Compliance & Regulation

Federal Reserve Bank of St. Louis President James Bullard said signs of more stability in U.S. fiscal policy, the housing market and the global economy will probably help fuel economic growth in 2013.

Servicers will soon be subject to new guidelines as well, as the Consumer Financial Protection Bureau finalized rules in January of 2013 designed to establish a national servicing standard.

The Consumer Financial Protection Bureau wants to make implementation of the new mortgage and servicing rules easier for companies by providing frequent and easy-to-understand guidance.

Responding to market demand for automated regulatory compliance tools Equator has incorporated the new mortgage servicing rules set forth by the Consumer Financial Protection Bureau into the Equator Loan Segmentation module.

Flagstar Bancorp has set aside $161 million to cover lawsuits over its mortgage-underwriting practices.

The Federal Housing Administration has implemented a streamlined approval process designed to accelerate access to mortgage financing for multifamily apartment owners and developers in New York and New Jersey.

Wells Fargo’s argument that it can’t be sued by the U.S. over illegal mortgage practices because of an earlier deal with the government was rejected by a federal judge as a misreading of the settlement terms.

The Mortgage Bankers Association is getting another chance to overturn an administrative interpretation that requires lenders to pay their loan officers for overtime.

It is no surprise the State of the Union address already is generating a lot of buzz about the details that will shape the president’s proposals.

House Republicans are looking to make major reforms to the Federal Housing Administration single-family program to reduce losses and return FHA to its original mission.