Servicing

The Consumer Financial Protection Bureau has proposed requiring that mortgage servicers exhaust all efforts at assisting struggling borrowers before moving ahead with a foreclosure.

The Consumer Financial Protection Bureau said in a new circular that it's still watching for attempts to get borrowers to sign away rights that can't be waived.

The Federal Housing Administration also instituted a new language preference requirement that servicers must observe in transfers.

The announcement, made at the Mortgage Bankers Association's Secondary and Capital Markets Conference, underscores Ginnie Mae's role at the forefront of digitization efforts in the capital markets space.

A recommendation to give Ginnie Mae expanded authorities is drawing focus in the reactions to a Financial Stability Oversight Council report on nonbank risks.

The new Financial Stability Oversight Council report also recommends an expanded Ginnie Mae PTAP facility and an industry-funded liquidity resource.

McCargo stabilized the agency at a crucial time as she helped navigate it through both a pandemic and subsequent dramatic interest-rate cycle change.

Home loan originations were tepid in the first quarter, but higher margins helped large depositories bolster income even when the drop was particularly steep.

The Consumer Financial Protection Bureau received nearly 28,000 mortgage-related consumer grievances in 2023, the regulator said.

Many other organizations have turned to sales of this asset class in order to enhance cash flow or liquidity.