Cart

Inside the CFPB

November 1, 2010

View Archived Issues

RESPA Remains Costly Challenge to Industry

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... Read More

Mandatory Reporting Raises Liability Concern

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... Read More

Lenders May Need Help Complying With New Risk-Based Notice Rule

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... Read More

Experts Suggest Ways to Prepare For Increasing Enforcement Risk

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... Read More

MBA Asks HUD To Revise Penalty For Delaying Foreclosure Process

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... Read More

Task Force Begins Probe of Flawed Mortgage Servicing Practices

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... Read More

MBA Asks Warren for Streamlined Rules, ‘Bright Lines’ Requirements

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... Read More

Lawmaker Calls for Creation of Non-Partisan ‘Foreclosure’ Group

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... Read More

State Roundup

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... Read More

Federal Roundup

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... Read More

Worth Noting

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... Read More

Latest Imf News

More Imf News

Featured Data

More Featured Data

Featured Reports

More Latest Reports

Featured Poll

As homeowner equity continues to build, more and more lenders are launching home equity lending products. Are you thinking of joining this market?

View Results