Concerned that Congress may soon be dabbling in loan underwriting standards, the mortgage banking industry last week began a preemptive lobbying campaign to keep “suitability” out of any anti-predatory lending legislation introduced this year. The Mortgage...
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Subprime mortgage lenders need to reevaluate their underwriting standards in order to cope with the tougher regulatory and legislative environment expected in 2007. A number of subprime shops already have tightened their underwriting criteria and have...
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Mortgage lenders supervised by the Federal Deposit Insurance Corp. may be the first ones to adjust their lending policies and procedures on hybrid ARMs if the agency decides to act independently on developing rules for hybrid mortgage loan products. The FDIC appears...
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Despite continued uncertainty regarding class certification in rescission claims, a Wisconsin district court ruling could spur further regulatory efforts to improve disclosures for nontraditional mortgages. The Jan. 16 certification of a class in...
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Mortgage lenders will have to check with their legal counsel regarding future subprime originations in Cook County, IL, following the suspension of a controversial anti-predatory lending pilot program. Ralph Wutscher, a principal with the Chicago law firm...
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A Maryland federal court barred plaintiffs in a case involving sham business arrangements from adding three new defendants, saying that the statute of limitations for filing a complaint under the Real Estate Settlement Procedures Act had run out. In a Jan. 16 ruling...
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In a rare display of unity, community banks and consumer groups urged the Office of Thrift Supervision to finalize a proposal to align its Community Reinvestment Act regulations with those of the other three federal banking agencies. In separate commentaries to...
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Connecticut: State lawmakers are considering legislation requiring mortgage brokers and real estate agents to disclose that they... Arizona: The state’s Department of Financial Institutions is investigating reports of real-estate speculators engaging...
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Department of Housing and Urban Development: LEP Discrimination Policy. HUD has issued final guidance to agencies that extend... Office of the Comptroller of the Currency: Consumer Complaint Sharing. The OCC and the Mississippi Department of Banking and...
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Meg Burns, former director of FHA’s Office of Single Family... Doreen Eberley was named the Federal Deposit Insurance Corp.’s... The Office of Thrift Supervision has appointed... Mortgage-related complaints make up 12 percent of consumer... Harry Dinham, president of the National Association of... The National Community Reinvestment Coalition will have... The National Real Estate Development Council will host...
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