Compliance & Regulation

The Consumer Financial Protection Bureau is seeking industry and public comments on a prototype billing statement that residential servicers send homeowners to collect monthly mortgage payments.

The National Credit Union Association said Monday that a federal credit union may set the maturity date for modified or refinanced mortgages beyond the regulatory 40-year maturity limit, as long as the terms of the original loan were no more than 40 years.

The Obama administration's proposed 2013 budget unveiled Monday predicted that the Deposit Insurance Fund will once again go insolvent, clashing with the Federal Deposit Insurance Corp.'s own projections.

For the moment, the job of ensuring that the nation's largest bank servicers comply with the terms of last week's mammoth mortgage settlement falls on just one man.

The National Association of Federal Credit Unions stressed the importance of maintaining a viable secondary market for mortgages in a letter to the Treasury, responding to the latter's recent signals that it is preparing to take up the issue of government-sponsored enterprise reform again.

How much does Bank of America loathe the mortgage business? Let us count the ways: it kills its wholesale and correspondent units, trims its warehouse group down to nothing, allows its departing high-performance loan officers to leave and then starts lopping off huge chunks of its servicing portfolio.

In his recent State of the Union address, President Obama laid out a "Blueprint for an America Built to Last," calling for, among other things, action to help responsible borrowers and support a housing market recovery.

If it weren't for a recent legal settlement with Bank of America, FHA's mortgage insurance fund would be in the red.

The Federal Housing Administration will "soon" increase its annual premium on jumbo mortgages by 25 basis points, according to government budget documents released Monday morning.

The Obama White House, in its new budget, predicts that the FHA Mutual Mortgage Insurance fund will return to health by 2015 -- but warns that the agency's book of business is vulnerable to what it calls "Black Swans."