Compliance & Regulation

An explicit government guarantee and insurance wrap on mortgage-backed securities are among a gathering consensus about Fannie Mae/Freddie Mac reform that is emerging in one of the two main political camps debating the issue.

National banks and federally chartered thrifts conducting their mortgage lending operations through subsidiaries may have to restructure their operations due to the passage of the Dodd-Frank Wall Street Reform bill.

The Federal Housing Administration is seeking public comment on mortgage underwriting changes it plans to implement soon to reduce defaults and losses to the federal mortgage insurance fund.

The Department of Housing and Urban Development has requested public comment on proposed policy changes designed to reduce the risk of loans insured by the Federal Housing Administration.

The House late Thursday passed legislation to extend the National Flood Insurance Program for five years, increasing coverage on residential and commercial properties.

A few minutes after the Senate passed historic legislation to reform Wall Street, the Securities and Exchange Commission announced that Goldman Sachs had agreed to a record $550 million settlement of civil charges that the firm misled clients that lost $1 billion on a subprime CDO known as ABACUS.

Today’s way of managing the REO sales process is still built around the same technology system that was in place two decades ago, which creates inefficiencies that prevent offers from going through, according to industry insiders.

In total, 82% of respondents to this publication believe that e-disclosures can keep a lender more compliant. While no one technology can solve all of the problems that lenders face, electronic upfront disclosures does have its benefits.

Regulatory compliance remains a priority for mortgage companies large and small. And integration remains one of the best ways to reduce related risk and improve process efficiencies that result in more robust product offerings.

Federal Reserve officials expect residential sales will "remain weak" now that the homebuyer tax credit has expired, according to just-released minutes of the June 22-23 Federal Open Market Committee meeting.