Compliance & Regulation

The Senate late this week passed a 60-day extension of the flood insurance program, preventing a shutdown of coverage by the beginning of June.

As the Litigation Compliance Law Center explained during a May 10 webinar, it was offering to pay finders' fees to mortgage brokers for recruiting homeowners who themselves paid a $5,000 up-front "retainer" to affiliated attorneys.

The Consumer Financial Protection Bureau outlined procedures Thursday for notifying nonbanks that they may be subject to supervision if they pose a risk to consumers.

Up to 90% of the borrowers underwater are current and continue to pay their mortgage on time.

New regulations have, and are expected to continue to impact the commercial real estate mortgage servicing industry, while process redesign and technology implementations are helping organizations improve efficiency, expand offerings and in many cases, retain staff.

On Wednesday industry officials met with the Consumer Financial Protection Bureau to discuss the agency’s new proposal to reengineer how loan officers and brokers can make a living. To call it a nightmare might be an understatement, we were told by attendees.

The Federal Reserve Board is using YouTube to try to reach more borrowers who may be eligible to have their foreclosure files reviewed as part of consent agreements with the 14 largest mortgage servicers.

WarehouseOne of Trenton, N.J., which has been in business since 1998, is demanding that a troubled lender with a similar-sounding name stop using that name.

Recently announced prepayments pending on certain Freddie Mac securities stem from what the lender involved said is a resolved technical error that caused a buyback of $330 million in mostly current loans.

Does anyone in government feel sorry enough for jumbo borrowers that they would design a HARP program to help these (presumably) high net worth individuals take advantage of a 3.5% fixed-rate mortgage?