Compliance & Regulation

After the tense moments of her last congressional hearing, Elizabeth Warren surprised critics at her second appearance before the House Committee on Oversight and Government Reform with a carrot of sorts.

Equifax subsidiary The Work Number will begin providing mortgage lenders and other consumer credit underwriters verifications of employment and income for self-employed individuals.

The Federal Reserve Board has not changed its interpretation regarding the loan officer compensation rule in a consumer-paid transaction, as initially thought.

Prospect Mortgage LLC, Sherman Oaks, Calif., has agreed to pay the Department of Housing and Urban Development $3.1 million to settle charges that it created sham affiliated business arrangements as part of a scheme to share in “kickbacks” paid to these joint ventures.

An analysis of 2010 expenditures for REO Allegiance reveals that the property preservation and eviction field services provider spent 42% of its revenue on minority- and women-owned contractors.

The House of Representatives late Tuesday passed a five-year extension of the National Flood Insurance Program by a 406-22 vote that attempts to make the NFIP more actuarially sound.

More technology developers are releasing new or updated software to help servicers comply with new single point of contact policies.

Senator Barbara Boxer, D-Calif., is calling on the GSE regulator to expand the Home Affordable Refinancing Program to make it less expensive for underwater borrowers that are current on their Fannie Mae/Freddie Mac loans to refinance at lower rates.

When Bank of America Corp. said it would unload the servicing of its most troubled Countrywide mortgages as part of a proposed settlement with bondholders, the surprise wasn't that investors doubted the bank could do the job.

A House Financial Services subcommittee late Tuesday approved six bills that would rein in Fannie Mae and Freddie Mac but that fall short of comprehensive changes to the housing finance system.