Compliance & Regulation

As Californians reel from sky-high rents and home prices fueled by the economic boom, state lawmakers return Monday from their summer recess to debate proposals attacking the housing crisis.

Zillow Group is moving from being a mortgage marketer to originating loans with its acquisition of Mortgage Lenders of America, in an effort to support its home-flipping business.

The state became the first in the country to ask federal regulators for a temporary waiver, citing a shortage of available appraisers.

Wells Fargo estimates that in 400 instances, borrowers later went through foreclosure who were improperly denied or not offered a mortgage modification.

Revisions to the TILA/RESPA integrated disclosure that go into effect this fall drove the changes Ellie Mae made in its latest update to the Encompass loan origination system.

Multiple agencies are looking into its purchase of certain credits tied to low-income housing developments, the bank said in a securities filing Friday.

Fannie Mae’s treatment of a reperforming loan package helped drive up earnings by almost 41% to $4.5 billion, delivering a stronger dividend to Treasury ahead of a leadership change.

A new law exempts small lenders from expanded mortgage data reporting, but regulators are signaling that banks no longer have to collect the data either.

Housing markets with the strictest land-use regulations saw home price appreciation shoot up by more than double the rate of those with lighter regulations, despite similar job growth, according to Zillow.

The agreement was likely the last of the big cases to be cleared by the Justice Department, and Wells paid less than its peers did to resolve the lingering mortgage probes stemming from the meltdown.