Compliance & Regulation

The Treasury Department has revamped its short sale program by easing income restrictions and documentation requirements for homeowners facing foreclosure. The changes are effective Tuesday, Feb. 1.

As of Jan. 1, the Department of Real Estate has issued over 22,000 mortgage loan originator license endorsements. MLO license endorsements applications continue to flood in and the DRE expects to eventually issue over 30,000 endorsements. (cadrepr12011)

The Coalition to Stop Wall Street Home Resale Fees is demanding Freehold Capital Partners to release a list of properties that are paying predatory fees that they are unaware of.Wall Street Home Resale Fees are incorporated into home covenants that filter money from homeowners to private third parties that have no ongoing relationship with the property.

Rep. Darrell Issa, R-Calif., and other Republican lawmakers Friday introduced legislation to end the Home Affordable Modification Program.

The Coalition to Stop Wall Street Home Resale Fees is demanding Freehold Capital Partners to release a list of properties that are paying predatory fees that they are unaware of.Wall Street Home Resale Fees are incorporated into home covenants that filter money from homeowners to private third parties that have no ongoing relationship with the property. Freehold Capital Partners said there is $600 billion in real estate nationwide that is subject to the fees.

Now that the President's first pick to be the new GSE regulator has bowed out due to Republican opposition, the White House will likely appoint an administration official who has already been confirmed by the Senate to run the agency.

Sen. Rand Paul, the newly installed 'Tea Party' senator from Kentucky, wants to eliminate the Department of Housing and Urban Development, saying the agency played a key role in the housing crisis by implementing policies that "expanded risky mortgages," including subprime loans.

The mortgage crisis points to the need for leveling the playing field between banks and nonbank providers for consumer lending. The lack of sensible, consistent mortgage lending standards and consumer protections in the run-up to the crisis ended up destabilizing housing markets and the entire financial system.

The Federal Reserve Wednesday afternoon issued long awaited written guidance to help small businesses — including loan brokers — comply with its loan officer compensation rule that goes into effect April 1.

Certain states — including California and Virginia — are contemplating changing their real estate laws to require any mortgage firm pursuing a foreclosure to recreate all the transfers and assignments of a loan, according to real estate attorneys.