Discussion over the size of civil fines to be imposed on mortgage servicers continues in the wake of a draft term sheet of the settlement agreement proposed by state attorneys general that was floated last week. A spokesman for Iowa Attorney General Tom Miller said...
Having different compensation formulas with different wholesale lenders could expose an honest mortgage broker to charges of illegal steering under the Federal Reserve’s loan originator compensation rule taking effect April 1. The California Association of Mortgage Professionals warned...
The Department of Housing and Urban Develoment defended itself against criticism by its own internal watchdog by underscoring steps it has taken to strengthen its ability to target and review high-risk, federally insured mortgage loans. Responding to a recent negative evaluation by its Office of the Inspector General, HUD said...
A coalition of mortgage lenders and homebuilders has asked the Federal Reserve Board to make compliance with two interim rules implementing the Mortgage Disclosure Improvement Act optional. The rules are intended to clarify previously issued regulations requiring mortgage lenders to disclose...
Claiming it was the victim of unconscionable misconduct, Quicken Loans said it will appeal a West Virginia judge’s decision to award $3.7 million to a mortgage borrower allegedly victimized by the company’s unfair and deceptive lending practices. The settlement was so preposterous to Quicken Loans that it also plans...
Arizona. The state Senate has passed S.B. 1259, which would require lenders to produce the full chain of title or risk the foreclosure sale being voided. The GOP-sponsored bill passed by a vote of 28-2 and is now being considered in the state House. The purpose of the bill is to require...
Federal ReserveLO Compensation Webinar. The Fed will host a webinar on March 17 to answer questions and provide an update on the controversial loan officer compensation rule, which takes effect April 1. Securities and Exchange Commission Mortgage Firm, Top Executive Charged...
Private mortgage insurer Essent Guaranty has announced an enhancement to its master policy for mortgage insurance that would help reduce lender exposure to rescission and unpaid MI claims. Dubbed “Clarity of Coverage,” the enhancement is a written assurance added to the master policy that MI coverage will not be...
Wells Fargo will stop offering reverse mortgages through its wholesale and broker channels after next week, becoming the latest large FHA lender to reconfigure its business in that sector. Bank of America announced in early February that it will stop originating reverse mortgages as the company plans to focus on its “core” business. Wells and BofA were...[Includes one data chart]
Mortgage originations made by the Department of Veterans Affairs fell slightly from 2009 to 2010, but the VA’s share of the market set an all-time record last year due to the drop in total mortgage lending. The $68.92 billion in VA loans made...[Includes one data chart]
The creation of a U.S. sovereign wealth fund could grease the skids for an end to the conservatorships of Fannie Mae and Freddie Mac.
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