Compliance

Regulators finalized a rule Monday requiring banks to escrow flood insurance premiums and fees for loans on real estate located in a flood zone.

Many lenders may not have been ready for the CFPB's new mortgage disclosure rule if it took effect on Aug. 1 as planned. Now a slip-up by the agency itself has given lenders a two-month reprieve.

The U.S. Attorney's Office for the Eastern District of California has indicted Robert Farrace of Modesto, Calif., on charges of wire fraud in connection to a short-sale scheme.

Pressure from community groups forced Valley National Bancorp to strengthen its commitment to lend in low- and moderate-income neighborhoods in order to win approval for a Florida acquisition. Other banks, too, are now placing CRA efforts front-and-center as they aim to sell deals to the public and their regulators.

The Consumer Services division of Washington state's Department of Financial Institutions has accused Quicken Loans with sending false claims in direct mail advertising to military members.

A U.S. District Judge sentenced a New Jersey man for his role in a $15 million mortgage fraud scam.

FHA tries to clarify what loan defects will bring the harshest penalties to guide lenders and instill more confidence.

A technical error made by the Consumer Financial Protection Bureau has become a saving grace for lenders who had pushed, begged and pleaded for more time to comply with a new mortgage disclosure rule.

It turns out the Consumer Financial Protection Bureau's failure to file a two-page form to Congress on time was the unspecified "administrative error" that delayed the effective date for new mortgage disclosure rules.

WASHINGTON — After months of declining industry and congressional pleas to delay an impending rule combining two mortgage disclosure regimes, the Consumer Financial Protection Bureau on Wednesday announced a two-month delay due to an "administrative error."

Six servicers were cited for a range of infractions, including a failure to respond to requests for loan modifications and not doing enough to prevent foreclosures. Punishment was harsh for Wells Fargo and HSBC, which are banned from acquiring mortgage servicing rights and entering into new servicing contracts.

Six banks including JPMorgan Chase and Wells Fargo have been placed under further business restrictions after the Office of the Comptroller of the Currency determined they had yet to fully meet regulatory orders related to the independent foreclosure review which began in 2011.

A Virginia man on Monday pleaded guilty to federal charges tied to bogus real estate transactions conducted between 2006 and 2007.

New regulations for credit rating agencies that took effect this week are expected to make mortgage and other asset-backed securities more transparent by requiring broader disclosure of certain due diligence reports.

More than a year after the CFPB revamped its employee rating system following allegations of discrimination Equal Employment Opportunity complaints have surged and the agency faces ongoing accusations of bias and retaliation against workers who speak out.

Casey Crawford went from playing on a team that won the Super Bowl to running a mortgage company that he expects to originate almost $8 billion in U.S. home loans this year.

Throwing bodies at TRID implementation won't solve problems. Using technology to automate origination processes can help rein in costs and maintain compliance.

A new Department of Housing and Urban Development policy will make it easier for servicers to transfer certain reverse mortgages back to HUD instead of foreclosing on widowed nonborrower spouses.

Several House lawmakers joined the call Thursday for a formal grace period for new mortgage disclosures that would go beyond an earlier decision by the Consumer Financial Protection Bureau.

Private mortgage insurers see deeper coverage of GSE loans as a way to expand business, while lenders hope it could lead to a reduction to guarantee fees.