Compliance & Regulation

Ben Bernanke, chairman of the Federal Reserve, discussed in an Aug. 27 speech the policies the Fed has been using to support economic recovery and price stability as well as some of the additional policy options it could consider, especially if the economic outlook were to deteriorate further.

LONG BEACH, CA-At its planned meetings with California's Congressional representatives, the California Association of Mortgage Professionals is hoping to get across its concerns about the real world impact of the financial reform bill, the group's Washington-based lobbyist said.

Although President Obama made the creation of a Consumer Financial Protection Bureau a hallmark of the financial reform law enacted July 21, his delay in nominating the agency's first director could hamper its ability to get off the ground.

WASHINGTON-The Federal Reserve's new rules on loan officer compensation are expected to force mortgage companies to review the way they conduct business and compensate their employees.

During the past two years lenders and mortgage insurers have added tougher underwriting requirements than those of Fannie Mae and Freddie Mac. Now Fannie is eliminating one type of "overlay."

The Securities and Exchange Commission approved a rule making it easier for shareholders to replace directors — a highly controversial move that could shake up board elections at many U.S. companies, including depositories and mortgage firms.

Mortgage rates fell to the lowest level in decades for the ninth time in 10 weeks with the average rate for a 30-year fixed-rate loan bottoming out at 4.36% for the period ending August 26, according to Freddie Mac.

It would be easier for underwater borrowers to utilize the Home Affordable Refinancing Program if Fannie Mae, Freddie Mac and banks drop their fees on these refinancings, according to the Amherst Securities Group.

The Rural Housing Service is telling lenders that in mid-September it will begin processing and guaranteeing loans that were originated with conditional commitments once it completes an "interim enhancement to its electronic systems."

To elaborate further on recent HUD withdrawals of mortgagee approvals: Approval of a mortgagee by HUD/FHA to participate in FHA mortgage insurance programs includes an Origination Approval Agreement between HUD and the mortgagee. Under the Agreement the mortgagee is authorized to originate single-family mortgage loans and submit them to FHA for insurance endorsement.