Compliance & Regulation

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.

The Obama Administration’s white paper on the future of the government-sponsored enterprises may have muddied the issue as much as it clarified it.

The Federal Home Loan banks and their members are urging the Federal Housing Finance Agency to scrap a proposal that would make it tougher to join — and stay a part of — the cooperative system. The banks and their allies argue the plan is too restrictive and could both harm the economy and jeopardize the future of the Home Loan Bank System.

The only bank that has been penalized for mortgage servicing lapses got slapped for doing the opposite of what state attorneys general have been demanding.

The Consumer Financial Protection Bureau is working on simplifying the mortgage disclosure process and industry groups are just as busy—drafting their own disclosures to influence the new agency.

A class action suit has been filed against Saxon Mortgage, a servicing division of Morgan Stanley, claiming that the company uses the Home Affordable Modification Program to lure customers into making "trial" payments on loans it has no intention to modify on a permanent basis.

The Consumer Financial Protection Bureau's chief of bank supervision says he will be ready on July 21 to start examining the nation's 110 largest banks.