FHFA Director Watt Signals Shift in Plans for Fannie and Freddie

The threat to Fannie and Freddie appears to be over. Mel Watt, the Director of the Federal Housing Finance Agency, announced in a speech last week at the Brookings Institution that he plans to maintain the role played by Fannie Mae and Freddie Mac in the housing finance market.  We think this is … [Read more...]

Do You Know Your Defect Rates?

Fannie Mae announced new quality control guidelines on July 30, 2013 that include a requirement for lenders to track defect rates: https://www.fanniemae.com/content/announcement/sel1305.pdf https://www.fanniemae.com/content/tool/qc-defect-rate-tutorial.pdf Do you know your defect rates?  If … [Read more...]

CFPB Director vs. Congressman: What is the Likely Impact of QM?

Recent posts in Housing Wire’s REwired blog, from reporters attending the Mortgage Bankers Association 100th Annual Convention & Expo in Washington, D.C., discuss two vastly different forecasts of the impact the new qualified mortgage (QM) rules are likely to have on the mortgage … [Read more...]

CFPB Exam Manual versus War and Peace

In a recent Housing Wire article, Megan Hopkins reported on the CFPB’s update of its exam procedures, and at the end of the article is a link to the new update for RESPA.  Amazingly, the update for RESPA alone is an 82 page document! Wow, I thought, this is a lot for a Compliance department to … [Read more...]