News

According to the CFPB's announcement, consumers with limited credit histories can be placed in two groups – "credit invisible," which means the consumer has no credit report, or "unscored," which means the consumer has some credit history but not enough to generate a credit score, or else the information is "stale" and out of date.

The bill, which Whitehouse introduced into the Senate on Thursday, April 30, would permanently extend foreclosure relief to servicemenbers provided by the Foreclosure Relief and Extension for Servicemembers Act of 2014, introduced by Whitehouse last May and signed into law by President Obama in December after unanimously passing in both the House and the Senate.

Nationstar Mortgage Holdings reported a net loss of $48 million, or $0.53 per share, for the first quarter of 2015 compared with a net income of $19 million ($0.21 per share) for the previous quarter, according to an announcement from the Lewisville, Texas-based residential mortgage servicer on Tuesday morning.

Derivative losses were largely responsible for dropping Freddie Mac's net income by nearly $2 billion from Q3 to Q4 down to $227 million, but the GSE responded by nearly doubling that net income total in Q1 to $524 million. It marked the 14th consecutive quarter of profitability for Freddie Mac. In Q1, derivative losses declined to $2.4 billion, down from $3.4 billion the previous quarter.

Fitch Ratings affirmed that while Fannie Mae and Freddie Mac maintained a "Stable Rating Outlook" in April due to direct financial support from the U.S. government, the ratings company said it expected the controversial FHFA's conservatorship of the two Enterprises would continue indefinitely.

The U.S. Court of Appeals for the District of Columbia Circuit dismissed a constitutional challenge to the Consumer Financial Protection Bureau (CFPB) brought about by Costa Mesa, California-based support services company Morgan Drexen Integrated Systems.

Ensuring a well-trained workforce could mean the difference between sinking or swimming in today’s strictly regulated environment. This select feature originally appeared in the May 2015 issue of DS News.

Freddie Mac reported a net income of $227 million for the fourth quarter of 2014, a decline of $1.9 billion from the third quarter. The GSE attributed the drop in net income to derivative losses, which totaled $3.4 billion for the quarter driven by declining interest rates.

Both the total bankruptcy filings for April and that average filings per day declined from March in the same number of filing days, continuing a trend that has been ongoing since the height of the financial crisis in 2010, according to April 2015 AACER bankruptcy data reported by Epiq Systems. In April, there were 77,884 total bankruptcy filings, down from March's total of 81,622 in the same number of filing days (22) during the month. April totaled 3,540 filings per day, compared with 3,712 in March.

The data showed that modification, collection, and foreclosure-related complaints were falling at an even fast rate than the number of non-current loans over that same period. In Q1 2013, the number of such complaints were received by the Bureau totaled 10,047; for the fourth quarter of 2014, that number was 4,741, a decline of 53 percent–compared to the 27 percent decline for non-current loan inventory.