Compliance & Regulation

It took an average of 49 days to close a residential mortgage loan in December, a week longer than it took one year prior, according to Ellie Mae. This was unchanged from November.

Overlapping missions and jurisdictions are fueling competition between the Consumer Financial Protection Bureau and the Federal Trade Commission, according to former officials at both agencies.

Goldman Sachs Group Inc.'s fourth-quarter net income dropped 65% because of the costs to settle a mortgage probe.

Credit Plus in Salisbury, Md., has introduced loan repurchase insurance for mortgage lenders and servicers that use its verification products.

In one corner are groups like the Community Home Lenders Association and the major credit union groups, which are hoping the administration will further cut premiums after a reduction a year ago. On the other are MBA and ICBA, which argue a cut now would be too soon.

Agency and government loan programs will be a little different in the next 12 months. There also will be new rules for private-label securitizations, along with new products available to investors. Here is an overview.

Mortgage real estate investment trusts will be hurt modestly in the long run, now that they have been excluded from membership in the Federal Home Loan Bank System, according to Fitch Ratings.

Brokers and small lenders are being crushed under the weight of heavy regulation, leaving loan officers little choice but to shoulder the burden themselves — or move to an organization that can handle the regulatory requirements.

Goldman Sachs said it agreed to settle a U.S. probe into its handling of mortgage-backed securities for about $5.1 billion, cutting its fourth-quarter profit by about $1.5 billion.

Home Equity Conversion Mortgage servicers have received an additional three months to explore loss mitigation options when borrowers or their spouses have difficulty paying their property taxes and insurance.