Compliance

Lawmakers and industry groups are urging FHA to update condo rules to provide more homeownership opportunities for first-time buyers.

The CFPB’s expanded data requirements for the Home Mortgage Disclosure Act will create a powerful tool for analyzing fair lending compliance. But some say the initiative is a massive overreach that could compromise borrower privacy.

An alternative compliance model merges mortgage and home equity oversight by focusing on common operations is an innovative way to compete with the traditional manner of handling those efforts separately.

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

ComplianceEase has introduced an insurance-backed warranty program for audited loans.

The White House is pushing back on suggestions that it will cut a deal to recapitalize Fannie Mae and Freddie Mac before the end of President Obama’s term, putting the pressure back on Congress for a solution.

The White House is preparing to push back on the flurry of hedge fund speculation that it may change course on policies that have kept Fannie Mae and Freddie Mac under government control since the financial crisis.

The Florida Supreme Court affirmed the validation of $2 billion in clean energy bonds over challenges brought by banks and a former state legislator.

Quicken Loans is partnering with Freddie Mac to boost business among first-time and middle-income borrowers as it battles allegations over its past underwriting practices on Federal Housing Administration-backed mortgages.

The Consumer Financial Protection Bureau backed off some of its initial plans in its final rule requiring lenders to collect more data from mortgage borrowers, but industry representatives warned the agency had not gone far enough.

WASHINGTON — The Consumer Financial Protection Bureau finalized a rule Thursday that requires lenders to collect more information from borrowers as part of mortgage disclosures.