Forbearance extensions are skyrocketing: Sagent
Though overall forbearance share is down, the number of extensions is rising as coronavirus hardship filings surpass the 90-day mark that delineates the end of traditional forbearance plans.
Technology
State regulator group, others back lawsuit against OCC fintech charter
The Conference of State Bank Supervisors, banking law scholars and consumer advocacy organizations filed amicus briefs siding with the New York State Department of Financial Services in its court battle with the federal regulator.
CFPB to propose rules for how companies access customer data
The agency plans to issue an advance notice of proposed rulemaking dealing with efforts by fintechs and data aggregators to leverage a consumer's bank account information.
What post-pandemic expansion may look like for mortgage lenders
As home loans surge and lenders look to expand, they're doing a cost-benefit analysis on the possibility of opening more commercial locations.
Will Ginnie’s digital mortgage push give e-note use critical mass?
Issuers approved for the program will receive written authority to use "digital collateral" for a limited number of securitizations.
Wilmington Trust has high hopes for blockchain boost in RMBS market
The trustee is piloting a distributed-ledger program that can automate much of the interaction between originators, servicers and MBS investors.
By
John Hintze
Supreme Court ruling eliminates autodialer use for FHA, VA collections
The court struck down a 2015 update to the Telephone Consumer Protection Act, which permitted robocalls to cellphones for government-related debt collection.
‘There will be hundreds of fintech failures’
Jane Gladstone, new president of Promontory Interfinancial Network, says the recession will accelerate the shakeout among the nonbank disruptors and that small banks have an opportunity to forge new bonds with the survivors.
5 questions with CEO of Sabal on commercial mortgage forbearances
While the multifamily loan forbearance rate is lower than the most pessimistic projections, Pat Jackson says borrowers are hardly out of the woods yet.
Vanguard pursues blockchain advancement in ABS
The investment manager has completed phase one of a pilot instituted with tech firm Symbiont, seeking to prove the potential for launching—and closing—asset-backed securities deals via distributed ledgers.
By
John Hintze
FHFA translates mortgage servicing scripts for coronavirus aid
The language most frequently spoken by LEP consumers is Spanish, followed by Chinese, Vietnamese, Korean and Tagalog. The Federal Housing Finance Agency's online clearinghouse translates CARES Act forbearance information into these languages.
Fiserv sees existing credit lines as cure for PPP limitations
The race to provide coronavirus relief for small businesses is opening new routes to fund payments, including underused credit lines.
How lenders are preparing for a wave of loan modifications
With no way of knowing just how many borrowers will need the mods after the coronavirus forbearance period ends, lenders are deploying artificial intelligence and servicing protocols to tame the ferocious piles of paperwork awaiting them.
Opinion The write-downs are coming. Start preparing now.
Periods of significant loan defaults are tough on banks and force unpleasant choices. Here are steps to evaluate collateral in such uncertain times.
Eugene Ludwig
Ludwig Advisors
Fannie Mae temporarily drops employment rep and warrant relief
The other parts of the Day 1 Certainty program regarding income and asset verifications remain in effect.
How the coronavirus is changing the HELOC lending market
Is JPMorgan Chase an outlier or the canary in the coal mine when it comes to home equity lending during the coronavirus spread?
LendingClub laying off 460 staffers, including president
The online lender, reeling from the economic fallout of the coronavirus pandemic, also said it is cutting senior executives' salaries by 25%.
Why mortgage rates rose after bond yields hit record lows
Not so long after Treasury bond yields experienced an unprecedented drop, the average 30-year mortgage rate rose, reflecting volatility related to the coronavirus as well as capacity issues on multiple levels.
Terry Wakefield, mortgage tech adviser and MBS pioneer, dies at 70
Terry Wakefield, a technology consultant who helped launch Fannie Mae's mortgage-backed securities business and form Prudential Home Mortgage, has died. He was 70.
LendingClub-Radius deal faces high regulatory hurdles
Compliance, risk management and staffing will likely come under added scrutiny as regulators lay out a framework for future fintech-bank mergers.
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