Compliance & Regulation

Mortgage application volume fell 27.6% on an adjusted basis for the week ending Oct. 9, reversing the rush of the previous week caused by the TILA-RESPA Integrated Disclosure rule becoming effective, according to the Mortgage Bankers Association.

As the mortgage industry awaits clear direction on marketing service agreements, recent guidance from the Consumer Financial Protection Bureau clarifies only how little the agency likes them.

"How's TRID going with you?" is sure to be the most-asked question at the Mortgage Bankers Association's Annual Convention, but fair lending compliance and the Qualified Residential Mortgage rule are among the key market developments that will dominate conversations.

Fannie Mae and Freddie Mac announced this week a revised selling representation and warranty framework at the direction of their regulator, the Federal Housing Finance Agency.

The Consumer Financial Protection Bureau warned lenders Thursday to avoid marketing services agreements where payment for advertising is really just disguising kickbacks.

The House voted 303 to 121 on Wednesday to pass a bill that would delay enforcement of new mortgage disclosures that went into effect on Oct. 3.

A lender backed by private equity firm Lone Star Funds is under scrutiny by New York Attorney General Eric Schneiderman amid union allegations it may be using predatory practices in its mortgage business.

Bank of America is getting some more mileage out of its Supreme Court victory in June.

Fifth Third Bancorp has agreed to pay nearly $85 million to settle fraud charges related to undisclosed defective Federal Housing Administration-insured loans.

The clash between the Department of Housing and Urban Development and its inspector general over down payment assistance programs run by state or local housing finance agencies continues to heat up.