Employers who continue to classify their mortgage loan officers as exempt from the minimum wage and overtime requirements of the Fair Labor Standards Act now face increased risk of overtime claims or possible enforcement action, warned compliance experts. The Department of Labor caught the industry off guard when it issued new guidance March 24 that completely...
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Unless expressly exempt, attorneys would be prohibited from using certain methods of collecting fees when they provide mortgage assistance relief services to consumers under a proposed rule issued recently by the Federal Trade Commission. The FTC’s comprehensive proposals would subject providers of mortgage relief services, including loan modification specialists, to closer regulatory...
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Principal reduction remains a critical battleground between industry and community advocates even as the federal government grows more insistent on the use of writedowns to get more struggling homeowners into government modification programs. The mortgage industry welcomed the latest government efforts to help unemployed homeowners and borrowers who are underwater on their mortgages...
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A significant settlement agreement between Countrywide Financial Corp and the Massachusetts Attorney General has led CFC’s parent, Bank of America, to announce principal forgiveness as a priority modification tool for severely underwater mortgage loans. The March 24 settlement between Massachusetts AG Martha Coakley and CFC, a BofA subsidiary, expands on an earlier...
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CitiFinancial said that a recent internal systems fault that led to its failure to report thousands of mortgage loan transactions as required by the Home Mortgage Disclosure Act caused no change to its fair lending analysis of pricing disparities nationwide. In a recent settlement agreement with state mortgage regulators, the Citigroup subsidiary said an expert consultant concluded...
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No person – not even those who aren’t engaged in loan production and do not receive production-based compensation – may provide a list of appraisers to an appraisal management company, or AMC, in mortgage loan transactions that involve a specified loan officer, mortgage broker or real estate agent. Fannie Mae and Freddie Mac made the requirement very clear in recent updates to the Home...
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Believing there is no single path to risk-based pricing compliance, federal regulators expect that many creditors will consider using any of the number of methods developed by the agencies to meet the rules’ requirements, according to a top Federal Reserve Board staff official. Testifying before the House Financial Services Subcommittee on Financial Institutions and Consumer Credit...
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Rhode Island. In Providence, three major banks have filed separate lawsuits against the city over an... Wisconsin. The state has enacted Assembly Bill 471, Mortgage Broker Agency Relationships and Duties... Montana. Administrative rules pertaining to the Secure and Fair Enforcement of Licensing Act... Oregon. On March 23, the state enacted S.B. 1013a, which revises foreclosure procedures and requirements...
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HUD Mortgage Review Board: Approval Withdrawal, Settlement Actions. Two mortgage lenders lost their approval to originate and... Department of Housing and Urban Development: Treasury ‘Success’ Payments. On March 26, HUD issued Mortgagee Letter 2010-11 announcing the availability... Federal Financial Institutions Exam Council: Duties of Furnishers of Information. The FFIEC’s task force on consumer compliance recently approved...
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The USDA Rural Development Single Family Housing Guaranteed Loan Program has nearly exhausted its... Mortgage insurer Genworth Financial said it will continue to support the Home Affordable Refinance... The Washington, DC, law firm of BuckleySandler will have its annual conference, “Compliance, Regulatory...
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