Compliance & Regulation

Regardless of recent activity, marketing services agreements can be legal if lenders find the proper formula to follow.

Goldman Sachs Group Inc. increased its estimate for reasonably possible legal costs in excess of reserves by 55% to $5.9 billion.

Lawmakers included a measure that will impose new mortgage reporting requirements on banks and servicers as part of a short-term highway funding bill passed this week by both chambers of Congress.

Bank of America has received approval for additional credit during the first quarter of 2015 from the independent monitor overseeing its compliance with the requirements of its mortgage settlement agreement.

Wells Fargo is ending some marketing arrangements with real estate firms and home builders over concerns about regulatory scrutiny.

The Department of Housing and Urban Development found recently that a Federal Housing Administration down payment assistance program translated to higher mortgage rates for borrowers.

Home Affordable Modification Program denial rates are still high, but the Treasury Department and top mortgage servicers contend that the numbers have improved.

The Federal Housing Administration is expected to rebuff a government watchdog report that blasted down payment assistance programs. The report has raised concerns that mortgage lenders would have to indemnify FHA for past loans, and that housing finance agencies would have the programs restructured.

Prospect Mortgage will end any activities being undertaken as part of marketing services agreements because of regulatory risk.

The House Financial Services Committee approved a bill that would delay the Consumer Financial Protection Bureau's enforcement of the new TILA-RESPA integrated disclosure rules. It also approved two additional bills addressing the qualified mortgage rule and GSE executive compensation.