Compliance

Still reeling from underwriting guidelines that went into effect last year, some small lenders are worried that a new mortgage disclosure regime might be the thing that pushes them over the edge.

More banks are buying mortgage servicing rights now, reversing a post-crisis shift that saw nonbanks dominate the MSR purchasing landscape, according to Fitch Ratings.

Ocwen Financial announced a preliminary loss of $546 million, or $4.18 per share, for fiscal year 2014 Tuesday, on a higher-than-expected goodwill impairment and charges stemming from the company's settlement with the New York Department of Financial Services.

Lenders must act affirmatively to avoid confusion in the marketplace. A lender's obligations start before a relationship with a potential borrower exists.

NewDay Financial found itself embroiled in another regulatory order, this time stemming from allegations of rampant cheating on mortgage licensing examinations by company employees, including its chief operating officer.

Two House Financial Services subcommittee chairmen are urging the Consumer Financial Protection Bureau to delay enforcement of a new disclosure regime due to take effect this summer until Jan. 1.

Consumer complaints about financial products and services such as home loans are more than just statistics. They indicate the real and difficult challenges people face as they try to navigate the financial seas.

CUNA and NAFCU each submitted comment letters to the Consumer Financial Protection Bureau regarding 2013 Regulation X (RESPA) and Regulation Z (TILA) mortgage servicing rules, urging the CFPB to adopt several changes and clarifications.

The House is slated to vote on a host of regulatory relief bills next week when Congress returns from its spring break.

Mortgage lender RMK Financial Corp. is facing a $250,000 fine by the Consumer Financial Protection Bureau on grounds that it used deceptive advertising.

In less than four months, mortgage providers across the nation must be ready to meet new disclosure requirements.

At #MBATech15 in Orlando, #TRID was on the tip of everyone's tongues. But other conversations also took place, centering largely on how technology adoption can make up for lost time and what future IT infrastructures will look like.

Burlingame, Calif.-based mortgage compliance service ComplianceEase has acquired Mortgage Banking Systems of McLean, Va.

The shift in market composition is fueling concerns that if defaults rise, the Federal Housing Administration would have a harder time making lenders eat the losses on poorly underwritten loans.

Holders of servicing rights will soon demand more than the basics from these third-party providers. Subservicers may be expected to help promote an institution's nonmortgage products or provide portfolio analytics.

The mortgage and title industries are creating training programs to teach those in the home sales process this is not just a swapping out of two forms for new ones.

The red pens have come out as members of the real estate industry start to critique the Consumer Financial Protection Bureau's new mortgage shopping toolkit less than a day after its release.

The bill would require written contract amendments, signed by the lender, for most loans. Legislators took up the issue after a judge in the state sided with a borrower's claim of having an oral agreement from Bank of America to modify a mortgage.

Wells Fargo's quality-control procedures will play a key role in a closely watched mortgage-fraud case that could go to trial this summer. Federal prosecutors are using the bank's internal reports to allege its executives knew about deficient loans.

Ahead of the August deadline for lenders to provide new Loan Estimate and Closing Disclosure forms, the Consumer Financial Protection Bureau unveiled a new mortgage shopping toolkit Tuesday.