Waters made the request after reports surfaced earlier in March that one of the borrowers named in the settlement, Citigroup, had missed paying some 24,000 borrowers who were owed money.
Read More »Fed OIG to Conduct Security Audit on Personal Consumer Data Collected by CFPB
The Federal Reserve's Office of the Inspector General (Fed OIG) recently updated its work plan to include a security audit of the data being collected on consumers by the Consumer Financial Protection Bureau (CFPB).
Read More »FHFA Announces Final Rule for Fannie Mae, Freddie Mac Affordable Housing Goals
The proposed housing goals rule for the GSEs was first issued in August 2014. More than 144 comments were made on the proposed rule, all of which were considered by the FHFA in the development of the final rule. According to the FHFA, the final rule sets identical benchmarks in all categories for both Fannie Mae and Freddie Mac.
Read More »Tennessee District Court Affirms Legality of MERS’ Role in a Securitized Mortgage
MERSCORP Holdings won another victory in court this week when the U.S. District Court for the Middle District of Tennessee Nashville Division dismissed a lawsuit that challenged MERS' role in a deed of trust in Tennessee, according to an announcement from MERS.
Read More »MCS Valuations Moves Operations from Utah to Texas, Florida, and Louisiana
MCS Valuations (MCSV) has announced the closing of its Sandy, Utah, office and the move of all of its operations to the Mortgage Contracting Services (MCS) headquarters in Plano, Texas, and MCS offices in Tampa, Florida, and Ruston, Louisiana.
Read More »St. Louis Fed Casts Doubt on the Effectiveness of QE and Zero Interest Rate Policy
In a recently released white paper analyzing actions taken by the Federal Reserve in the immediate aftermath of the 2008 financial crisis, St. Louis Fed VP Stephen D. Williamson questions a few of the central bank's policies and the effect they have had on the economy.
Read More »Fannie Mae Completes Third Credit Insurance Risk Transfer Transaction
The latest transaction, CIRT-2015-2, became effective on July 1, 2015, with Fannie Mae retaining the risk for the first 50 basis points of loss on an $8.1 billion pool of loans.
Read More »Drop in REO Sales is Driving Continued Decline in Cash Sales Share
May 2015's cash sales share of nearly 32 percent was down by 31 percent from the peak of 46.5 percent recorded in January 2011. CoreLogic estimates that if the cash sales share continues to decline at the same rate as it did in May 2015, the cash sales share should fall back down to its pre-crisis level of 25 percent by the middle of 2017.
Read More »Mortgage Default Rates Stabilize in July Following June’s Increases
The default rates for both first and second mortgages held steady from June to July while the composite index dropped by one basis point after all three increased from May to June, according to S&P Dow Jones Indices and S&P/Experian Consumer Credit Default Indices for July 2015 released Tuesday.
Read More »Five Star Hosts TRID Preparation Webinar
The Five Star Institute recently hosted a webinar titled "Are You Ready for TRID" to help those in the industry become compliant with the CFPB's TILA-RESPA Integrated Disclosure (TRID) rule in time for the rule's effective date of October 3, 2015.
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