Compliance & Regulation

The Department of Housing and Urban Development has rescinded a policy designed to help certain widowed spouses of reverse mortgage borrowers avoid foreclosure.

The Federal Housing Administration Single Family Housing Policy Handbook will now come into effect on Sept. 14, the Department of Housing and Urban Development announced Friday.

Banks want all loans held in portfolio to be classified as ultrasafe regardless of the underwriting characteristics or of a bank's asset size. But consumer activists and independent mortgage lenders are raising red flags ahead of possible Senate Banking action.

Ocwen Financial's shares jumped 19% to more than $10 a share as of late morning Friday, the day after it reported a first-quarter profit and highlighted an expansion into mortgage lending.

Ellie Mae reported net income of $3.6 million for the first quarter, up 350% from the same period a year ago.

WASHINGTON — Federal banking regulators are putting pressure on a dozen or more states to begin regulating appraisal management companies within their borders.

The SAFE Transitional License Act would allow registered lending officers to work at independent mortgage banks for 120 days while they complete state testing and licensing requirements.

Ocwen Financial and Assurant have reached an agreement to settle charges that the embattled mortgage servicer profited from kickbacks on force-placed insurance policies with struggling homeowners.

Fannie Mae and Freddie Mac could require an additional bailout of as much as $157.3 billion in a deep recession, according to the results of stress tests released by the regulator for the U.S.-owned companies.

Housing and the mortgage industry are every bit as important to the U.S. as the national transportation or healthcare systems.