Increased regulation of nonbank mortgage players: It's not just about nondepositories

The impact of increased nonbank supervision and enforcement has tentacles that reach all players in the mortgage industry. For example, regulatory oversight of nondepository Ocwen led last year to the scuttling of a $39B servicing purchase it had negotiated with Wells Fargo. Thanks to the Dodd-Frank Act, nonbanks are now subject to federal regulation from the Consumer Financial Protection Bureau. And the new federal regulator, armed with enormous powers, has put home mortgages—and the nonbanks that make and service them—at the top of its rules and enforcement lists. And while agency monitoring and state oversight are not new to nonbanks, what is new is the increased attention the nondepositories are getting from state regulators and the government-sponsored enterprises as mortgage activity increasingly shifts from banks to nonbanks. Servicing activities, in particular, have drawn a lot of heat. The pumped up oversight, whether federal, state or agency, not only changes the game for nonbanks. It also forces a reset for anyone competing against, partnering with or transacting sales with nonbanks. In the Guide to Nonbank Supervision and Enforcement, Inside Mortgage Finance explores all aspects of the new regulation faced by nonbank lenders and servicers from the priorities of state regulators to how the CFPB directs its supervision efforts to emerging guidelines for nonbanks in the agency mortgage space. The guide also includes exclusive data from Inside Mortgage Finance ranking the top 400 nonbank sellers in the agency mortgage-backed securities market. Partial Table of Contents State Regulators Mortgage Call Reports Information Sharing Between Regulators Settlements with Servicers Regulation Through Consent Orders Possible State Initiatives on Capital Requirements Trends in State Regulation Affiliates and Conflicts of Interest Force-Placed Insurance Issues Regulatory Costs Consumer Financial Protection Bureau Exam Process Proposed Expansion of HMDA Data Collection Servicing Issues Plans for Handling Servicing Transfers Compliance-Management Systems Agency Oversight Operational Reviews of Nonbanks Monitoring the Execution of Servicing Transfers Plus, the guide includes an exclusive ranking of the top 400 nonbank sellers in agency MBS, 6M2014. Understand how new oversight of nonbanks is remaking the mortgage business and your place in it. Order today!

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