Consumer protection and risk retention are still among the top priorities in financial regulatory reform but “too big to fail” and derivatives regulation are now driving the debate as legislation moves closer to the Senate floor. Democrats are working feverishly behind the scenes to finalize the bill, even as Republicans and the White House are engaged in a war of words over...
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The Obama administration may soon have to reevaluate servicer compensation under the Home Affordable Modification Program and punish those doing haphazard loan modifications. The latest report from the Congressional Oversight Panel evaluating the progress of government foreclosure mitigation programs found that the Treasury Department’s mitigation efforts...
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Ivy Jackson, one of the well-known government spokespersons for Real Estate Settlement Procedures Act rulemaking, has been reassigned and no longer serves as one of the prime government contacts on RESPA.Jackson’s reassignment took the mortgage industry by surprise and was unexpected by many at the Department of Housing and Urban Development, which recently...
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A pre-approval is not a substitute for a good faith estimate, and loan originators are required under the new Real Estate Settlement Procedures Act rule to issue a GFE once they receive information from the borrower sufficient to complete an application for a GFE, according to the Department of Housing and Urban Development. Loan originators and...
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An investigation into a Georgia company’s procedures for preparing mortgage assignment documents and a Nevada court’s refusal to dismiss a foreclosure claim challenging the validity of the mortgage transfer again calls attention to the validity of the Mortgage Electronic Registration System, or MERS. In both cases, the mortgagee of record figured prominently as in many other previous...
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The responsibility for ensuring high-quality appraisals at reasonable fees, acceptable turnaround times, and keeping a sharp eye on appraisal management companies lies with mortgage lenders and appraisers, not with the Federal Housing Administration, the agency said. In recently issued frequently-asked-questions guidance, the FHA made clear that the onus...
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Congress passed and President Obama signed legislation last week extending the National Flood Insurance Program through May 31, but lenders want a longer-term period. The extension came after the Mortgage Bankers Association, National Association of Realtors, and other trade groups called on Congress to take immediate action on the flood insurance program upon...
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New York. The U.S. Attorney’s Office for the Southern District of New York has established... Georgia. Two members of an FHA reverse mortgage fraud ring pleaded guilty earlier... Maryland. The Old Line State became the first state to endorse HOPE Now Alliance’s Hope LoanPort... Maine. H1146 was signed into law March 18 amending the effective date for state SAFE...
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Federal Housing Administration: E-Signatures for Third Party Documents. On April 8... Department of Housing and Urban Development: Net Worth Rule, Correspondent Approval. HUD has issued a final... Office of Thrift Supervision: TILA Exam Procedures Amended. The OTS has revised its Truth...
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Escrow requirements became effective on first-lien, higher-priced mortgage loans on April 1 under the revised Regulation Z, which the Federal Reserve finalized last summer... ProPublica, an independent nonprofit newsroom that specializes in investigative journalism, has launched a project that would set up homeowners in loan modification with...
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