Compliance & Regulation

Up until a few years ago, quality control was not necessarily top-of-mind for many financial institutions. Mortgage executives knew it was there and that it was necessary to meet the requirements of the GSEs and other investors.

When the Consumer Financial Protection Bureau was first being discussed in Washington there was little emphasis — if any—on its role in regulating residential servicing. But in the wake of the nation's “robo-signing” scandal all that has changed.

Fitch Ratings will not return the title insurance industry's outlook to stable until it sees evidence of a return to sustainable profitability and surplus growth.

Mortgage bankers likely won't see any official proposals to revamp servicing compensation until late summer, Government National Mortgage Association president Ted Tozer said Friday morning.

The Community Mortgage Banking Project on Friday submitted an amicus brief in support of mortgage brokers who are trying to convince a U.S. district court in Washington to block the Federal Reserve's loan officer compensation rule which goes into effect late next week.

Four state attorneys general have sent a letter to Iowa AG Tom Miller objecting to provisions of the 27-page proposed settlement with the top five servicers.

Institutional Risk Analytics on Wednesday issued a research note that blisters the mortgage insurance industry for lobbying to get MI coverage included in the definition of 'qualified residential mortgage.'

Quicken Loans Inc. is feeling good about its recent court victory in an overtime case involving loan officers, but the feeling of elation may not last for long.

Lenox Financial Mortgage LLC, a technology, marketing, branding and workflow management corporation, was issued a cease and desist order by the Georgia Department of Banking and Finance on Monday.

New, higher premiums on Federal Housing Administration-backed mortgages are meant to protect the government-backed program from the growing risk of losing money from loan defaults. But it will also make FHA mortgages more expensive, a key issue for homebuilders, where as many as 60% of new-home buyers use these types of loans to make their purchase.