From the Trump administration's initial efforts at reg relief and GSE reform to dramatic shifts in the servicing landscape, here's a look back at the top stories shaping the mortgage industry during the first half of 2017.
— After an interview that some read as support for the plan known as "recap and release" to return Fannie Mae and Freddie Mac to the private sector, Mnuchin struck a more cautious tone during his confirmation hearing, assuring lawmakers he intends to work with them on a long-term plan for the government-sponsored enterprises. (more on the GSEs in a moment…)
— The case's path took a curious turn with the election of Donald Trump in November. The Trump Justice Department later sided with PHH in the case, and because of a peculiarity in the CFPB's authorizing statute, the agency requires Justice Department approval to appeal to the Supreme Court.
— Then in April, the Consumer Financial Protection Bureau sued Ocwen, while regulators from more than 30 states issued cease-and-desist orders, all accusing the company of widespread servicing errors such as sending inaccurate monthly statements to borrowers, improperly crediting payments, and mishandling taxes and insurance in escrow accounts.
— Ocwen also sued a subsidiary of Fidelity National Information Services, accusing it of padding timesheets and claiming excessive and improper expenses while FIS was conducting an independent audit of Ocwen on behalf of the California Department of Business Oversight. FIS has denied the allegations and the case is still pending.