Compliance

The Consumer Financial Protection Bureau worries that mini-correspondent lenders are circumventing its qualified mortgage rule. But a large number of mortgage brokers converted to mini-correspondents because the rule made it harder to operate as a broker.

These investors complain they get little say or direct recompense in government settlements with big banks over misrepresentations of mortgage securities like the Department of Justice's $7 billion deal with Citigroup.

The Senate overwhelmingly passed a bill Thursday to extend the Terrorism Risk Insurance Act, as divisions over a competing measure continue to stymie House leaders.

Property valuation fraud risk in the first quarter was up from a year ago, while mortgage fraud risk remained unchanged, according to an Interthinx report.

Nearly five years after Bank of America dumped the Mortgage Servicing Package for technology it obtained in its acquisition of Countrywide, a forlorn Black Knight Financial Services is trying to win back the country's third-largest servicer.

Nonbank mortgage lenders pose greater risks to Fannie Mae and Freddie Mac because they have limited government oversight and generally weaker finances than banks, according to a government watchdog report.

The Consumer Financial Protection Bureau's guidance on the growing mortgage mini-correspondent business has scared some originators to the point that they are considering converting to branches of larger retail lenders.

MGIC Investment in Milwaukee reported a nearly fourfold jump in income for the second quarter driven primarily by lower incurred losses as new insurance increased.

American International Group will get at least $650 million in a settlement with Bank of America Corp. as the second-biggest U.S. bank seeks to end liability for faulty mortgages.

Borrowers with a first-lien modification and home equity line of credit could face a spike in their monthly mortgage obligations when the interest rates on both loans reset next year.

"The real question for me is should we be in the FHA business at all," the CEO says.

PennyMac Mortgage Investment Trust has entered into a repurchase agreement with Bank of America to finance roughly $550 million in newly originated mortgage loans, though its subsidiary PennyMac Operating Partnership.

“Under the terms of this settlement, the bank has admitted to its misdeeds in great detail,” U.S. Attorney General Eric Holder said.

Radian Group and MGIC Investment Corp. are among mortgage insurers that would need to fill a financial gap under new financial-strength rules proposed by the Federal Housing Finance Agency.

Wolters Kluwer Financial Services will launch a suite of training tools to help lenders comply with the Consumer Financial Protection Bureau's new integrated mortgage disclosures.

Insurers would have two years to meet the tougher liquidity standards.

Reps. John Delaney, D-Md., John Carney, D-Del., and Jim Himes, D-Conn., introduced a new housing bill Thursday designed to provide an explicit government backstop for the market but still increase private sector participation.

Whether it's the CFPB, a state regulator or a financial auditor coming to visit, here are some tips on getting your shop ready for the checkup.

Bank of America Corp., Citigroup Inc. and Wells Fargo & Co. won dismissal of lawsuits brought by the city of Miami claiming they flooded minority neighborhoods with predatory mortgages before the housing bubble burst.

Home equity lines of credit have been a key area of improvement among consumer loan types, a report Thursday from the American Bankers Association shows.