Kate Berry has covered the Consumer Financial Protection Bureau for American Banker since 2016. She joined the publication in 2006 covering mortgage lending and the financial crisis. Berry also has covered big banks including Bank of America, J.P. Morgan Chase and Wells Fargo. She has won five awards from the Society of American Business Writers and Editors, and has worked at several news organizations including the Orange County Register, the Los Angeles Business Journal and the Associated Press. Berry began her career as a clerk at the New York Times.
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Facing the prospect of losing its license in California, Ocwen would be wise to settle its probe by state regulators in a timely manner, observers said. If it doesn't, the mortgage servicer could lose significant revenue and might even face a cash crunch.
January 15 -
Jane Fraser, the CEO of CitiMortgage and head of Citigroup's U.S. consumer and commercial banking units, is handing responsibility for day-to-day global mortgage operations to her current mortgage lieutenant, CD Davies.
January 13 -
As banks look to cuts costs and improve efficiency, many are actively trying to reduce the number of times they "touch" a loan file. The goal: get the application right the first time so it doesn't have to be sent back to the underwriter for time-consuming and costly fixes.
January 13 -
Home values have risen fastest in markets where institutional buyers bought up scores of foreclosed homes and then rented them out. But these investor have largely curtailed their buying, and may even be ready to start selling off more properties to profit from the run-up in home prices. That could be good news for first-time buyers.
January 8 -
The nation's largest banks have attacked their delinquent loan portfolios with gusto, but they may hit some barriers in 2015. The market for nonperforming loans is still robust with about $60 billion estimated to change hands in 2014.
December 26 -
The CFPB has at least six active investigations into servicers amid concerns that defaulted borrowers will not get foreclosure relief if their loan is bought and transferred to a new servicer.
December 24 -
Ocwen Financial came under fire from Joseph A. Smith, the monitor of the national mortgage settlement, after concerns of conflicts of interest were raised by an unnamed whistleblower.
December 16 -
Fannie said it will immediately begin accepting applications for fixed-rate 97% loan-to-value financing of borrowers with FICO scores as low as 620. Freddie, meanwhile, took a more cautious approach, delaying the start of the program, requiring credit counseling, and in some cases only allowing FICO scores as low as 660.
December 8 -
Officials at Fannie Mae, Freddie Mac and Ginnie Mae all heaped praise on nonbank mortgage lenders for stepping up to provide loans for home purchases at a time when many banks have scaled back.
December 5 -
Nonbank mortgage servicers are already in the crosshairs of regulators. Now they will face even more scrutiny from Fannie Mae and Freddie Mac.
December 2 -
Banks could originate 300,000 more home loans per quarter and face only a slightly higher risk of default, according to a new report. But lenders are unlikely to loosen lending standards until they are sure that Fannie, Freddie and the FHA have eased up on buyback requests.
November 26 -
The Federal Housing Administration could finally get something it desperately needs: upgrades to its outdated technology infrastructure. But industry groups object to the new fee being proposed to generate the necessary funding.
November 21 -
Lack of diversity in the sales force is one of several nagging issues underlying mortgage lenders' concerns about tepid home sales.
November 6 -
Federal Housing Finance Agency Director Mel Watt has struck a conciliatory tone, seeking lenders' input and making loan-buyback rules more industry-friendly a clear signal the administration thinks it needs bankers' help to reignite the tepid housing recovery.
October 31 -
Embattled nonbank servicer Ocwen took a $100 million charge for a potential settlement of foreclosure violations and posted a third-quarter loss, but warned the final cost to settle allegations that it backdated foreclosure notices could be higher.
October 30 -
In a surprise victory for mortgage servicer PHH Corp., a California judge overturned a $16.2 million jury verdict awarded to a California homeowner in July for a botched loan modification.
October 29 -
The GSE regulator's second attempt to stimulate the mortgage market is receiving a lukewarm reception from lenders, who remain gun-shy after being forced by Fannie and Freddie to repurchase billions of dollars in soured loans since 2008.
October 21 -
A wide swath of banks, from Fifth Third to SunTrust to Huntington, report big increases in refinance applications in the past few days as mortgage rates have dipped. Will it last?
October 17 -
Mortgage lenders are threatening to halt lending on condominiums in Nevada after the state Supreme Court upheld a law allowing homeowners associations to foreclose ahead of first mortgage holders.
October 17 -
Bank of America reported disappointing third quarter results amid questions regarding whether the bank will be able to reduce expenses in its legacy mortgage business as quickly as expected.
October 15
