Ten months after new consumer disclosure rules rewrote the mortgage compliance landscape, lenders still wrestle with some uncertainties – not the least of which is whether the new system is actually helping loan applicants. Implementing new Real Estate Settlement Protection Act disclosures has been an extraordinary and costly change for...
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Mortgage lenders are concerned that despite the safe harbors in the Federal Reserve Board’s interim final rule on appraiser independence they still face uncertainty and increased liability from new whistleblower provisions. Issued Oct. 18, the interim regulation implements a provision in the new financial reform law requiring...
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Requirements for exemption from new federal disclosure rules on the use of credit scores and mandatory risk-based pricing notices may not be as simple as it sounds and lenders may need some help to comply, according to Informative Research. Under final rules announced jointly by the Federal Reserve Board and the...
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With public opinion running against Wall Street and the mortgage industry, civil and criminal enforcement risk for mortgage lenders has spiked, prompting compliance experts to warn banks to prepare for this new level of risk. Three factors have heightened the law enforcement risk for banks with...
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The Mortgage Bankers Association has asked the Department of Housing and Urban Development to revise the monetary penalties imposed on FHA servicers for missing a foreclosure-related deadline, arguing that the current punishment is too harsh for the offense. In a letter to HUD Secretary David Stevens, the trade group said it agrees with...
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A federal anti-fraud task force is investigating “robo-signing” claims and other reported irregularities in foreclosure practices at a number of large financial institutions with significant mortgage servicing operations. The Financial Fraud Enforcement Task Force, led by the Department of Justice and with the participation of...
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The mortgage banking industry asked Elizabeth Warren, interim head of the Bureau of Consumer Financial Protection, to coordinate – or suspend if necessary – competing regulatory and legislative mandates to minimize confusion and undue implementation costs that will ultimately be borne by consumers. The appeal came as lenders gathered in...
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Sen. Mark Warner, D-VA, last week urged President Obama to create an independent, nonpartisan task force to examine and make recommendations for resolving the problems in the current mortgage foreclosure process. Warner said the task force would be asked to submit their findings and make...
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Conference of State Bank Supervisors. On Oct. 14, the CSBS sought comment on the proposed fees for federal registration of mortgage loan originators on the Nationwide Mortgage Licensing System and Registry. The main proposed fees include the following: a) a $30 processing fee when...
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The FHFA has announced a four-point plan for Fannie Mae and Freddie Mac in dealing with deficiencies in the foreclosure process in light of procedural defects that are now the subject of a multi-state investigation. Under the plan, Fannie and Freddie must ensure that servicers are reviewing their...
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Michael Berman was elected chairman of the Mortgage Bankers Association at the trade group’s 97th Annual Convention and Expo in Atlanta. Berman is the president/CEO of CWCapital of Needham, MA. Michael Young was named chairman-elect of the MBA, while Debra Still was named vice chairman. Young is chairman of...
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