Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
Inside Washington (08/16/2012)
  • WASHINGTON (8/17/12)--Small mortgage servicers would be hardest hit by the Consumer Financial Protection Bureau's proposed new rules for mortgage servicing, which were designed for the largest firms. The proposed nine rules were a product of the $25 billion mortgage settlement agreed to earlier this year between regulators and the five largest servicers, including Banking of America, JPMorgan, Wells Fargo, Citigroup and Ally Financial (American Banker Aug. 16). But smaller servicers have thinner margins and will have trouble absorbing the cost required to carry out the requirements, observers say. The rules don't distinguish between small and large servicers, said Ed Delgado, a former senior vice president at Wells Fargo and now the chief operating officer at Wingspan Portfolio Advisors, a Carrollton, Texas, specialty servicer. Among the chief concerns for small servicers is the proposed requirement that servicers send borrowers periodic statements on residential loans and advanced notices when rates reset on adjustable rate mortgages. Terry Ryan, the president of Multi Financial Services in Tallahassee, Fla., estimated that requirement could account for 15% of his company's gross income …


RSS print
News Now LiveWire
St. Louis treasurer taps #creditunion to serve unbanked #NewsNow http://t.co/lWtcezJOej
6 hours ago
.@CUNAMutualGroup has committed $35K to @trustdotcoop over the next year to suppor the future of #creditunions.
7 hours ago
.@madison_mag gets the cooperative scoop from @SummitDoMore's @kimsponem http://t.co/RxSCeSegie
7 hours ago
.@VantageWestCU emeritus chairman Whittaker inducted into @DCUC_HQ Hall of Fame http://t.co/dpeP4ME49U
9 hours ago
Australian newspaper covers Gen Y tips from @ServusCU at @WOCCU conference http://t.co/xqmLfZVwaI
9 hours ago