Compliance & Regulation

An order from the U.S. District Court for the Northern District of California filed Monday formally dismissed the suit in line with comments made by the adjudicating judge at a hearing late last week.

The industry needs to realize that the only way lenders and servicers can possibly protect themselves from future lawsuits, claims, buybacks or loan disputes is to take everything they do into the electronic realm.

The Consumer Financial Protection Bureau has ruled that seller points can be excluded from the 3% points and fees test in the qualified mortgage rule.

The Consumer Financial Protection Bureau has removed some obstacles to community banks offering balloon mortgages in rural areas, but the exemption in the qualified mortgage rule should be expanded further.

The scheme allegedly has victimized more than a thousand homeowners, who have paid in excess of $3.4 million.

The Federal Deposit Insurance Corp. has filed more lawsuits against the directors and officers of failed financial institutions in 2013 than in any year since the recession.

The new president of the California Association of Mortgage Professionals also is planning a marketing and image campaign for the industry.

Comptroller of the Currency Thomas Curry strongly supported an accounting proposal on Monday that may force banks to increase reserves based on predictions of credit losses in addition to looking at past performance.

We're hearing that a rising tide of new construction doesn’t have lenders worrying about a bubble in apartment building values...yet.

The estate for U.S. Mortgage Corp. and its CU National Mortgage subsidiary paid 26 credit unions and Fannie Mae an initial distribution of $8 million last week.