CFPB Selects Vendors And Lenders For Its Mortgage E-Closing Pilot

Five technology firms and seven lenders will participate in the CFPB's e-closing pilot, which will explore the viability of developing a standard process for closing mortgages using technology.

BofA To Pay Nearly $17 Billion To Resolve Mortgage Bond Probe

The agreement with the U.S. Department of Justice eclipses the $13 billion settlement JPMorgan Chase reached with federal and state authorities over similar allegations last November.

FHFA Seeks Feedback On Proposed Single Security For GSEs

The agency is requesting feedback from mortgage industry professionals on all aspects of the proposed single security structure and in particular, issues regarding the transition from the current system to a single security.

Ellie Mae To Buy AllRegs For $30 Million

"With the acquisition of AllRegs, Ellie Mae will expand its customer base and add a broad array of content and services that complement our portfolio of product offerings," says Sig Anderman, CEO of Ellie Mae.

Survey Shows ATR/QM Rules Are Negatively Affecting Approvals

In a survey of loan officers commissioned by the Federal Reserve Board, more than half said the CFPB's ability-to-repay/qualified mortgage rule has reduced approval rates for certain types of mortgages.

The Consumer Financial Protection Bureau (CFPB) has appointed several new leaders within the bureau, as well as new consumer finance experts from outside the federal government to the CFPB's [Read More]

BLOG VIEW: I couldn't help but chuckle when I watched a video of Mel Watt, director of the Federal Housing Finance Agency (FHFA), saying in a speech this week [Read More]

From The Orb

Pending home sales increased 3.3% in July compared to June, but were still 2.1% below July 2013, the National Association of Realtors (NAR) reports. Pending home sales have been [Read More]

The elaborate mortgage fraud scheme perpetrated by lender Taylor, Bean and Whitaker (TBW) and its warehouse lender, Colonial Bank, which resulted in billions of dollars in losses for Freddie [Read More]

An increase in mortgage originations that made many lenders more operationally efficient helped boost the average net profit made on each loan closed in the second quarter to $954 [Read More]

Goldman Sachs will pay $3.15 billion to repurchase poorly underwritten mortgage-backed securities that it sold to Fannie Mae and Freddie Mac in the run-up to the Great Recession, the [Read More]

PERSON OF THE WEEK: Jeffrey Raff is managing partner for Trott & Trott PC, a real estate finance law firm serving the mortgage banking industry. MortgageOrb recently interviewed Raff [Read More]

Industry Resource