Compliance & Regulation

The Department of Housing and Urban Development started a review of several FHA mortgage servicers during the summer, discovering what it calls "significant differences" in the way they handle defaulted borrowers in the loss mitigation process.

Rep. Maxine Waters (D-Calif.) announced plans for a hearing on the foreclosure paperwork debacle that has raised questions about the legality of thousands of foreclosures nationwide.

The Federal Reserve Board's new rule on appraisal independence does not prohibit the selection of appraisers by mortgage brokers or loan officers.

WASHINGTON—Congress passed another extension on the $729,750 maximum GSE loan limit cap before leaving town for the November elections. The bill also extends the current maximum loan limit for the Home Equity Conversion Mortgage Program.The timely approval is a relief for lenders who were concerned about possible disruptions in the mortgage market, particularly the “conventional jumbo market.”

Fannie Mae and Freddie Mac are maintaining their ban on loan officers and mortgage brokers getting involved in the appraisal process, even though the Federal Reserve recently loosened its position on the issue.

Bank of America late Tuesday said it is "not responsible" for the "poor" performance of mortgages "as a result of a bad economy," and defended its role as a servicer on billions of dollars in outstanding home loans.

If Rep. Scott Garrett has his way next year, the new congressionally mandated Consumer Federal Protection Bureau is toast.

A former loan originator in the wholesale business is pondering getting back into the market as a loan officer after being gone for three years. Grapevine users share their opinions on current volume, the future of interest rates, and the prospect of making money down the line.

While fraud risk had trended down dramatically through 2008 and even into early 2009, in mid-2009 and 2010, it started to creep back up again, according to Frank McKenna, vice president of fraud strategy for analytics provider CoreLogic.

Any mortgage fraud reported today might not get dealt with until at least two years from now because federal agents are still dealing with cases from 2005-2008, Federal Bureau of Investigation agents told the Northeast Conference of Mortgage Brokers in Atantic City, N.J.