Compliance & Regulation

The Treasury Department on Tuesday released a sample 4-page form that will replace mortgage disclosure requirements of the Real Estate Settlement Procedures Act and the Truth in Lending Act.

The Federal Reserve Board's loan officer compensation rule will "destroy" mortgage brokers and small businesses, declared Roy DeLoach, chief executive of the National Association of Mortgage Brokers.

The improvement of mortgage disclosures is a "top priority" of the new Consumer Financial Protection Bureau and was 'topic A' at a Treasury Department forum held Tuesday in Washington.

The Federal Housing Administration is bringing together lenders and investors at a Sept. 29 meeting to ensure that its new FHA short refinance program does not stumble like other attempts to address negative equity and strategic defaults.

GMAC Mortgage, the fifth largest residential servicer in the U.S., said it has suspended certain foreclosures in 23 states, due to procedural problems.

The Obama administration has designated July 21, 2011 as the date the Consumer Financial Protection Bureau will take over enforcement of RESPA, TILA and other federal consumer protection laws that directly impact mortgage bankers.

Fannie Mae and Freddie Mac are working with their regulator to adopt new appraiser independence standards that reflect changes mandated under the Dodd-Frank Wall Street Reform and Consumer Protection Act.

While not on the radar of many credit unions, the SAFE Act, which goes into effect on Oct. 1, could have a major impact on mortgage lending by credit union service organizations, or CUSOs.

Technology provider DataVerify has enhanced its enterprise-wide fraud management platform, DRIVE, to help mortgage lenders identify and avoid potential short sale and property flipping losses.

As technical director of the Financial Accounting Standards Board, Russell G. Golden is the person to whom financial institutions have been addressing their comment letters on a controversial proposal that would expand the use of 'fair value' accounting. Starting Oct. 1, bankers will be even more interested in seeking Golden's attention.