Compliance & Regulation

The Federal Housing Administration has delayed for one month — at the industry's request — the implementation date for its new mortgage insurance premium structure.

Lewis Ranieri — the co-inventor of the mortgage-backed security — and bond market maven Bill Gross are among a group of 12 speakers testifying next Tuesday at a Treasury forum on the future of the housing finance system, a discussion that will touch on what to do with Fannie Mae and Freddie Mac.

Michael McGrath, the one-time CEO of U.S. Mortgage/CU National Mortgage, convicted of stealing almost $140 million of credit union funds, will remain free on bail with his sentencing postponed again until Nov. 15.

Ralondria Stafford, 36, and Necole Ward, 31, both formerly of Vallejo, Calif., pleaded guilty before U.S. District Judge Morrison C. England Jr., to bank fraud.

Two Prior Lake, Minn., men have pleaded guilty in Federal Court in Minneapolis for their roles in a scheme that allegedly defrauded mortgage lenders out of more than $2.5 million by causing them to make loans based on false information.

It is no understatement to comment that the Internet has transformed the mortgage lending industry in many ways. The point-of-sale has been influenced tremendously, with borrowers quickly becoming accustomed to rate shopping during the refinance boom and lenders providing an ever-increasing number of online tools to cement relationships.

Less competition and more work for the ones that are left. Problem is that many of the loan officers were classified as independent contractors when they did not meet the criteria under federal or state law. Especially in California.

Congress has passed legislation to restart the Rural Housing Service's single-family program, but it appears the agency may keep the loan guarantee portion of it on hold for a few more months.

The Comptroller of the Currency Tuesday promoted Karen Solomon to be the agency's new deputy chief counsel.

The Federal Deposit Insurance Corp. said Tuesday it would create two new divisions—one to handle systemic resolutions and the other devoted to consumer protection—in response to the enactment of the regulatory reform law.