginning in January.


March 8, 2019 - IMFnews

Short Takes: SIFMA Approves Changes for UMBS / A New Focus for CFPB / QM Patch and First-Time Homebuyers / MBS Backed by Small-Balance Commercial Loans

There was some speculation before the vote that SIFMA might delay the guidelines or otherwise hinder UMBS issuance, but the vote on Wednesday was passed with a “significant majority,” according to SIFMA.


March 8, 2019 - IMFnews

Kraninger Defends Restructure of CFPB’s Fair Lending Office Implemented by Mulvaney

Kathy Kraninger, director of the Consumer Financial Protection Bureau, said she won't reverse the restructure of fair lending office made by former Director Mick Mulvaney


March 8, 2019 - Inside MBS & ABS

Fixing the Ginnie Rule on VA Cash-Out Seasoning

The inconsistency between the scope of Ginnie Mae’s loan seasoning guidance and VA’s cash-out interim final rule may require a legislative change, according to Ginnie Mae.


March 8, 2019 - Inside MBS & ABS

Moody’s Says Disclosures of R&W Breaches Inadequate

Disclosures to investors in post-crisis non-agency MBS regarding potential breaches of representations and warranties have been inadequate, according to Moody’s Investors Service.


March 8, 2019 - Inside MBS & ABS

‘True Lender’ Risk Plagues Marketplace Lending ABS

S&P Global Ratings recently expressed concerns about potential legal risks around who the “true lender” is in marketplace lending ABS.


March 8, 2019 - Inside MBS & ABS

Will the UMBS Final Rule Pass Muster with SIFMA?

The Federal Housing Finance Agency last week issued its final rule on the uniform MBS, the single security that Fannie Mae and Freddie Mac will package and sell. Its success, though, may depend on the much-contested definition of the rule: What are “covered programs, policies or practices”?


March 7, 2019 - IMFnews

Short Takes: GAO on Housing Finance Reform / Kraninger Setting CFPB’s Priorities / Freddie Automates Income Calculation for Self-Employed / Affordability Improving

The lack of action by Congress on the federal government’s role in housing finance makes the issue “high risk,” according to a new report by the Government Accountability Office.


March 6, 2019 - IMFnews

Short Takes: Ben Carson to Leave HUD After 2020 Election? / CFPB Hearing / Home Price Appreciation Slows / Mortgage Applications Down / Pinto’s Housing Finance Reform Plan

Housing and Urban Department Secretary Ben Carson said he is planning on leaving his post at the end of President Trump’s first term ...


March 6, 2019 - IMFnews

CFPB Expected to Roll Back 2015 HMDA Rule

The CFPB is likely to propose changes to the mortgage disclosure rule, according to industry observers ...


March 6, 2019 - IMFnews

Trade Groups Again Seek Delay of Accounting Standard Set for 2020

A number of trade groups renewed their request on Tuesday for a delay in implementation of the current expected credit loss accounting standard ...


March 6, 2019 - IMFnews

Final Rule on UMBS Issued; June Launch Date Remains

The Federal Housing Finance Agency last week issued a final rule aimed at improving liquidity of the to-be-announced MBS as well as the new uniform MBS, which makes its debut in early June ...


March 5, 2019 - IMFnews

Short Takes: Freddie Mac Invests $61M in Affordable Housing / AMC Acquires a Title Search Firm / Stevens Joins Tech Company / CFPB Kicks Off PACE Financing Rulemaking

Freddie Mac on Monday initiated three investments in affordable housing managed by National Equity Fund ...


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