The Securities and Exchange Commission has decided to give servicers a break when it comes to filing "Compliance with Applicable Servicing Criteria" reports at the end of this year under a new asset-backed securities regulation.Max Webb, assistant director of the SEC, said the audited compliance reports don't need to cover ABS transactions issued in 2005 before Regulation AB went into effect. "We are comfortable with servicers' confining the scope of their reviews to only transactions which occurred in the Regulation AB framework," Mr. Webb told a Mortgage Bankers Association conference in Washington. The MBA has asked the SEC to modify the initial reporting period for the compliance reports because there are a lot of issues that need to be resolved and the auditors have not started their reviews and testing. "We are seriously considering that request," Mr. Webb said. But he also said the SEC's decision to limit the scope of the compliance testing "should go a long way toward satisfying" the MBA's request.
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New guidelines regarding buy-side and sell-side real estate agent compensation are set to go into effect this summer.
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Affordability challenges also have some aspiring homeowners taking second jobs or looking to draw from retirement savings, according to Redfin.
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The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
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Initial analyses of Home Mortgage Disclosure Act data show UWM ahead in 2023 loan numbers and dollar volume, but Rocket's market share still looks competitive.
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Last year, the Raleigh, N.C.-based Integrated called off a deal to sell itself to MVB Financial after bank stocks took a hit in the aftermath of the regional bank failures. Capital hopes to expand its government-guaranteed lending with the transaction.
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The pending end of the program comes as over half of U.S. states have already ceased accepting new applicants for federal aid aimed to help struggling households with mortgage payments.
March 28