Compliance

During the past week, consumer and industry groups have lobbied the agency in different directions, with consumer groups arguing the agency did not go far enough and lenders saying it went too far in seeking more data from lenders.

Bill Cosgrove intends to make the return of the first-time homebuyer his primary focus as the new chairman of the Mortgage Bankers Association.

Although this is a benefit to lenders who make a mistake in calculating points and fees, it does not address problems associated with a lack of clarity in the rules.

Lenders could face tougher enforcement and higher penalties if they make errors on the new mortgage disclosure forms that are slated to go in effect next August.

Federal Housing Finance Agency Director Mel Watt has struck a conciliatory tone, seeking lenders' input and making loan-buyback rules more industry-friendly — a clear signal the administration thinks it needs bankers' help to reignite the tepid housing recovery.

A recent survey shows a very large number of mortgage lenders worry about loan quality and Truth in Lending Act and Real Estate Settlement Procedures Act Integrated Disclosure Rule compliance costs.

Embattled nonbank servicer Ocwen took a $100 million charge for a potential settlement of foreclosure violations and posted a third-quarter loss, but warned the final cost to settle allegations that it backdated foreclosure notices could be higher.

Technology companies such as Ellie Mae, which almost doubled its employees to 700 and saw its stock price reach a new high this year, are seizing an opportunity to transform how mortgages are made.

The Supreme Court is slated to hear arguments Tuesday in a case that could determine when and how borrowers are allowed to cancel their mortgages.

In a surprise victory for mortgage servicer PHH Corp., a California judge overturned a $16.2 million jury verdict awarded to a California homeowner in July for a botched loan modification.

Bank of America Corp. Chief Executive Officer Brian T. Moynihan, who was named chairman this month, said legal costs stemming from defective mortgages are largely behind it.

The Federal Reserve said it sees further improvement in the labor market while confirming it will end an asset-purchase program that has added $1.66 trillion to its balance sheet.

Mortgage executives who have long decried new regulations as excessive are increasingly becoming resigned to the fact that changes are here to stay.

Housing policy needs to be refocused on strengthening household balance sheets, especially by making borrowers more resilient to home price declines. A new 15-year fixed-rate mortgage that allows borrowers to use the down payment to buy down the interest rate on the loan is designed to do just that.

Well Fargo has pledged to offer $5.2 million to homebuyers who will qualify for its Cincinnati NeighborhoodLIFT program.

Federal and state laws, including the Gramm-Leach-Bliley Act, require title companies to develop a written information security program that describes the procedures they employ to protect non-public personal information.

Private insurers are considering a request by U.S. officials to guarantee mortgages for veterans — the fastest growing part of the market.

WASHINGTON — Federal Deposit Insurance Corp. Chairman Martin Gruenberg said Monday that federal regulators are keeping a close eye on the nonbank financial sector and how it is affecting banks.

A final piece of Bank of America Corp.'s record $16.7 billion toxic-mortgage settlement is being held up by an internal fight at the Securities and Exchange Commission, said four people familiar with the case.

Making the GSEs out to be the villains of the mortgage crisis is an easy sell to a fearful and angry public, but doesn’t make it true. Partly due to this mindset, housing markets remain held hostage.