Compliance & Regulation

While all camps praise the Consumer Financial Protection Bureau's efforts to get off the ground in its inaugural year, there is one sore point: exams.

The Consumer Financial Protection Bureau has released its Loan Estimate form, which will eventually replace the good faith-estimate disclosure that borrowers receive three days after applying for a mortgage.

Recent delays in key secondary market regulations are among hurdles holding back the long-awaited return of the jumbo market, which some say is making some progress, but others think is too constricted by the current limits of secondary market outlets to reach a large scale.

Both houses of the California state legislature have passed bills known as The California Foreclosure Reduction Act, but even before they hit Gov. Jerry Brown's desk concerns are being raised as to their impact on credit unions.

Finding qualified loan officers isn’t the problem—it’s finding LOs who can get licensed so they can work for a broker.

Late last week National Mortgages News reported that although mortgage employment was essentially flat in May, that loan brokerage firms have been hiring. But as we report today, a big stumbling block to richer brokerage hiring remains: finding LOs who are licensed and “ready to go.”

If the courts uphold the use of eminent domain in taking mortgages, it would open the door for the cities to purchase the loans at fair value.

Todd Bettin was sentenced to over four years in prison for conspiracy to commit wire fraud in connection with a five-year scheme to divert mortgage payoff funds from clients’ who were closing on 17 Maryland properties.

Three California local governments may use their eminent domain powers to seize mortgages and restructure them to help distressed borrowers stay in their homes, much to the dismay of investors who hold the mortgages.

THIS JUST IN: Is a new subprime lender about to emerge? I know of one industry veteran who hopes to secure financing to originate nonprime low LTV mortgages.