Compliance

The Consumer Financial Protection Database might be unfair to the financial services industry, but the information it holds for lenders and servicers can help them manage customer service and avoid costly litigation.

The head of the Consumer Financial Protection Bureau warned software vendors that they face new scrutiny from regulators for causing mortgage lenders to miss the TRID-compliance deadline. He was vague about how far the CFPB might go, but many in the industry are prone to fear the worst.

From thrift deregulation to government domination, the mortgage business is prone to dramatic shifts. Here are 10 people who share the credit, or the blame, for major industry changes.

NCUA said it has entered into an agreement under which investment bank Barclay's Capital will pay $325 million to resolve claims arising from losses related to the purchase of faulty residential mortgage-backed securities by corporate credit unions.

Private mortgage insurers are seeking a larger share of the credit risk on Fannie Mae and Freddie Mac-guaranteed loans.

Housing finance reform in Congress is stalled, but Fannie Mae and Freddie Mac (often under pressure from their regulator) are forming partnerships, developing new products and finding ways to share risk with the private sector to correct flaws in the housing system.

David H. Stevens, the Mortgage Bankers Association's president, pledged to "shine an aggressive spotlight on abusive enforcement" at the trade group's annual gathering, specifically calling out the Department of Justice.

The big game changer in the mortgage industry is the "unquantifiable and increasing regulatory risk," said Tom Sanzone, Black Knight Financial Services' CEO at a press conference Monday at the MBA's Annual Convention in San Diego.

Wolters Kluwer Financial Services has released a new tool to help lenders navigate updated reporting requirements on mortgage loans announced by the Consumer Financial Protection Bureau last week.

In addition to staying on top of the day-to-day requirements of TRID, lenders must also avoid big-picture mistakes that could disrupt their compliance