Washington state regulator Chuck Cross, who exposed Household International's abusive lending practices several years ago, has joined the Conference of State Bank Supervisors to be in charge of special projects.As chief of enforcement at the Washington Department of Financial Institutions, Mr. Cross conducted an investigation of Household's mortgage lending practices that led to a $484 million multistate settlement with the company in 2002. He was also a key negotiator in the settlement talks. HSBC North American Holdings later acquired Household. As director of special projects, Mr. Cross will support the conference's mortgage and nondepository regulatory initiatives, according to CSBS president and chief executive Neil Milner. "Chuck's extensive experience in regulating nondepository institutions as well as his background in training examiners and law enforcement bring a new dimension to the CSBS team," Mr. Milner said.
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The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
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Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
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A majority of consumers earning more than $100,000 annually said they were concerned about their own ability to purchase a home, demonstrating how affordability issues are impacting those at many socioeconomic levels, the University of Michigan study found.
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The nonbank's results add to other indications that the first quarter's "higher for longer" rate scenario had an upside for efficient servicing operations.
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The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.
April 24 -
The top five producers had an average dollar volume of VA and USDA loans of more than $35 million in 2023.
April 24