News

Ocwen pulls a PHH: Asks court to declare CFPB unconstitutional, requests DOJ help

Asks court for expedited decision on CFPB constitutionality
Ocwen Financial is pulling a PHH. Just as PHH did recently, Ocwen is playing the unconstitutional card in its fight against the Consumer Financial Protection Bureau, asking the United States District Court for the Southern District of Florida to declare the CFPB unconstitutional and toss out the CFPB’s lawsuit against the company.
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Mnuchin: White House to negotiate 15% corporate tax rate

More details to come Wednesday
Wednesday is a big day for the Trump administration. Treasury Secretary Steven Mnuchin and White House chief economic advisor Gary Cohn are expected to unveil their much-anticipated tax reform plan. But first, Mnuchin gave a sneak preview of what to expect in an interview Wednesday morning.
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HUD Secretary Carson visits Columbus, Ohio

Marks fourth stop on national listening tour
HUD Secretary Ben Carson is embarking on the latest stop for his national listening tour – Columbus, Ohio. Carson will spend Wednesday, Thursday and Friday listening to various organizations from the community. Here’s more on the secretary’s tour, and his schedule this week.
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MBA: Mortgage applications post slight uptick

Refinance loan size reaches new high
Mortgage applications continue to fluctuate and posted a slight increase, according to the latest data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey. The survey also reported that the average loan size for refinance applications increased to its highest level since September 2016. This comes after the average loan size for purchase applications reached a survey high at the start of the month.
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U.S. Bank fined $15 million for bankruptcy filing violations

OCC announces fine for violations between 2009 and 2014
The Office of the Comptroller of the Currency announced Tuesday that it is ordering U.S. Bank National Association to pay a civil penalty of $15 million for what it calls “bankruptcy filing violations” that occurred between 2009 and 2014. Here are the details.
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Credit rating agencies ding Ocwen over CFPB, state regulator charges

S&P, Fitch, Moody’s, Morningstar take action on nonbank’s ratings
In the wake of the Consumer Financial Protection Bureau and a growing group of state regulators accusing Ocwen Financial of widespread mortgage servicing issues, S&P Global Ratings, Moody’s Investors Service, Fitch Ratings, and Morningstar each released updated views of Ocwen, with each agency’s analysts stating that Ocwen’s recent regulatory troubles could have dire long-term consequences for the company.
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Ocwen takes Massachusetts, Illinois to court to fight mortgage restrictions

Nonbank says that states’ restrictions will cause “significant harm” to consumers
Last week, a raft of state regulators clamped new business restrictions on Ocwen Financial for alleged rampant errors with homeowners’ escrow accounts and other issues at the nonbank. Ocwen said that it intended to fight back against the state regulators’ accusations and business restrictions, and the company did just that on Tuesday, announcing that it is taking the regulators in Massachusetts and Illinois to court to fight for its ability to operate within the states.
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Community bankers: GSE reform should keep what works and just fix the problems

How to ensure a robust primary and secondary mortgage market
More talk of reforming the government-sponsored enterprises are starting to surface as the Trump administration promises to make reform a priority. Diverging from other industry reform options out there, the Independent Community Bankers of America penned their version of how GSE reform should take place. So which option will work best?
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