Federal regulators are about to get tougher on originators of nontraditional mortgage products for being slow to adopt underwriting practices recommended in federal interagency guidelines issued more than two months ago to protect consumers. Regulators, the Office of...
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Mortgage lenders may have to continue to endure huge fraud-related losses because of industry and law enforcement aversion to share or grant access to loan-fraud data. This reluctance is apparently being fueled by national security and other legal concerns which are...
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Mortgage lenders are playing it close to the vest when it comes to how they are applying or planning to apply the federal interagency guidance to their nontraditional mortgage business. Of the 15 or so lenders contacted by this publication to talk about their...
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Originators of 2/28 adjustable-rate mortgages can expect some clarification from federal regulators soon on whether federal interagency guidelines on nontraditional mortgage lending apply to such products, thanks to concerned Senate lawmakers. Ranking members of...
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Mortgage lenders are calling for a balanced presentation of risks and benefits associated with nontraditional mortgage products, while consumer groups and other market players offered divergent views on disclosure formats recommended by federal thrift and banking...
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Insured depository institutions will be facing more rigorous supervision next year as the Federal Deposit Insurance Corp. announced a plan to add more people to its compliance and enforcement staff. The move will be funded under a $1.1 billion operating budget for...
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The recent settlement between New York’s Attorney General Eliot Spitzer and Countrywide Home Loans could become the basis for a lending standard that NY regulators will apply to mortgage lenders and, perhaps, serve as a model for other states to adopt, according to...
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Recent setbacks to its rulemaking efforts appear to have forced the Department of Housing and Urban Development to consider another alternative approach to mortgage settlement reform. The alternative is a plan to propose the use of no-action letters interpreting...
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U.S. Congress: MI Tax Deductibility. Congress approved legislation allowing homebuyers to deduct private and government mortgage insurance from their 2007 federal income taxes. The legislation will benefit borrowers with annual household incomes of...
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Oklahoma: The Sooner State has enacted legislation allowing a consumer to... Pennsylvania: The state legislature has passed legislation allowing... Ohio: State Attorney General Jim Petro and Attorney General-Elect Marc Dann jointly called...
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As expected, Rep. Barney Frank, D-MA, won the chairmanship of... The Office of the Comptroller of the Currency has slapped... The Department of Housing and Urban Development has reminded all... Kirkpatrick & Lockhart Nicholson Graham and Preston Gates & Ellis will be... Beginning Jan. 1, credit-reporting agencies Equifax and Experian will begin...
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Mortgage lenders that sell loans under Fannie Mae’s and Freddie Mac’s interest-only purchase programs will not only have to align their underwriting to the new interagency guidance on nontraditional mortgages but to similar rules the government-sponsored...
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