The Mortgage Bankers Association has filed suit in federal court in Washington, DC, to overturn a controversial rule interpretation on overtime for mortgage loan officers issued by the Department of Labor last year. The lawsuit challenges procedures the DOL followed...
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State courts are fixing the foreclosure mess with tough measures, including a requirement for lawyers, lenders and service providers in foreclosure cases to vouch for the accuracy of documents they submit. In New Jersey, Chief Justice Stuart Rabner announced...
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The Massachusetts Supreme Judicial Court (SJC) handed the mortgage industry something to crow about regarding the validity of mortgage loan assignments in foreclosure cases – which, ironically, may not amount to a hill of beans beyond the Bay State, according to compliance experts. Contrary to claims of consumer victory and negative implications for the mortgage industry, the SJC in U.S. Bank National Association v. Ibanez held...
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In a rare show of solidarity, industry and community groups urged federal risk-retention rulemakers not to settle for a narrow definition of “qualified residential mortgage.” A coalition of consumer advocates and real estate industry trade associations warned...
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Creditors obliged to provide consumers notice if offered a loan with terms less favorable than those offered to less risky consumers have two alternative methods for determining which consumers must receive notice. These two methods are discussed...
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Revisions to Community Reinvestment Act regulations to support stabilization of communities affected by high foreclosure levels take effect soon. Starting Jan. 19, bank and thrift activities aimed at supporting eligible development activities in areas designated...[Includes two data charts]
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Compliance experts are urging government-approved lenders that work with “sponsored third-party originators,” or loan correspondents, to revise their quality control plan immediately and implement the Federal Housing Administration’s latest quality control requirements. The new requirements are...
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Federal regulators are divided on whether to add national mortgage servicing standards to forthcoming risk-retention rules, and unless the agencies come to an agreement soon, risk-retention rulemaking could be seriously delayed. Regulators are hoping...
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Rhode Island. The state Department of Business Regulation has delayed the implementation of new statutory requirements for mortgage loan originators regarding surety bonds and minimum net worth. Implementing regulations (Banking Regulation 6) would have taken effect on Jan. 18. The department said...
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Department of the Treasury BCFP, CSBS Agrees on Coordinated Regulation of Consumer Lenders. Government officials in charge of setting up the Bureau of Consumer Financial Protection have signed an agreement with the Conference of State Bank Supervisors on a framework for cooperation and coordination...
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Rep. Michelle Bachmann, R-MN, has introduced new legislation, H.R. 87, to repeal the Dodd-Frank Wall Street Reform and Consumer Protection Act, which she described as a “job-killing financial regulatory bill.” Bachmann introduced...
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