Servicing

The Department of Housing and Urban Development and the Nationwide Multistate Licensing System also reportedly had disruptions.

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.

Some legal experts say the U.S. Supreme Court justices appeared to favor national rules preempting state regulations in the Bank of America in a case regarding mortgage escrow accounts.

The original lawsuit was one of several filed in 2014 in a coordinated effort among federal and state regulators aimed at fraudsters trying to cheat distressed mortgage borrowers.

A common concern in housing finance reactions has been the lack of accommodation for strategies routinely used to manage credit, rate and liquidity exposures.

The former Obama administration official and MBA head died unexpectedly on Jan. 16.

Mike Weinbach, a former Wells Fargo and JPMorgan leader, will replace president Chris Marshall who's expected to retire at the end of this year.

Stress tests suggest systemically important depositories could weather current risks. Meanwhile, single-family arrears remain low, but that business could be impacted.

News reports of the negative impact to borrowers from the partial claims program's discontinuation, and a letter from Senate Democrats, appear to have prompted the statement.

The top five servicers that are depositories have a combined unpaid principal balance of more than $1.89 trillion at the end of Q2 2023.

The servicer said it entered into the consent order "without admitting any wrongdoing, to avoid the expense and distraction of litigation."