Tag Archives: Lenders & Servicers

The Consumer Financial Protection Bureau took steps Tuesday to engage mortgage lenders by forming a small business panel to review the integration of mortgage disclosure requirements into a single uniform document. The Dodd-Frank Act obligates the bureau to streamline conflicting rules and statutory requirements from the Real Estate Settlement Procedures Act and Truth-in-Lending Act. The CFPB billed the panel as a way to increase transparency with mortgage lenders.

The federal agency responsible for Fannie Mae and Freddie Mac released a proposal Tuesday that calls for lawmakers to gradually wean the GSEs off taxpayer funds and stand up a new secondary market, replete with new institutions, securitization measures, and servicing standards. The proposal outlines steps for ways to shift risk and responsibility from Fannie Mae and Freddie Mac to a new market that lawmakers would need to establish without destabilizing a cornerstone of the economy.

A onetime candidate for mayor of a city in Georgia and woman in New Jersey found themselves sentenced by separate courts to several years in prison. MReport sourced the stories Monday from several news outlets. According to one, ex-mayoral candidate Gregory Cordell, a real estate agent and developer, received his sentence for $1.25 million in mortgage fraud for a property in Cartersville. The woman in New Jersey bilked CitiFinancial out of funds for a mortgage, according to another news source.

As many as 100 wounded veterans and service members may receive homes free of charge, thanks to a new partnership between the mortgage lending unit for JPMorgan Chase and nonprofit Operation Homefront. The financial institution will pair homes it currently owns with qualifying families the nonprofit serves, including active-duty, Guard or Reserve, and honorably discharged service members. Any veteran from any era is eligible to apply, as are surviving single spouses of service members killed-in-action and post-9/11 disabled veterans.

Residents of Connecticut will receive $190 million from the historic $25-billion settlement with five servicers, according to the office of the state attorney general.

Rolling out a new information technology services division, ISGN Corporation is expanding its service offerings for clients in the mortgage and real estate industries.

The Consumer Financial Protection Bureau called for public comment on a draft it recently proposed for a mortgage statement required for borrowers under the Dodd-Frank Act. If approved, mortgage servicers and assignees of the loan would need to distribute the statement to borrowers with information that includes the principal loan amount, current interest rate, any late payments and penalties, and contact information for both the servicer and a housing counselor. A draft version of the statement shows that servicers would also need to break down past payments.

The Dow Jones Industrial Average finished by end of day Friday at a clip just below 13,000 points, lifting stocks and shares for all but one of the four major financial institutions. The jump reportedly marks the highest for the Dow Jones since 2008, just before the worst of the financial crisis, as investors got bullish on another round of bailout votes for debt-saddled Greece. The index closed on a .35-percent hike Friday, up 45.79 points, giving Wells Fargo a 2.37-percent boost to wrap up stocks at $31.09 per share.

After months of wrangling, the House and Senate passed a permanent payroll tax cut extension Friday without imposing controversial guarantee fees for lenders with government-backed mortgages. The House passed the bill, reportedly worth $100 billion, by a margin of 293 to 132 before the Senate cleared it by a vote of 60 to 36. Partisanship on Capitol Hill stalled the extension last fall, prompting both chambers of Congress to field a temporary two-month extension that hiked guarantee fees for lenders. The move netted criticism from various trade groups.

The Obama administration unveiled a budget for the next fiscal year that proposes levying fees for the nation├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós largest banks, selling off government-occupied real estate, and expanding services for the Federal Housing Administration. The $3.8-trillion budget calls for a Financial Crisis Responsibility Fee to offset costs to the Troubled Asset Relief Program and mass refinance program. If passed by Congress, the fee would raise $61 billion from financial institutions with $50 billion or more in assets over the next decade. The fee draws on recent themes from the president.