Servicing

Fannie Mae sells $20.3m NPLs to familiar non-profit

Frequent buyer snaps up deeply delinquent mortgages
Fannie Mae broke with tradition recently when it announced plans to sell a pool of non-performing loans through its “Community Impact Pool” program to a private equity firm, rather than the non-profits, small investors and minority- and women-owned businesses it is designed to target. But in its fifth Community Impact Pool sale, Fannie Mae is turning back to a non-profit, and a familiar one at that.
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Got tough questions about the CFPB's 900-page mortgage-servicing rule?

HousingWire gets you the answers
For those wondering if the Consumer Financial Protection Bureau’s mortgage-servicing rule is published in the Federal Register yet, the answer is no. This gives the industry a little bit of extra time to digest all the details that are in the final rule. Luckily, HousingWire is hosting a Q&A expert webinar to make sure you have all the information you need to fully comply with the rule and properly conduct business.
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It's official: Fannie Mae moves to open credit box with trended credit data

Desktop Underwriter 10.0 arrives
After much anticipation, this weekend marked the official launch of Fannie Mae’s Desktop Underwriter Version 10.0, implementing the long-awaited use of trended credit. So what’s with the big hype around trended credit data? For starters, it's a game-changer for borrowers, helping them obtain greater access to mortgage credit.
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FTC permanently bans more mortgage relief scammers

More punishment from sweeping mortgage modification fraud investigation
For the second time this month, the Federal Trade Commission announced that one of the subjects of a sweeping enforcement action from 2014 is permanently banned from operating in the mortgage loan modification and debt relief business.
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What's after HAMP? MBA proposes loan modification program

"One Mod: Principles for Post-HAMP Loan Modifications"
With the end of both the Home Affordable Modification Program and the Home Affordable Refinance Program getting close, the government is working to come up with new refinance options for borrowers. The latest program proposal comes from the Mortgage Bankers Association. The MBA's Task Force revealed a program proposal on Friday that is designed to be successor program to the Home Affordable Modification Program.
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Evictions in America: A tale of two cities

The approach of NYC versus San Francisco is enlightening
The contrast between how New York City and San Francisco have approached the affordable housing crisis is striking. Both cities are large metropolitan areas with little geographical room to build. But in once case city action led to an 18% decrease in evictions, in another it led to an increase of 32%. 
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Chase officially satisfies $4 billion RMBS settlement consumer-relief requirement

Completes more than one year ahead of schedule
In his ninth and final report, Joseph Smith, monitor of the JPMorgan Chase Residential Mortgage-Backed Securities Settlement, credited Chase with more than its required $4 billion of consumer relief obligation. The settlement dates all the way back to claims that Chase, Bear Stearns and Washington Mutual packaged and sold bad residential mortgage-backed securities to investors before the financial crisis.
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CFPB consumer complaint database about to hit 1 million complaints

Cordray discusses milestone during Wells Fargo hearing
The Consumer Financial Protection Bureau’s much-maligned consumer complaint database is about to reach 1 million total complaints, CFPB Director Richard Cordray said Tuesday. And, as it turns out, the database proved helpful in levying the $185 million fine against Wells Fargo for opening 2 million fake accounts.
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Freddie Mac: Mortgage interest rates will hit 40-year low in 2016

GSE predicts best year for home sales since 2006
If current trends hold steady, this year could prove to be a banner year for housing, Freddie Mac said in a new report. In Freddie Mac’s new monthly outlook report, the government-sponsored enterprise states that it is currently projecting a “surge” in mortgage originations during the third quarter, further reinforcing its view that 2016 will be the “best year” for home sales since 2006.
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