Compliance & Regulation

The House Financial Services Committee Tuesday approved a bill to enhance the FHA's authority to police bad lenders after rejecting an amendment that would have reduced the agency's loan guarantees.

Raj Date, the deputy director of the Consumer Financial Protection Bureau, assured financial industry representatives Tuesday that the agency is carefully weighing access to consumer credit as it finalizes the qualified mortgage rule.

Appraisals are costing bankers more money and, in some cases, business. Recent regulation has altered the fee structure and required more independence between bankers and appraisers.

Credit union representatives wasted no time recently when they had the opportunity to line up to ask questions of-and criticize-the National Credit Union Administration and its examiners, with one person saying his most recent exam was practically an "interrogation."

Only three of the top 10 states with the most tornados from 1980 to 2009 currently are in the so-called Tornado Alley, according to a new CoreLogic tornado and hail risk report. The change, however, is not an anomaly, as everyone believed.

The Consumer Financial Protection Bureau plans on taking a close look at the Federal Reserve's controversial loan officer compensation rule and will issue a new proposal "soon" according to a top official at the young agency.

HECM lenders and originators need to be increasingly proactive about reporting potential fraud and aware of how best to identify and report it if they want to mitigate potential indemnification and compliance risk, a special agent from HUD IG's office told attendees at a National Reverse Mortgage Lenders Association meeting Tuesday.

While facing continued pressure from its largest investor for a management shakeup, CoreLogic expects to benefit from continued mortgage refinancing activity, internal cost cutting and the introduction of new products.

It appears the Consumer Financial Protection Bureau will revisit the issue of loan officer compensation - and maybe even in a way that benefits nonbank LOs. The whole issue is too early to predict, and we suggest you visit the main National Mortgage News website for a just breaking update.

The House passed a bipartisan bill Monday that would expand protections for privileged information that financial institutions share with the Consumer Financial Protection Bureau.