Servicing

OCC terminates HSBC mortgage servicing restrictions

Fined $32.5 million for violating Independent Foreclosure Review
The final bank to have its mortgage servicing restrictions terminated is here. The Office of the Comptroller of the Currency officially lifted its mortgage servicing-related order against HSBC Bank USA, lifting restrictions placed on the bank over its failure to comply with requirements of the Independent Foreclosure Review
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Monday Morning Cup of Coffee: What does Goldman Sachs expect from Trump administration?

Plus trouble brewing for Canada’s housing market
In the days since the election, observers on both sides of the political divide found themselves shaking their collective heads at the frequency at which the name Goldman Sachs is a prominent feature on the resume of one of President-elect Donald Trump’s cabinet nominees. So, what exactly does Goldman Sachs expect out of the Trump administration? All that and more in your Monday Morning Cup of Coffee.
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Ohio becomes first state to ban plywood on vacant properties

Fight against blight takes next step forward
The fight against neighborhood blight took a giant step forward this week, as Ohio just became the first state to ban the use of plywood on vacant and abandoned properties. Under the state’s new laws, “no person shall use plywood to secure real property that is deemed vacant and abandoned.”
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[Video] UWM CEO: Will the FHA lower mortgage insurance premiums?

MMI fund continues to come in above 2%
Ever since the Federal Housing Administration reported that its flagship fund reached the Congressionally mandated threshold of 2%, speculation has swirled about finally cutting mortgage insurance premiums. Watch the latest 3 Points video from Mat Ishbia, president and CEO of UWM, to see what he thinks will happen.
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Mnuchin transition team defends OneWest mortgage operations 

Cites two clear examples of exemplary modification behavior
Back in 2013, an internal memo, recently published by The Intercept, urged top officials in then-Attorney General Kamala Harris’s office to sue OneWest Bank over allegations of foreclosure violations in the state of California. Donald Trump’s nominee for Treasury secretary, Steve Mnuchin, ran OneWest Bank from 2009 to 2015. And now, a spokesman for him on behalf of the presidential transition team is calling that leaked memo "meritless."
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Trump taps top Wall Street lawyer, Jay Clayton, to chair SEC

Represented Goldman Sachs, Bear Stearns, Ally, others during financial crisis
One of the financial sector's top regulators will soon have a new leader, as President-elect Donald Trump announced Wednesday that he plans to nominate a top Wall Street lawyer to fill the position of chair of the Securities and Exchange Commission. Trump chose Jay Clayton, who represented Goldman Sachs, Bear Stearns, Ally Financial, Barclays Capital and a number of other large financial institutions during and after the financial crisis, to serve as the new chair of the SEC.
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Former CFPB attorney pretty much just confirmed the worst fears of the mortgage industry

We may be right, after all
In "The Tragic Downfall of the Consumer Financial Protection Bureau," Ronald Rubin, a former enforcement attorney at the Consumer Financial Protection Bureau and former chief advisor on regulatory policy at the House Financial Services Committee, highlights what he calls the heavy politicization of the CFPB. In doing so, Rubin also just confirmed the worst fears of the mortgage industry.
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Here are HousingWire's top 10 articles of 2016

Thanks to our loyal readers for making this another great year
The past year was record-breaking for HousingWire in just about every metric we have, and that’s all thanks to you, our loyal readers. You push us to do more, to do better, to reach higher, to dig deeper, to keep fighting, and we have no plans of stopping. So here, as we begin a new year, are HousingWire’s top 10 articles of 2016, as determined by our readers.
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