Financial regulatory reform has taken a sudden progressive turn in the Senate as Democrats got some bipartisan support to reject Republican amendments that would eliminate risk retention requirements and weaken consumer protection. The Senate also approved an amendment that would restrict loan originator compensation and tighten mortgage underwriting standards...
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The credit rating industry would face tighter supervision under a new regulatory regime approved by the Senate as part of a massive overhaul of financial services regulation. The bipartisan amendment offered by Sens. Al Franken, D-MN, Roger Wicker, R-MI, Charles Schumer, D-NY, and Bill Nelson, D-FL, would create a new Credit Rating Agency Board that would assign rating...
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Lenders beware! A pattern of complaints or a single complaint expressing concerns about unfairness or deception may warrant a thorough review of an institution’s business practices, warned the Office of Thrift Supervision. In its recent regulatory examination handbook, the OTS provided guidance for evaluating whether an institution has engaged in unfair or deceptive acts or practices...
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Despite efforts to curb fraudulent practices, appraisal fraud is on the rise and poses a tremendous threat to mortgage lenders and investors, warned the Mortgage Asset Research Institute in its latest report on mortgage fraud. While the percentages of other types of mortgage fraud and misrepresentation in 2009 showed very little change from previous years, the most noticeable...
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State-licensed mortgage lenders should begin preparing for the imminent multi-state examinations by doing self-examinations and taking corrective action before receiving a visit from a state exam team, said compliance experts. Although multi-state exams are currently being conducted on a pilot basis, they will become more frequent beginning in 2011, when state-licensed...
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A number of pending mortgage-related rules that are slated for action this month or next may remain in the works for some time, according to the Federal Reserve Board and the Department of Housing and Urban Development. In its latest semiannual agenda, the Fed is showing a couple of pending Truth in Lending Act proposed and interim rules that staff are currently working...
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Illinois: A Mortgage Foreclosure Mediation Program will become effective June 12... North Carolina: The state Rules Review Commission recently approved new rules aimed... Mississippi: The state legislature has enacted H.B. 223 amending the state’s... Arizona: Gov. Jan Brewer recently signed into law H.B. 2242, imposing new requirements...
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Forensic Mortgage Loan Audits: The FTC has issued a consumer alert on the latest mortgage... Transfer of Financial Assets to the FDIC as Receiver or Conservator of Failed Institutions... Flood Program Advisory Issued: The FDIC has advised state nonmember banks that... Deceptive ‘Predatory Lending’ Notice: Several banks have notified the OCC that a number of...
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The Financial Accounting Standards Board has updated an accounting standard to provide guidance on... The New York State Common Retirement Fund has committed to purchasing an additional $500 million... President Obama has submitted three names to fill vacancies on the Federal Reserve Board of... House Financial Services Committee Chairman Barney Frank, D-MA, introduced legislation...
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