Compliance & Regulation

The Consumer Financial Protection Bureau received about 2,300 complaints about mortgage servicers in December, when it began accepting complaints online, and the pace of borrower complaints has been steady ever since, according to a senior agency official.

One of the more confusing areas of the loan officer compensation rules involves branch managers. Neither the rule nor its guidance made any mention of branch managers.

After 12 installments last year, Interthinx will continue to record its monthly audio podcast called "Direct from DC" that discusses legislative and regulatory developments that impacts the mortgage servicing and lending industry.

How anxious are residential lenders and servicers about the new levels of regulation and compliance they are being subjected to? The answer is: plenty nervous.

Maryland is developing a pilot program to take its mandatory foreclosure mediation process paperless.

A bill that would prevent the Consumer Financial Protection Bureau from releasing confidential lender information to third parties appears to be on the fast track to becoming law.

The Department of Housing and Urban Development this week reissued a proposed rule that would reduce by half the maximum allowable seller concessions in an FHA loan transaction to 3%.

Bank of America Thursday afternoon confirmed that it will no longer sell any new purchase money mortgages to Fannie Mae -- though it will remain a HARP lender.

Rejected documents from the county recorder create time delays and decreased efficiencies add up to a cost of billions for the industry with the burden of this cost falling on the current holder(s) of the note. The process of preparing corrections, transporting and re-recording documents will cause double, sometimes triple, the work for employees of those firms.

The text of commitment letters is extremely important and must contain the exact terms and conditions of a loan commitment. It will contain all essential specifics. In order for one to generate an effective commitment letter, one must have a clear understanding of all the terms. To get there, it is often desirable to start with a term sheet.