Compliance

Consent decrees issued (and not issued) last week demonstrate how having appropriate compliance controls can and will make a major difference in any potential regulatory response.

California's Department of Business Oversight said Friday that it will drop its effort to suspend Ocwen Loan Servicing's mortgage license in California. The Atlanta servicer had failed for more than a year to provide its California regulator with requested information

The consumer bureau and Maryland's AG allege the loan officers received consumer data and other services in return for business referrals.

Hearing arguments in Texas case, Justice Scalia and others were skeptical that the controversial legal theory used in fair housing cases should be invalidated.

Five Star Bank is the latest financial institution to settle claims that it avoided lending to minorities. More redlining cases can be expected, industry experts say.

Ocwen Financial Corp. named two new members to its board of directors as the nonbank servicer works to repair its image in the eyes of regulators and investors.

Standard & Poor's is close to an agreement to pay $1.4 billion to settle claims by the Justice Department and states attorneys general that it inflated subprime mortgage-bond ratings before the financial crisis, according to two people with knowledge of the talks.

Standard & Poor’s agreed to a one-year suspension from rating certain commercial mortgage bonds and $80 million in fines to settle charges with the Securities and Exchange Commission and the New York and Massachusetts Attorneys Generals offices.

The Consumer Financial Protection Bureau recently issued a report showing that nearly half of all mortgage borrowers did not comparison shop. Will additional disclosure help if consumers don't use it?

No matter if you are a large mortgage banker or a small mortgage broker, your employees in California are covered under this law that goes into effect on July 1.

Standard & Poor's will be suspended for a year from rating bonds in one of its most lucrative businesses in a $60 million settlement with the U.S. Securities and Exchange Commission.

Altisource Portfolio Solutions promoted John Vella to the new position of chief revenue officer in a bid to grow beyond its relationship with embattled former parent Ocwen Financial.

The Ocwen spinoff Altisource Portfolio Services delivered notices to more than 800 employees and hundreds of contractors this week as part of the company's scramble to reassure investors.

Sen. Johnson points out that a drafting error in the Dodd-Frank Act led to the current interpretation, which includes mortgage brokerage compensation in the 3% points and fees test.

United Shore, a lender based in Troy, Mich., has added a new position to its management team, consumer advocate.

The American Land Title Association released a statement pushing back against a new Consumer Financial Protection Bureau initiative.

The U.S. Supreme Court gave homeowners more ability to cancel their mortgages if lenders don't provide the required disclosures, in a setback for the banking industry.

Lenders should ensure they are not paying for referrals prohibited by the Real Estate Settlement Procedures Act when they purchase these from another company. Here's one way they can.

The Senate approved legislation to reauthorize the Terrorism Risk Insurance Act, sending it to President Obama's desk after a months-long battle.

Housing and Urban Development Secretary Julian Castro moved swiftly on Thursday to defend pending cuts to the Federal Housing Administration's premiums, rebutting GOP arguments they are premature.