Servicing

The bill aimed at helping struggling homeowners also requires documentation of servicer behavior and FHFA evaluation of the services provided to borrowers.

Robert Broeksmit has a tough act to follow succeeding David Stevens, the CEO revered for navigating the Mortgage Bankers Association through one of its most tumultuous eras on record. But in doing so, Broeksmit has a distinct advantage over many of his predecessors: inheriting an organization on the upswing.

Acting CFPB Director Mick Mulvaney wrote in a two-paragraph filing that the Mount Laurel, N.J., company did not violate the Real Estate Settlement Procedures Act.

Robert Broeksmit, a career mortgage industry executive, will succeed David Stevens as the president and CEO of the Mortgage Bankers Association.

Banking and mortgage groups are asking the Federal Communications Commission to issue new Telephone Consumer Protection Act rules that would make consumer lawsuits over robocalls harder to win.

Freddie Mac has quietly started extending credit to nonbanks that issue mortgages, a move it says will help the companies maintain access to a crucial stockpile of cash if their home loans go sour.

Banks would welcome a proposal to loosen Basel III capital restrictions because it would make holding mortgage servicing rights easier and stem the recent exodus of depositories from the servicing business, executives said.

Wells Fargo gets tipped off by OCC on investigation; HSBC is wading back into U.S. mortgage waters; a bank uses artificial intelligence to combat money laundering; and more.

BankFirst Financial Services in Columbus, Miss., has acquired HomeFirst, a mortgage services firm.

Despite past missteps in the U.S. mortgage business, the bank is giving it another go, bringing servicing in-house and catering to millennials and international clients here, says HSBC’s Raman Muralidharan.