Subscribe to the print edition of National Mortgage Professional MagazineSubscribe to our RSS feedFollow us on TwitterGet daily updates via emailJoin us on Facebook


Community Banks Struggle Against Regulatory Burdens


Community banks did not cause the housing bubble, but they were nonetheless grouped with all lenders into absorbing the post-2008 regulatory burden placed on financial institutions by the Dodd-Frank Act and the Consumer Financial Protection Bureau (CFPB). And while the compliance requirements have taken a financial toll on these smaller institutions, they nonetheless persevere in pursuit of residential mortgage originations.Click to continue

FHFA Single Security Proposal Could Save Taxpayers Hundreds of Millions Annually


In a letter sent to the Federal Housing Finance Agency (FHFA), the Financial Services Roundtable’s (FSR) Housing Policy Council (HPC) voiced its support for the agency’s proposal to create a single security to be issued and guaranteed by Fannie Mae and Freddie Mac.Click to continue

Fay Servicing Named Approved Fannie Mae Servicer and Ginnie Mae Issuer


Fay Servicing has received approvals as a Ginnie Mae issuer and Fannie Mae servicer, enabling the company to expand into additional business lines within originations, servicing and sub-servicing. Receiving both Fannie Mae and Ginnie Mae approvals is a positive validation of the firm’s servicing expertise, compliance regime and financial strength.Click to continue

HAMP Hacker Sentenced for Fannie Mae Data Breach

ID Theft Pic

Office of the Special Inspector General for the Troubled Asset Relief Program (SIGTARP) has announced that Sathish Kumar Chandhun Rajendran of Sterling, Va., has been sentenced for engaging in unauthorized access to government servers that hosted a Fannie Mae Web site used to support federal mortgage loan modification programs, including the Home Affordable Modification Program (HAMP). U.S. District Judge T.S. Ellis III presided over the hearing, which took place in federal court in Alexandria, Va.Click to continue

CFPB Cautions Mortgage Brokers When Transitioning to Mini-Correspondent Lenders


The Consumer Financial Protection Bureau (CFPB) recently issued supervisory and enforcement guidance regarding concerns that some mortgage brokers may be transitioning, or restructuring their business, to a mini-correspondent lender model under the belief that doing so would automatically alter or exempt them from important consumer protections affecting mortgage broker compensation.Click to continue

Janell Byrd-Chichester Named Chief of Staff for the FHFA


Federal Housing Finance Agency (FHFA) Director Mel Watt has announced the appointment of Janell Byrd-Chichester as Chief of Staff for the FHFA. Byrd-Chichester most recently served as partner in the law firm Click to continue