The consent decree which certain mortgage servicers have reportedly agreed to draws heavily from an earlier draft of comprehensive measures developed by federal banking regulators to improve foreclosure policies and practices. The provisions in the draft, which had been ready as early as February, compel servicers to...
Federally regulated banks and credit unions favor Republican-backed legislation that would install a commission, instead of a single director, to call the shots at the Consumer Financial Protection Bureau. The majority of witnesses at a recent hearing called by the House Financial Services Subcommittee on Financial Institutions and Consumer Credit expressed their support for...
A conflict of interest exists if an employee of a federal credit union disapproves member loans and then refers them to a mortgage banker that pays for such referrals, according to the National Credit Union Administration. Not only would there be a potential violation of the NCUA’s lending policy but the referral arrangements may also violate...
The Federal Reserve Board’s loan originator compensation rule is finally in effect after lawsuits filed by mortgage broker trade groups failed to stop the rule in its tracks. In a terse, one-page decision, the U.S. District Court of Appeals for the District of Columbia Circuit lifted a temporary stay order against...
Illinois. The Division of Banking has been receiving inquiries regarding a number of mortgage companies that are still in the process of renewing their Illinois residential mortgage licenses for calendar year 2011 through the Nationwide Mortgage Licensing System and Registry. The issue is that...
Federal Financial Institutions Examination Council. Revised Interagency Exam Procedures for Regulation Z (TILA). Notwithstanding court petitions seeking to stop the implementation of a new loan originator compensation rule, the Federal Reserve Board announced revised examination procedures that will ensure...
The Department of Housing and Urban Affairs has declared April Fair Housing Month as it launched a nationwide media campaign to commemorate the Fair Housing Act. The Fair Housing Act was enacted 43 years ago this April to protect minorities and other groups from housing discrimination. The FHAct prohibits...
New issuance of single-family MBS slowed significantly during the first quarter of 2011 as the refinance boom that fueled a strong finish in 2010 lost momentum. A total of $359.78 billion of single-family MBS were issued during the first three months of this year, according to... [Includes two data charts]
The potential shutdown of the federal government at the end of this week could have sudden and detrimental effects on FHA borrowers and lenders, although the situation was still very much in flux as Friday’s midnight deadline rapidly approached. “This is the worst time to introduce this uncertainty into...
Congress explicitly exempted FHA and Department of Veterans Affairs loans from the definition of “qualified residential mortgage” in the Dodd-Frank Wall Street Reform and Consumer Protection Act. While those government loans will not be subject to the risk-retention requirements for mortgage securitizations, the proposed QRM safe harbor for... [Includes one graph]
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