Compliance & Regulation

The Consumer Financial Protection Bureau plans to unveil Monday new rules for supervising credit-reporting companies, marking the first time such firms will become subject to federal oversight.

A regulator will allow bond insurer MBIA Inc. to make a payment on surplus notes issued in 2008.

Mary Armstrong, an unlicensed mortgage broker, Teresa Rose, a real estate agent, William Fountain, Armstrong’s assistant, and Justin Mensen were all charged with conspiracy to commit wire fraud and to launder money.

Lenders Compliance Group is using Veros Real Estate Solutions' collateral integrity analysis product for prefunding and post-closing audits, early payment defaults, high default due diligence, as well as warehouse bank and portfolio reviews.

Starting this fall, the CFPB will begin examining credit reporting companies—paying particular attention to the procedures these entities use to address errors on credit reports identified by consumers.

Wolters Kluwer Financial Services has acquired FinArch, a provider of financial measurement services that address the Basel III accounting standard.

Among the many concerns San Bernardino County’s recent eminent domain proposal highlighted, one that stood out to me was the larger problem with second liens.

ASF executive director Tom Deutsch told a congressional panel that the 5% risk retention requirement will increase costs for mortgage borrowers. But the costs will be “prohibitive” if the final rule also requires the securitizer to maintain a “premium capture cash reserve account,” which is not required by the statute.

Well, well, well (or maybe it should be Wells, Wells, Wells), it’s been quite a week for the little guy. Citigroup started it all off when National Mortgage News published a story about its ‘exclusionary list’ for correspondents. Then Wells Fargo came along and tossed its broker network into the ocean. Oh, and then Wells finished the week off by confirming that it’s killing most of its Realtor joint ventures (mortgage companies). We understand that the survivors include one in Virginia and at least one in Hawaii.

The Consumer Financial Protection Bureau recently released its proposed rule on integrated mortgage disclosures, providing some direction about where the agency is headed . That is the good news. The not-so-good news is that the proposed rule presents potential compliance challenges.