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
July 's Fed Bank's "FedFocus" has some interesting articles: incl cost/benefits of $1 currency 2 coin conversion ttp://tinyurl.com/nybmnhh
1 Day ago
Do you wish you were a News Now subscriber? Go here: http://t.co/7evfBSjeMx
1 Day ago
Financial education for student body key part of Altura #creditunion, UC-Riverside partnership #NewsNow http://t.co/Xp6OJd66o6
1 Day ago
.@VTcreditunions gains 200 new FB followers in just 2 wks to reach 1,000 http://t.co/I89xJcv4Jg
1 Day ago
.@CUNA is testifying on reg relief Tues,July 15 at 2 p.m. be4 Hs Fin Serv Subc. Here is the agenda and witness list: http://t.co/yBRhlmdqHt
1 Day ago