Infobytes - A Weekly In-depth review of news & developments in the financial services industry - August 25, 2013

Explore:  Banks E-Commerce Mortgages

In This Issue:










- Excerpt from Mortgages:

FHFA Plans Enhanced Oversight of Mortgage Servicing Transfers. On August 22, the FHFA Office of Inspector General (OIG) issued a report on its review of the FHFA's oversight of Fannie Mae's January 2013 representation and warranty settlement with a mortgage originator and the FHFA's related approval of the sale of certain of the originator's mortgage servicing rights (MSR) to specialty servicers. The OIG reviewed the process by which the FHFA assessed and approved the MSR transfer and concluded that the FHFA's review of the MSR transfer did not reflect the "depth of analysis that likely would have been accorded had FHFA followed a process comparable to that used in its newly established process for reviewing mortgage repurchase . . . settlements." As such, the OIG determined that the FHFA should establish a formal review process for "compensatory fee settlements and significant mortgage servicing rights transfers." In a letter attached to the report, the FHFA concurred with the OIG's recommendation, and committed to establish guidelines for compensatory fee settlements and significant MSR transfers by January 31, 2014.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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