Compliance

The CrossState Credit Union Association continues to work with lawmakers in neighboring New Jersey to get similar legislation passed there.

The final consent order contained the largest penalty, for $1.8 million to be paid by Low VA Rates. In total, the CFPB has issued $4.4 million in fines for such marketing of VA loans.

CEO Charlie Scharf disappointed investors by failing to provide either a detailed road map for long-term expense reductions or say when he might release such a plan.

The pandemic has exacerbated delays and inefficiencies in loan manufacturing, while adding to security risks.

The agency had raised concerns in the Obama administration about kickbacks in the marketing pacts between mortgage lenders and other providers, but the agency's recent guidance says the deals are legally viable.

If mortgage lenders need to learn anything from the pandemic, it is relying on a single source for any service could disrupt their activities.

Control of the U.S. Senate hangs in the balance in the upcoming election, with the outcome determining the direction of laws and regulations that can have a profound impact on financial services, technology, fintech and payments innovation.

The proposed best practices would be modeled after federal servicing standards and be used to supervise nonbanks firms subject to state regimes.

The Mortgage Industry Standards Maintenance Organization drew up the recommended wording in consultation with a group of lenders and investors after the passage of the Taxpayers First Act last year.

Electronic notes did come in handy this year given the mortgage industry's need to operate remotely, but they also increase the government-sponsored enterprises' responsibility for monitoring the risk of multiple counterparties.