Compliance & Regulation

Loan originator compensation rules were originally adopted by the Federal Reserve Board in September 2010 and covered institutions were required to comply with the provisions on April 6, 2011.

If the natural disasters experienced across the nation in recent years are any indication of what the future holds in terms of weather-related catastrophes, securing residential insurance, even at a premium price during these difficult economic times is an important step for all homeowners.

The 'qualified mortgage' rule that the Consumer Financial Protection Bureau is working on is expected to limit the kind of mortgages that lenders can make – but may also curb the size of the loans they originate as well.

The foreclosure crisis is loosening the traditionally strong tie homeowners have with their homes. New findings from FICO's latest quarterly survey of bank risk professionals indicate one way the slow recovery will affect distressed homeowners in 2012 is increased propensity for "strategic default."

When the topic is principal reduction the glass is either half full or half empty. Yet, if mounting pressure on government sponsored enterprises and their conservator results in a green light to writedowns on GSE loans as everyone expects, such a solution will also require the approval and financial support of the department of treasury.

Over the past two months National Mortgage News has been reporting on a mysterious warehouse lender called eWarehouseOne. Late this week we learned that Anthony J. Simich, a division vice president for the firm - and one of few employees there who actually returns phone calls and emails - resigned.

JPMorgan Chase (JPM) reclassified $1.6 billion of mortgages as nonperforming loans at the urging of regulators - even though the loans are still in good shape, executives said Friday.

Comments about the Property Assessed Clean Energy program that the Federal Housing Finance Agency asked for came in recently with environmental advocates and local government representatives calling for Fannie Mae and Freddie to find a way to deal with the lien dilemma the program presents so as not to restrict the use of PACE loans.

The risk for mortgage fraud in the areas of employment and income rose last year, according to Interthinx.

Three banks suing MBIA Inc. accused the bond insurer of deliberately withholding damaging financial projections from insurance regulators who were evaluating its transformation.