Lending

CFPB will update Know Before You Owe

Here's everything in the works right now
Staying true to its announcement three months ago, the Consumer Financial Protection Bureau released a set of proposed updates to its Know Before You Owe mortgage disclosure rule after industry calls asked for greater clarity and certainty on the rule. However, the changes, while welcomed, don't address everything the industry asked for.
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Fannie Mae sells first small NPL pool to private equity firm

First Community Impact pool not sold to a non-profit
Fannie Mae announced Thursday that it selected a winning bidder for its fourth sale of non-performing loans as part of its "Community Impact Pool" program. But for the first time since it began targeting smaller investors, Fannie Mae selected a private equity firm as the winner of the auction.
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Two Harbors gives up securitization business

Also abandons mortgage loan conduit business
Once a prominent feature of the secondary mortgage market, prime jumbo residential-mortgage backed securities fell out of favor in the aftermath of the housing crisis. While the post-crisis figures paled in comparison to the pre-crisis days, there are still a number of companies actively issuing prime jumbo RMBS deals. But now, there’s one less.
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SEC filing details Ocwen's efforts to rid itself of California mortgage servicing restrictions

With monitor costs mounting, Ocwen moves to settle
Ocwen Financial revealed Wednesday that it is attempting to rid itself of the business restrictions placed upon it by the California Department of Business Oversight, but a Thursday filing with the Securities and Exchange Commission details just how those negotiations are going and why Ocwen is trying to buy its way out of the settlement.
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Freddie Mac: Mortgage rates continue upward trend

Historically low rates still pushing up
The 30-year fixed-rate mortgage increased again this week, however it does not seem to bother homebuyers as rates are still near historical lows. On the other hand, the 10-year Treasury yield remained flat. Here, the Freddie Mac chief economist explains why.
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Chronos Solutions acquires UPF Services

Creates "one-stop shop" for loan origination services
Chronos Solutions announced its latest business move, finalizing its acquisition of UPF Services. Matt Slonaker, executive vice president of sales and marketing for Chronos Solutions, first alluded to the acquisition in an interview with HousingWire back in July. Now only a few weeks later, Slonaker and Andrew Gladston, senior vice president of corporate development at Chronos Solutions, revisited with HousingWire to give the full details of the acquisition.
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