Compliance & Regulation

The American Bankers Association, in a new letter, is urging the Federal Reserve Board to delay the effective date of its loan officer compensation rule for at least 90 days.

U.S. District Court Judge Beryl Howell who is presiding over a lawsuit aimed at preventing federal broker compensation rules from taking effect April 1 said Tuesday she will rule "shortly" on the matter but offered no clear timetable.

Taking a piecemeal approach to housing reform, House Republicans introduced a series of bills Tuesday to scale back Fannie Mae and Freddie Mac.

The drive to reform the government-sponsored enterprises is raising two questions that could fundamentally reshape the way borrowers obtain mortgages: will a revamp effectively eliminate the 30-year fixed rate mortgage, and would that be a good thing?

Clayton Holdings LLC this week announced that it has hired a team of structured finance professionals to run a new independent financial analysis and consulting group focused on providing litigation support and valuation services to players in the residential MBS market.

Federal regulators are making it difficult for issuers of all types of mortgage-backed securities to escape the costs of risk retention. The rules officially unveiled Tuesday morning prohibit MBS issuers from receiving upfront compensation based on excess spread through an interest-only tranche or premiums bonds.

Congressional demands for the Federal Housing Administration to improve transparency, data accuracy, and legacy technology platforms have been backed by additional resources allocated to the effort.

On Tuesday morning a Federal judge will hear arguments from the National Association of Mortgage Brokers and the Federal Reserve concerning a new motion filed by NAMB seeking a temporary restraining order against the central bank's loan officer compensation rule.

Federal banking regulators began leaking copies of their much anticipated mortgage risk retention rules on Monday — with very few surprises contained in the final proposed language except for one: where Fannie Mae and Freddie Mac fit in.

Based on a recommendation from the Department of Housing and Urban Development, the Office of the Inspector General has audited the underwriting of a $45.6 million mortgage loan that was acquired by Deutsche Bank on behalf of Berkshire Mortgage Inc., to rehabilitate the Wingate Towers and Garden Apartments in Washington.