Compliance & Regulation

WASHINGTON — Richard Cordray, the enforcement chief at the Consumer Financial Protection Bureau, will be named to lead the new regulator, the Obama administration said Sunday.

The Consumer Financial Protection Bureau said it is teaming up with military lawyers to track consumer financial complaints from military families.

Two congressmen from high cost housing states have introduced legislation to extend the maximum $729,750 loan limit on government-backed loans for another two years.

Mortgage brokers are complaining to Congress that the Federal Reserve’s loan officer compensation rule is tying their hands, hurting their ability to compete with banks.

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.