Compliance & Regulation

Although this is a benefit to lenders who make a mistake in calculating points and fees, it does not address problems associated with a lack of clarity in the rules.

Outsourcing of labor amongst mortgage servicers may cause problems for the private-label residential mortgage-backed securities market, according to Fitch Ratings.

Lenders could face tougher enforcement and higher penalties if they make errors on the new mortgage disclosure forms that are slated to go in effect next August.

Federal Housing Finance Agency Director Mel Watt has struck a conciliatory tone, seeking lenders' input and making loan-buyback rules more industry-friendly — a clear signal the administration thinks it needs bankers' help to reignite the tepid housing recovery.

Wide-ranging efforts to reform Home Equity Conversion Mortgage lending and servicing practices are designed to close loopholes and resolve policy inconsistencies, but some obstacles remain unresolved and more work needs to be done.

A recent survey shows a very large number of mortgage lenders worry about loan quality and Truth in Lending Act and Real Estate Settlement Procedures Act Integrated Disclosure Rule compliance costs.

Embattled nonbank servicer Ocwen took a $100 million charge for a potential settlement of foreclosure violations and posted a third-quarter loss, but warned the final cost to settle allegations that it backdated foreclosure notices could be higher.

Technology companies such as Ellie Mae, which almost doubled its employees to 700 and saw its stock price reach a new high this year, are seizing an opportunity to transform how mortgages are made.

The Supreme Court is slated to hear arguments Tuesday in a case that could determine when and how borrowers are allowed to cancel their mortgages.

In a surprise victory for mortgage servicer PHH Corp., a California judge overturned a $16.2 million jury verdict awarded to a California homeowner in July for a botched loan modification.