Compliance & Regulation

The unit is being created to help servicers comply with the Consumer Financial Protection Bureau’s new mandates.

The top aides have worked for Wells Fargo and the Center for Responsible Lending.

Now that Jan. 10 has arrived with its many new regulations, some loan officers are thinking about whether they should stay in the mortgage business. There are other issues, however, that they should be thinking about as well.

The qualified mortgage rule, reduced refi activity and ongoing commoditization are forcing smaller institutions to take a hard look at exiting the mortgage origination business.

Americans flush with cash as they regain equity in their homes are spending more after years of pinching pennies.

The agency is reportedly auditing a number small lenders and brokers for compliance.

Back in the 1990s when Ed Fay graduated from business school, his goal was not to own a mortgage company, or to be the boss. Then the mortgage crisis started.

Hummingbirds are inexorably tied to the flowers they feed upon. They co-evolve. This is what is about to occur as federal and state laws co-evolve to create new compliance challenges for lenders.

Fear of missing opportunities while the market is near its bottom will drive purchases as the Federal Reserve slowly ends the quantitative easing that puts downward pressure on rates.