Given this quickly changing environment, where the rules can change overnight and companies can be held accountable for errors made before the change, very few companies have any reason to feel secure.
Major lenders and regulators are working hard to find common ground when it comes to home loans to lower-income Americans. As talks continue, the percent of federal Housing Administration loans given to borrowers with weaker credit scores is dropping.
The Consumer Financial Protection Bureau opened a new job for an investigator at its headquarters. On top of making around $100,000 to $150,000, the individual would also get up to 49 days off per year.
Despite a lot of topics on the plate of the Financial Services Committee to debate, they could not seem to get away from the discussion of the Consumer Financial Protection Bureau. This being just one of the several topics discussed.
Gentleman bank robber Willie Sutton is famously (and incorrectly) remembered for saying he robbed banks “because that’s where the money is.” Turns out though, the real money is in being a bank regulator.
Before Mel Watt could even get his name plate on the door as head of the Federal Housing Finance Agency, top federal regulators are already urging him to end contributions to the National Housing Trust Fund and the Capital Magnet Fund.
The Office of the Comptroller of the Currency spends its days overseeing national banks and federal thrifts, but a new report is giving the regulator a little advice on how to improve its own operations.
Sometimes offshoring sounds like a bad word. In reality, offshore mortgage servicing simply means using remote staff, usually to take advantage of lower labor and overhead costs and round-the-clock staffing availability. But legitimate questions remain. In the midst of increasing compliance pressures, is offshoring a sound strategy for mortgage servicers looking to stay competitive, or a fast track to dissatisfied customers and trouble with the CFPB?
Houses that have been rehabbed in the recovery project are now being sold as quickly as they are completed, and the profit on each house goes right into rehabbing the next one. In the past two years, the company has rehabbed and sold 58 homes, and has plans to do 200 more.
The fate of the Fannie and Freddie investors is not our concern. We are concerned about what happens to communities. And what is happening right now is that the future ability of working class families to obtain responsible home loans is in serious jeopardy.