Daily Dose

As a mortgage banker, originator or servicer, you may be thinking, “Can the Consumer Financial Protection Bureau (CFPB) interfere with my supplier and service provider relationships?” If you’re asking that question, it is useful to learn more about the CFPB’s vendor oversight expectations. Editor's note: This select print feature is scheduled to appear in the July 2015 issue of DS News, available on July 1.

Total housing inventory increased by 3.2 percent to 2.29 million existing homes available for sale at the end of May, and is 1.8 percent higher than the 2.25 million homes for sale a year ago, the report says. Meanwhile, unsold inventory dropped down to a 5.1-month supply at the current sales pace for May, down from 5.2 months in April.

The claims that were revived in the state court involved 794 private-label residential mortgage-backed securities that were securitized during a three-year period immediately prior to the financial crisis (2004 to 2007). According to reports, at the time of securitization, the trusts were worth about $743.8 billion. The investors are accusing the Minneapolis-based bank, as a trustee for the securities, of ignoring defects in the loans and failing to take action, which subsequently caused investors to lose billions of dollars in the aftermath of the crisis.

Borrowers are warned to watch for the warning signs of foreclosure and to seek help if they look familiar. If a borrower is in need of help avoiding foreclosure, Freddie Mac lists several options to contact for help: the lender, housing counselors, Freddie Mac borrower help centers, and house finance agencies.

Counsel's Corner is an ongoing series in which DS News talks with default servicing attorneys around the country about the most pressing issues facing the default servicing industry. This installment features Debbie K. Hoffman, Chief Legal Officer with Florida-based Digital Risk.

Upon the receiving the news of the CFPB's proposed two-month delay, many lenders, servicers, and other industry members weighed in with their feedback in interviews with DS News, with many expressing their gratitude and detailing the company adjustments they plan to initiate if the proposal is approved.

The U.S. Department of Treasury has priced auctions of preferred Capital Purchase Program (CPP) stock for five institutions as part of the government's strategy to wind down the Troubled Asset Relief Program (TARP) and recover remaining CPP investments, according to an announcement from Treasury.

One of the reasons why Ocwen expressed surprise and disappointment at S&P's decision to downgrade its rankings was the recognition the servicer received from Moody's earlier this month, which were prompted largely by sales of nearly $100 billion in Agency mortgage servicing rights portfolios this year.

During his testimony this week before the full House Financial Services Committee, U.S. Department of Treasury Secretary Jack Lew stated when asked about GSEs and the conservatorship that the system should be restructured, but the time was not right for the conservatorship to end. Lew was testifying before the House Financial Services Committee on the 2015 Annual Report of the Financial Stability Oversight Council (FSOC).

Ginnie Mae’s SVP of Issuer and Portfolio Management Michael Drayne said Ginnie Mae intends to engage issuers, document custodians, and other stakeholders in a dialogue about how to most effectively update the program requirements and infrastructure relating to pool collateral.