TRID Webinar to Focus on Construction Lending Issues. The Federal Reserve next month plans to host officials from the CFPB to present a webinar on questions related to the bureau’s integrated disclosure rule in the context of construction lending. The event is to be held Tuesday, March 1, 2016, from 2 p.m. to 3 p.m. Eastern time. Those interested in viewing the live event may register online at https://www.webcaster4 .com/Webcast/Page/577/13246. Additional information and resources related to the TRID rule may be accessed at the CFPB’s website. CFPB the Target of House Republicans Again This Week. The House Financial Services Committee’s Subcommittee on Financial Institutions and Consumer Credit plans to examine the CFPB’s “assault on access to credit and trampling of ...
Wells Fargo Settles with FHA for a Record $1.2 Billion. Wells Fargo, the largest player in the Ginnie Mae market, last week agreed to pay the Department of Justice and Department of Housing and Urban Development $1.2 billion to settle FHA underwriting claims. In a filing with the Securities and Exchange Commission, Wells noted that the agreement “resolves certain civil claims that the federal government had pending” against the lender tied to FHA lending from 2001 to 2010. But it also covers “other potential civil claims relating” to the megabank’s government production in other time periods as well. The megabank, which also is the nation’s largest overall home lender and servicer, saw the settlement coming and booked an additional “legal ...
During the subprime boom, HSBC owned Household Finance, a once-top ranked subprime lender and servicer that was later cited for lending and servicing violations.
Legacy RMBS-related legal action continued this week in both Washington, DC, and in New York City as the fallout from the financial crisis continues. In the nation’s capital, Morgan Stanley agreed to a second settlement with the Federal Deposit Insurance Corp., this time for $62.95 million, to resolve RMBS-related claims stemming from the failure of three financial institutions in the wake of the collapse of the mortgage market. The institutions are...
Colonial National Mortgage was a beta site for the IDR and Allen Maulsby, executive vice president of the bank, said the IDR process is very “legalistic…”
Among those hiring is Jordan Capital Finance, Chicago, which seeks to add new loan reps and a senior vice president of sales and business development...