The mortgage banking industry is concerned that the Federal Reserve’s proposed rule on escrow accounts for higher-priced mortgage loans – especially the vast expansion of escrow account disclosure – is duplicative, unduly burdensome, and may be superseded shortly after it is implemented by the Consumer Financial Protection Bureau...
Some Congressional Republicans are making it increasingly clear that much of their concern with the Consumer Financial Protection Bureau has to do with the person currently overseeing its startup at the behest of President Obama, Harvard law professor Elizabeth Warren...
The Department of Justice and the Department of Housing and Urban Development last week announced they had filed a civil mortgage fraud lawsuit against Deutsche Bank and its wholly owned subsidiary, MortgageIT, over some of its FHA lending practices...
The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 is the greatest mortgage compliance concern for lenders, according to the third annual survey by QuestSoft, a compliance software and services firm serving the mortgage, banking and credit union industries...
Much of the mortgage industry remains abuzz with talk about the new proposed regulatory rules that would spell out what constitutes a “qualified mortgage” or “qualified residential mortgage.”...
The mortgage lending industry wants to use favorable legislation in Colorado as a model for other states to use in addressing neighborhood blight prevention via the accelerated transfer of abandoned property, one informed source confided to Inside Regulatory Strategies...
California. State Sen. Alex Padilla, D-Pacoima, is reportedly drafting his own version of anti- "dual track" legislation that would keep lenders and servicers from filing a foreclosure sale until a loan modification that has been requested by the borrower is denied...
Bill Beckmann, a former top official at CitiMortgage, has been named as the new president and CEO of Mortgage Electronic Registration Systems and its parent entity, MERSCORP. Beckmann is leaving behind his private consulting firm to join the company. Previously, he was chairman and CEO of CitiMortgage where he had responsibility for strategy, sales, operations, capital markets, and regulation/compliance. Before that, he was president of Citigroup’s real estate servicing and technology group, providing customer service, technology and default…
A handful of high-profile developments on the representations and warranties front over the last few months is prompting non-agency investors to contemplate whether they should start pricing in the benefits associated from repurchases. A few weeks ago, Bank of America and mortgage insurer Assured Guaranty reached a...
The Treasury Market Practices Group wants to improve efficiency in the agency MBS market by imposing charges for failure to complete transactions. “The TMPG is proposing fails charges in the agency debt and agency MBS markets in order to reduce the incidence of delivery failures in the market,” said Tom Wipf, chair of...
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