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  • HUD suspends FHA mortgage insurance premium cut

    Just moments after President Trump was sworn in on Friday, the Department of Housing and Urban Development announced it is indefinitely suspending the reduction of FHA mortgage insurance premiums, undoing a cut announced by the Obama administration only a few weeks ago. The suspension is effective immediately.

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Servicing

ARTICLES

Trump Treasury pick Mnuchin opposes recap and release of Fannie Mae, Freddie Mac

Previously said GSE conservatorship will end
For the first three hours of the confirmation hearing of Steve Mnuchin, the Trump administration’s choice to lead the Department of the Treasury, nearly all of the housing-related discussion centered on the mortgage servicing and foreclosure practices of OneWest Bank, the bank that Mnuchin formerly chaired. But that changed when Sen. Mark Warner, D-Virginia, began questioning Mnuchin about Fannie Mae and Freddie Mac.
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NY AG reportedly investigating Nationstar Mortgage, OneWest Bank reverse mortgage divisions

Still in early stages
New York is ramping up its focus on the practices of reverse mortgage lenders as of late. After introducing plans to increase the regulations surrounding reverse mortgages in the state earlier this month, New York is now reportedly also investigating practices related to the servicing of reverse-mortgages at Financial Freedom, a part of OneWest Bank, and at Champion Mortgage, a unit of Nationstar Mortgage.
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Credit Suisse reaches $5.28 billion mortgage bond settlement

Required to provide $2.8 billion in consumer relief
For the second time in as many days, the Department of Justice announced that it reached a multi-billion dollar settlement with a foreign-based bank over its mortgage securitization practices leading up to the housing crisis. On Tuesday, the DOJ announced that it reached a $7.2 billion settlement with Deutsche Bank. Now, it’s Credit Suisse’s turn.
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KBW: What Wells Fargo, Chase 4th quarter results mean for the rest of the industry

A deeper dive at the big banks' mortgage banking earnings
While the fourth-quarter results for Wells Fargo and JPMorgan Chase were decidedly mixed, with JPMorgan significantly exceeding and Wells Fargo missing market expectations, there was one common denominator among the big banks’ earnings – lower earnings from mortgage banking. But what should the market make of those results?
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Democrats want "victims of Mnuchin foreclosure machine" to testify at Treasury nominee hearing

25 senators call for OneWest customers to speak at Mnuchin's hearing
Senate Democrats recently began collecting complaints from consumers about Steve Mnuchin and OneWest Bank in preparation for Mnuchin’s confirmation hearing to serve as the next Secretary of the Department of the Treasury. What wasn’t known at the time is what exactly the Democrats planned to do with those complaints. But Friday, the Democrats showed their hand, asking the leadership of the Senate Committee on Finance to allow “victims of Mnuchin foreclosure machine” to testify at Mnuchin’s confirmation hearing.
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Steve Mnuchin, Trump Treasury pick, to face Senate on Jan. 19

Former Goldman Sachs, OneWest Bank exec likely to be grilled by Democrats
On Friday, the Senate Committee on Finance announced that the confirmation hearing for Steve Mnuchin, the Trump administration’s choice to lead the Department of the Treasury, will take place on Thursday, Jan. 19. The Democrats are expected to grill Mnuchin for his time with OneWest Bank, which was accused of redlining and illegal foreclosure activities under his leadership.
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Fannie Mae, Freddie Mac increase mortgage modification interest rate to highest level in 18 months

Benchmark rate increased to July 2015 level
For the second time in two months, Fannie Mae and Freddie Mac announced that they are increasing the benchmark interest rate for standard mortgage modifications. While last month’s increase saw Fannie and Freddie increase the standard mortgage modification benchmark interest rate to a level not seen in months, the GSEs said they are increasing the standard mortgage modification interest rate to the highest level in 18 months.
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New York proposes new rules for reverse mortgages

Legislation would add protections for state’s senior citizens
In addition to unveiling new legislation that would grant the New York Department of Financial Services the authority to ban individuals from working in the financial services industry, New York Gov. Andrew Cuomo also announced on Monday a series of new laws that would add financial protections for the state’s senior citizens. Included among those proposals are new rules for reverse mortgages.
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New York unveils proposal to ban "bad actors" from working in financial services

Would empower NYDFS to boot individuals
The New York of Department of Financial Services could soon have the power to ban individuals from working in the financial services industry for “egregious conduct,” New York Gov. Andrew Cuomo announced Monday. In announcing the proposal, Cuomo cited the recent fake account scandal at Wells Fargo as the kind of action that could get a person banned from working in financial services under the new rule.
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