CFPB Hits Servicer for Creating “Loan Modification Purgatory”

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

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

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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MBS Day Ahead: Closer Look at Changes in Yield Curve

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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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10 Open Houses this weekend in Parker

Trulia
Open House
Check out 10 Open Houses this weekend:
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$330,000
Est. payment: $1,550 /mo
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19058 East Bonney Court, Parker CO
4bd, 2 full, 1 partial ba | 2,285 sq ft
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$435,000
Est. payment: $2,044 /mo
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41671 Carol Court, Parker CO
3bd, 3 full ba | 2,462 sq ft
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$599,000
Est. payment: $2,814 /mo
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11983 Blackwell Way, Parker CO
4bd, 3 full, 1 partial ba | 3,725 sq ft
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$510,000
Est. payment: $2,396 /mo
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11434 Canterberry Lane, Parker CO
4bd, 3 full, 1 partial ba | 4,575 sq ft
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$435,000
Est. payment: $2,044 /mo
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10251 Sweet Rock Court, Parker CO
4bd, 2 full, 1 partial ba | 2,878 sq ft
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$699,999
Est. payment: $3,289 /mo
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11973 South Longs Bluff Lane, Parker CO
4bd, 4 full ba | 5,543 sq ft
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$434,900
Est. payment: $2,043 /mo
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8104 Capt Meriwether Lewis Drive, Parker CO
5bd, 2 full, 2 partial ba | 3,035 sq ft
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$615,000
Est. payment: $2,889 /mo
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11875 Bent Oaks Street, Parker CO
5bd, 4 full ba | 6,376 sq ft
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$510,000
Est. payment: $2,396 /mo
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23204 Bay Oaks Avenue, Parker CO
5bd, 4 full, 1 partial ba | 4,471 sq ft
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$1,595,000
Est. payment: $7,493 /mo
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4932 Raintree Circle, Parker CO
7bd, 3 full, 6 partial ba | 7,746 sq ft
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18 Open Houses this weekend in Jefferson County, CO

Trulia
Open House
Check out 10 Open Houses this weekend:
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$275,000
Est. payment: $1,292 /mo
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8695 Garrison Court, Arvada CO
3bd, 1 full, 2 partial ba | 1,597 sq ft
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$384,950
Est. payment: $1,809 /mo
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11866 Blacktail Mtn, Littleton CO
3bd, 1 full, 1 partial ba | 1,294 sq ft
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$200,000
Est. payment: $940 /mo
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8466 Everett Way #A, Arvada CO
2bd, 2 full ba | 1,045 sq ft
Timbercove
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$269,000
Est. payment: $1,264 /mo
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26282 Sheldon Street, Kittredge CO
2bd, 1 full ba | 758 sq ft
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$450,000
Est. payment: $2,114 /mo
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625 Crescent Lane, Lakewood CO
3bd, 3 full, 1 partial ba | 2,924 sq ft
Molholm Two Creeks
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$357,500
Est. payment: $1,680 /mo
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8004 South Newland Court, Littleton CO
4bd, 2 full ba | 1,746 sq ft
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$500,000
Est. payment: $2,349 /mo
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7566 Urban, Arvada CO
4bd, 3 full, 1 partial ba | 2,723 sq ft
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$425,000
Est. payment: $1,997 /mo
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Address Not Disclosed, Lakewood CO
2bd, 2 full, 1 partial ba | 824 sq ft
Morse Park
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$949,000
Est. payment: $4,458 /mo
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2700 Kendrick Street, Golden CO
5bd, 5 full ba | 5,800 sq ft
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$535,000
Est. payment: $2,513 /mo
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2585 Pierson Street, Lakewood CO
4bd, 3 full ba | 2,755 sq ft
Applewood
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16 Open Houses this weekend in Larimer County, CO

Trulia
Open House
Check out 10 Open Houses this weekend:
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$319,900
Est. payment: $1,503 /mo
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2321 Marshfield Lane, Fort Collins CO
3bd, 3 full ba | 2,504 sq ft
Maple Hill
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$460,000
Est. payment: $2,161 /mo
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4739 Brumby Lane, Fort Collins CO
5bd, 3 full, 1 partial ba | 3,890 sq ft
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$469,900
Est. payment: $2,208 /mo
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2120 West Prospect Road, Fort Collins CO
2bd, 1 full, 1 partial ba | 2,872 sq ft
P.O.E.T
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$290,000
Est. payment: $1,362 /mo
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Address Not Disclosed, Fort Collins CO
3 bd | 2,268 sq ft
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$299,000
Est. payment: $1,405 /mo
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2320 Clipper Way, Fort Collins CO
3bd, 2 full, 1 partial ba | 2,128 sq ft
Lind
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$265,000
Est. payment: $1,245 /mo
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1121 Lochmore Place, Fort Collins CO
4bd, 3 full ba | 2,184 sq ft
Waterglen
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$1,350,000
Est. payment: $6,342 /mo
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3221 Huckleberry Way, Loveland CO
6bd, 4 full, 2 partial ba | 5,868 sq ft
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$285,000
Est. payment: $1,339 /mo
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1624 Cleveland Avenue, Loveland CO
5bd, 3 full ba | 2,398 sq ft
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$529,000
Est. payment: $2,485 /mo
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3302 Catamaran Court, Loveland CO
4bd, 2 full, 1 partial ba | 4,384 sq ft
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$375,000
Est. payment: $1,762 /mo
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6952 Fireside Drive, Timnath CO
3bd, 2 full ba | 3,332 sq ft
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