Daily Dose

The challenge most reported by counselors in NFMC's report was efficient and timely communication with servicers (38 percent), which is down slightly from 40 percent in the NFMC's report from October 2013.

This transaction is the fourth in Fannie Mae's Credit Insurance Risk Transfer (CIRT) series, and third since the start of 2015. In the CIRT series, credit risk for a pool of loans is transferred to a panel of reinsurers.

Fannie Mae has built a strong and flexible technology organization in order to help the Enterprise more efficiently achieve its goals, which are to help provide people with access to affordable mortgage credit and to reduce risk to the taxpayer, according to a commentary from Bruce Lee, SVP and Chief Information Officer at Fannie Mae.

An influential monetary policymaker said this week that it would be appropriate for the Federal Reserve to raise the federal funds target rate later this year despite declining to do so in the September meeting of the Federal Open Market ...

"Despite the continuing rise in overall subprime originations, banks are still greatly limiting their high-risk exposure," Cutts said. "The credit score of the borrower at the 10th percentile of newly originated first mortgages today is 650. For HELOCs, it's 700."

BNY Mellon contended that the clock for the six-year statute of limitations began ticking when it made the repurchase demand. JPMorgan countered that the statute of limitations began running on the date the transaction closed, which was June 28, 2006—more than seven years before BNY Mellon filed the lawsuit.

The lawsuit alleges that Wells Fargo refused to refinance these high-cost loans to minorities on the same terms for which they refinanced loans to white borrowers, which resulted in a disproportionate number of foreclosures that subsequently led to abandoned properties and neighborhood blight

The mortgage industry reported about 122,000 non-foreclosure solutions (including short sales, deeds-in-lieu of foreclosure, and other workout plans) for July, while about 29,000 foreclosures were completed.

The share has risen above previous year levels since April 2015, reflecting improvements within the labor market, riskier mortgage lending, and continuing low mortgage rates.

Ambiguity and/or delays in the loan modification process were a frequent subject of the complaints, while others said they were not considered for all loss mitigation options available, they were incorrectly denied a modification, or the terms of the modification were unfavorable.