Compliance & Regulation

Still reeling from underwriting guidelines that went into effect last year, some small lenders are worried that a new mortgage disclosure regime might be the thing that pushes them over the edge.

More banks are buying mortgage servicing rights now, reversing a post-crisis shift that saw nonbanks dominate the MSR purchasing landscape, according to Fitch Ratings.

Ocwen Financial announced a preliminary loss of $546 million, or $4.18 per share, for fiscal year 2014 Tuesday, on a higher-than-expected goodwill impairment and charges stemming from the company's settlement with the New York Department of Financial Services.

Lenders must act affirmatively to avoid confusion in the marketplace. A lender's obligations start before a relationship with a potential borrower exists.

NewDay Financial found itself embroiled in another regulatory order, this time stemming from allegations of rampant cheating on mortgage licensing examinations by company employees, including its chief operating officer.

Two House Financial Services subcommittee chairmen are urging the Consumer Financial Protection Bureau to delay enforcement of a new disclosure regime due to take effect this summer until Jan. 1.

Consumer complaints about financial products and services such as home loans are more than just statistics. They indicate the real and difficult challenges people face as they try to navigate the financial seas.

CUNA and NAFCU each submitted comment letters to the Consumer Financial Protection Bureau regarding 2013 Regulation X (RESPA) and Regulation Z (TILA) mortgage servicing rules, urging the CFPB to adopt several changes and clarifications.

The House is slated to vote on a host of regulatory relief bills next week when Congress returns from its spring break.

Mortgage lender RMK Financial Corp. is facing a $250,000 fine by the Consumer Financial Protection Bureau on grounds that it used deceptive advertising.