Compliance & Regulation

It will take a decade or more to work out all the kinks in the forthcoming merger of the Truth in Lending and Real Estate Settlement Procedures Act into a single, integrated disclosure, a top banking industry official said.

Southern Trust Mortgage Co. of Virginia Beach late last week told its loan brokers that it would exit the channel, citing what it calls "increasing compliance implications" tied to the Federal Reserve's new loan officer compensation rule.

State attorneys general and Consumer Financial Protection Bureau officials on Monday agreed to cooperate on enforcement actions and work together to prevent evasions of consumer protection laws.

CoreLogic’s FinalCheck suite of quality control software is now accessible from the Ellie Mae loan origination system.

A year-long undercover investigation by four housing organizations revealed that fraud practices are prevalent within the servicing industry as one in nine homeowners nationwide are more than 90 days behind in their mortgage payments.

What will the shape of a new secondary market look like?It could be one where lenders shun the 30-year fixed-rate mortgage.

CoreLogic is allowing lenders and credit grantors a free 30-day trial to use its IncomeAdvisor tool that detects income fraud during the origination process.According to CoreLogic data, income fraud accounts for 23% of mortgage fraud.

The Federal Reserve Board does not want to back down on its loan officer compensation rule despite congressional requests and industry lawsuits to delay the April 1 effective date. The FRB has taken a hard line on compliance issues and repeatedly rejected industry proposals that would allow more flexibility.

Montgomery County Employees FCU announced it is now offering members a HarmonyLoan mortgage, which adjusts its interest rate at the member’s call.

Spring is a great time of year to rekindle hope for things gone astray.On a recent trip to Dallas, the sun was shining and signs of springtime were beginning to show.