Compliance & Regulation

The Federal Housing Administration's Mutual Mortgage Insurance fund potentially loses billions of dollars in premiums due to the loan-to-value cancellation policy.

It would appear that FHA's days of being known as 'the government's subprime lender' are just about over.

The CFPB and FTC have issued joint warnings about misleading advertising. While these warnings generally address apparent shortcomings (e.g. misrepresenting government affiliation), they signal to lenders the importance of reviewing advertising from a compliance rather than merely marketing perspective. In particular, advertisers should review not only the substance of a marketing piece but rather the entirety of a marketing campaign. For instance, a lender should review the likely audience and whether the particular product being advertised is appropriate for that audience. Lenders should take special care when it comes to marketing campaigns that may utilize media outlets that strongly favor one particular racial ethnic gender or age group, or if different products are being advertised to different media outlets strongly associated particular socioeconomic groups

Three former employees of now defunct Pierce Commercial Bank were sentenced to prison for their roles in a mortgage fraud scheme that contributed to the collapse of the financial institution.

Gradual agency guarantee-fee increases are going to continue, Federal Housing Finance Agency acting director Edward DeMarco reaffirmed.

The South Carolina Republican has been holding up several banking bills, including one that would protect information provided by banks to the Consumer Financial Protection Bureau.

Both agencies have authority to protect against discriminatory lending, including through the Equal Credit Opportunity Act.

As the deadline for consumers to file a claim under the national mortgage settlement draws closer, they will increasingly turn to nonprofit counseling agencies for advice.

Many professionals are fleeing the REO industry, everyone from servicing shop executives, to specialty providers, to real estate agents.

The Federal Trade Commission has updated its guidelines for anti-identity theft programs.