CFPB Hits Servicer for Creating “Loan Modification Purgatory”

Posted on July 31, 2015 by Erick Strobel - Home Mortgage Lender

CFPB Hits Servicer for Creating "Loan Modification Purgatory"

Posted to: MND NewsWire
Thursday, July 30, 2015 2:55 PM

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A Texas mortgage servicer has run badly afoul of the Consumer Financial Protection Bureau (CFPB) for repeated violations of servicing rules. Residential Credit Solutions has agreed to pay $1.5 million in restitution to its victims and a $100,000 civil money penalty under a consent agreement announced on Thursday.

CFPB has a laundry list of complaints against the company which bills itself as specializing in servicing delinquent and “credit sensitive” mortgages loans. Since 2009 approximately 75,000 borrowers have had loans transferred from other servicers to the company which has about $95 million in assets.

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MBS MID-DAY: Big Rally After Super Weak Wage Growth

Posted on July 31, 2015 by Erick Strobel - Home Mortgage Lender

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MBS MID-DAY: Big Rally After Super Weak Wage Growth

Posted to: MBS Commentary
Friday, July 31, 2015 12:28 PM

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Today’s market mover came out of left field, and in a big way. The Employment Cost Index is typically a non-event, having only moved markets noticeably one other time in the past few years. But it completely rocked them today. Chalk that up to the fact that it was the lowest quarterly wage growth in the history of the report, rising only 0.2% vs a median forecast of 0.6%. That means Q2 wages grew at only 1/3rd the pace expected! (Incidentally, Q1’s pace was +0.7).

After a flat overnight session, Treasury yields rocketed lower, and MBS jumped up more than a…

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More from MND:

Pipeline Press: Wells MSA News; CFPB TRID Toolkit; Capital Markets Trends & Student Loans
MBS Commentary: MBS Day Ahead: Closer Look at Changes in Yield Curve
MBS Commentary: MBS RECAP: Longer Term Rates Fare Well, as Low Short-Term Rates Say Farewell
Mortgage Rate Watch: Mortgage Rates Stay Steady After GDP
MND NewsWire: Wells Fargo pulls out of Marketing Agreements with Agents, Builders

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Wells MSA News; CFPB TRID Toolkit; Capital Markets Trends & Student Loans

Posted on July 31, 2015 by Erick Strobel - Home Mortgage Lender

Wells MSA News; CFPB TRID Toolkit; Capital Markets Trends & Student Loans

Posted to: Pipeline Press
Friday, July 31, 2015 8:37 AM

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A rare blue moon (two full moons appearing in the same calendar month) will be visible in the sky today for the first time in three years. We won’t see the next one until early 2018 – and imagine how residential lending, market share rankings, and compensation may change between now and then. How’d you like to have a job where your pay is determined by Congress? And your family and co-workers pick up the newspaper in the driveway and see “Lawmakers Move to Halt Fannie, Freddie Pay Raises?” Yes, the House has gone on summer vacation but not before the House panel bill advanced with broad bipartisan support and many experts think that Senate passage is likely. A few weeks ago the regulator of Fannie Mae and Freddie Mac (FHFA) awarded the companies’ chief executives multimillion-dollar pay increases. Now, Congress is moving to take it all away. Few in Congress don’t mind anyone associated with the government earning more than they do. Anyone care to volunteer for the top jobs?

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More from MND:

MBS Commentary: MBS Day Ahead: Closer Look at Changes in Yield Curve
MBS Commentary: MBS RECAP: Longer Term Rates Fare Well, as Low Short-Term Rates Say Farewell
Mortgage Rate Watch: Mortgage Rates Stay Steady After GDP
MND NewsWire: Wells Fargo pulls out of Marketing Agreements with Agents, Builders
MBS Commentary: MBS MID-DAY: Just Barely Holding Gains After Volatile Morning

If you have trouble viewing this email, you can read the full post at http://www.mortgagenewsdaily.com/channels/pipelinepress/07312015-student-loans.aspx

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MBS Day Ahead: Closer Look at Changes in Yield Curve

Posted on July 31, 2015 by Erick Strobel - Home Mortgage Lender

MBS Live: Extended 4 Week Free Trial Offer
Start a free trial today and we’ll extend it to 4 weeks: Start a Free Trial

MBS Day Ahead: Closer Look at Changes in Yield Curve

Posted to: MBS Commentary
Friday, July 31, 2015 7:33 AM

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Yesterday’s recap mentioned a ‘farewell’ to low short term rates despite longer term rates ‘faring well.’ This is a reference to the major changes that have been taking place with the yield curve in July. But just what the heck is the yield curve?

If you’re familiar with the yield curve, thinking about it is fairly second nature, but it takes some time spent thinking about it before that happens. If it’s second nature for you, feel free to skip to the chart.

If it’s not second nature, don’t worry, it’s not that bad. I find the easiest way to think of the…

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More from MND:

MBS Commentary: MBS RECAP: Longer Term Rates Fare Well, as Low Short-Term Rates Say Farewell
Mortgage Rate Watch: Mortgage Rates Stay Steady After GDP
MND NewsWire: Wells Fargo pulls out of Marketing Agreements with Agents, Builders
MBS Commentary: MBS MID-DAY: Just Barely Holding Gains After Volatile Morning
MND NewsWire: Rental Housing a Growing Burden on Low Wage Earners

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