Compliance & Regulation

Wells Fargo & Co. has agreed to pay nearly $1 million in restitution to Maryland residents who lost their homes to foreclosure after receiving so-called "Pick-a-Payment" mortgages.

This week President Obama told the Senate to take a hike, installing former Ohio AG Richard Cordray as the new head of the CFPB via a recess appointment. But the real story here is that the White House continues to use loan brokers as the whipping boy for the housing/mortgage meltdown.

People constantly ask me whether flexible or variable pricing violates fair lending laws. Before addressing this question, it is important to remember that fair lending claims ask whether differences exist in the pricing minorities receive as compared to non-minorities to a sufficient degree that these differences cannot be explained by randomness?

Almost hands down most mortgage trade groups and sectors of the business have shot down a "fee for service" concept to replace the existing GSE servicing compensation structure. But don't tell that to Lenders One, a nationwide cooperative of residential funders.

National Association of Mortgage Brokers president Don Frommeyer weighed in on what he feels are inordinate disclosure requirements loan brokers face during a recent discussion at the group's NAMB/West Show in Las Vegas.

Consumer Financial Protection Bureau director Richard Cordray on Thursday appointed Raj Date as the agency's first deputy director.

Two high ranking Democratic congressmen plan to hold a hearing later this month in Chicago to highlight the failure of mortgage servicers to adequately maintain foreclosed properties.

The Department of Housing and Urban Development has suspended James Grier, the president of Section 8 apartment complex Mantua Gardens East in Philadelphia, Pa. from conducting business with the federal government.

Now that a 10 basis point hike in GSE guarantee fees has been carved into law, mortgage rates could rise by as much as 25 basis points, according to calculations done by Lenders One, a national cooperative of mortgage funders.

While all eyes were on the recess appointment of its first director Wednesday, the Consumer Financial Protection Bureau quietly released guidance that directs supervised banks to turn over any and all information it requests.