Compliance

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.

HSBC Holdings defeated New York's lawsuit alleging its paperwork delays put property owners in foreclosure at an increased risk of losing their homes.

The mortgage application and closing process is once again facing an overhaul. The Consumer Financial Protection Bureau will soon require lenders to provide customers with integrated disclosure forms, which aim to clarify costs associated with real estate transactions. As with any new process, the switch poses a number of challenges for lenders — and could even put business at risk during implementation. Here are five pitfalls to look out for in the process.

The technology, still in its early development stages, will analyze Home Mortgage Disclosure Act files prior to formal submission to the regulator so lenders can spot and fix errors faster.

If lenders can't get the Consumer Financial Protection Bureau to back off its Aug. 1 integrated mortgage disclosures deadline, they're at least hoping to get some leniency while they adjust to the new process.

Some nonbank issuers of mortgage-backed securities are wrestling with capital pressures, and Ginnie Mae has cooperated with their efforts to sell chunks of mortgage-servicing-revenue streams to investors.

Bank of America is asking the Justices to overturn lower-court rulings that mortgage loans with a secondary lien on a debtor's asset can be "stripped down" to zero when the collateral is completely underwater. The decision could affect an even wider range of second liens.

Confusion about pre-approvals is rampant and has been the subject of vehement debate.

Sen. Mike Crapo, R-Idaho, unveiled legislation Friday that would require the banking agencies to review Dodd-Frank Act rules as part of a mandated process to assess the relevance of financial rules.

The Consumer Financial Protection Bureau may delay the Aug. 1 implementation deadline for new mortgage disclosure forms if vendors aren't ready, said CFPB Deputy Director Steven Antonakes.

The Justice Department's Clifford White is putting all mortgage servicers on notice that they too will be punished if they flout bankruptcy rules.

There are a lot of consumer, investor and regulatory complaints about how the nonbank servicing firm does business, but Morgan Stanley researchers offer reasons why certain investors and borrowers could benefit from sticking with Ocwen.