Mortgage lenders will have 210 days to fix errors in their calculations of points and fees and reimburse borrowers for any overages under a final rule issued by the Consumer Financial Protection Bureau.
The Federal Reserve Board and Securities and Exchange Commission on Wednesday both signed off on an interagency rule requiring securitizers to hold 5% of the credit risk on loans sold to investors.
New York banking regulator Benjamin Lawsky's latest crackdown on Ocwen Financial may undo Ocwen's deal to buy billions of dollars of mortgage-servicing rights from Wells Fargo, and it could complicate similar deals involving other banks and servicers.
Richard Davis says despite recently announced changes to reassure lenders about putbacks, he will stay on the sidelines due concerns about compliance and litigation risk.
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