Compliance & Regulation

Bank of America Corp.'s Countrywide unit was ordered to pay $1.3 billion in penalties for defective mortgage loans sold to Fannie Mae and Freddie Mac in the run-up to the 2008 financial crisis, a little more than half of what the federal government had requested.

The legislation, sponsored by Rep. Blaine Luetkemeyer, R-Mo., would delay implementation of a provision of Basel III capital rules that establishes higher requirements on mortgage servicing rights.

Equifax Inc. has created a new Verification of Hazard Insurance service for mortgage and home equity lenders.

Customer relationship management technology and new regulations require lenders and loan officers to re-evaluate how they manage the ownership and use of lead sheets.

Interest rates for mortgages over $417,000 have fallen 11 basis points during the past six weeks, driven by competition among banks to win the mortgage business of wealthy, less risky borrowers and in turn, make them customers of other financial products.

The CFPB and other regulators are showing an increasing appetite for big data. The HMDA database may be the biggest in the mortgage business and a preview of the upcoming dataset may give lenders a chance to stay one step ahead of the feds.

The Consumer Financial Protection Bureau requests data that if used too zealously could cause a massive restriction in the market and a reduction in the type and amount of lenders.

Acquiring the technology vendor would help Altisource build a marketplace for ancillary mortgage services and reduce the company's reliance on its former parent and top client, Ocwen.

New and experienced compliance experts have to learn the nuances of all the new regulations.

Mortgage executives are optimistic about the direction of the housing industry, but still think it is difficult for consumers to obtain real estate financing.