Compliance

Bank of America Corp.'s Countrywide unit was ordered to pay $1.3 billion in penalties for defective mortgage loans sold to Fannie Mae and Freddie Mac in the run-up to the 2008 financial crisis, a little more than half of what the federal government had requested.

Equifax Inc. has created a new Verification of Hazard Insurance service for mortgage and home equity lenders.

Customer relationship management technology and new regulations require lenders and loan officers to re-evaluate how they manage the ownership and use of lead sheets.

Interest rates for mortgages over $417,000 have fallen 11 basis points during the past six weeks, driven by competition among banks to win the mortgage business of wealthy, less risky borrowers and in turn, make them customers of other financial products.

The CFPB and other regulators are showing an increasing appetite for big data. The HMDA database may be the biggest in the mortgage business and a preview of the upcoming dataset may give lenders a chance to stay one step ahead of the feds.

The Consumer Financial Protection Bureau requests data that if used too zealously could cause a massive restriction in the market and a reduction in the type and amount of lenders.

Acquiring the technology vendor would help Altisource build a marketplace for ancillary mortgage services and reduce the company's reliance on its former parent and top client, Ocwen.

New and experienced compliance experts have to learn the nuances of all the new regulations.

Mortgage executives are optimistic about the direction of the housing industry, but still think it is difficult for consumers to obtain real estate financing.

Although the proposal to add more Home Mortgage Disclosure Act requirements was required by the Dodd-Frank Act, those in the lending industry said they were taken aback by the amount of additional information the CFPB is seeking, arguing it goes way beyond the regulatory reform law.

Jessie Litvak's March conviction was the first tied to the Public-Private Investment Program, an initiative that used TARP funds to spur investments in mortgage-backed securities after the 2008 financial crisis.

Using the MERS System helps stop mortgage lenders from fraudulently pledging the same loans to multiple warehouse lines. Most line providers register as interim funders. Some recent entrants may not.

JPMorgan Chase may need to pay more than the $4.5 billion it offered to settle investor claims over faulty mortgages packaged into securities before the U.S. housing crash.

The official in charge of monitoring JPMorgan Chase's $13 billion settlement with bank regulators released his initial progress report this week.

The Federal Housing Administration is working to revamp its loan quality review program so that lenders will gain confidence in originating more single-family loans backed by the agency.

A continued but modest rebound in the housing market and overall economy during the second half of 2014 are not likely to offset the sluggish pace of activity during the first two quarters of the year.

Two federal agencies and 15 states have taken more than 40 actions against foreclosure relief operations, alleging the firms charged distressed borrowers millions of dollars in fees without following through on service.

A lender's LOS can help or hurt its bottom line. When examining existing systems for process improvements or evaluating other alternatives, focusing on a number of key considerations can simplify the process and narrow down the field of LOS options.

The Department of Veterans Affairs' residual income test would give lenders more confidence to make riskier loans, according to an Urban Institute study.

CIT Group, which is acquiring the former IndyMac, will let the bank's $7.6 billion mortgage book run off. "It is an attractive portfolio," the CEO says.