Between the servicing alignment initiative recently announced by the Federal Housing Finance Agency, the consent decrees bank regulators struck with some top mortgage servicers last month, and possible national servicing standards from federal policymakers in the near future, there may be very little room left for state attorneys general and regulators to influence servicing practices going forward...
The mortgage servicing industry is going to have its hands full and then some as it faces multiple levels of regulatory and statutory requirements over its practices, raising the question of exactly how all of these mandates and protocols are going to interact and how servicers are going to interface with them...
The draft servicing settlement proposed by some state attorneys general would prove counterproductive because it would drive up defaults and foreclosure costs and would not likely provide broad or lasting benefits, according to a study released this week. Researchers at Kansas State University, Louisiana State University and the National Bureau of Economic Research said...
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...
Dissent threatens to split a coalition of federal agencies and 50 state attorneys general over a proposed settlement with major mortgage servicers over improper and abusive servicing practices. As federal agencies and state regulators prepare to meet with mortgage servicers for the first time next week, their unity appeared to fray ...
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...
The Department of Justice and state attorneys general are watching the mortgage servicing arena closely for signs of unfair or discriminatory business practices, and whether minority borrowers are receiving loan modifications on par with similarly situated non-minority borrowers. While fair lending on the loan origination side remains...
Department of Housing and Urban DevelopmentFinal SAFE Act Rule to OMB. On Feb. 8, HUD sent a final rule under the Secure and Fair Enforcement for Mortgage Licensing Act to the Office of Management and Budget for review. The final rule would clarify and interpret...
Rhode Island. The state Department of Business Regulation has delayed the implementation of new statutory requirements for mortgage loan originators regarding surety bonds and minimum net worth. Implementing regulations (Banking Regulation 6) would have taken effect on Jan. 18. The department said...
RSS