The American Securitization Forum has released a draft template report that issuers, especially mortgage securitizers, may find helpful in complying with item 1122 of the Securities and Exchange Commission's new Regulation AB.An ASF working group created the draft to aid issuers using a new interpretation of the item to avoid compiling audit attestation reports from what can be a large number of nondiscretionary servicing vendors by having their primary servicer take responsibility for those vendors' compliance. The forum will be open to feedback on the draft and plans to have the final version available by the end of February.
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The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
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The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
April 24 -
Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
April 24 -
A majority of consumers earning more than $100,000 annually said they were concerned about their own ability to purchase a home, demonstrating how affordability issues are impacting those at many socioeconomic levels, the University of Michigan study found.
April 24 -
The nonbank's results add to other indications that the first quarter's "higher for longer" rate scenario had an upside for efficient servicing operations.
April 24 -
The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.
April 24