Compliance

Columbia Business School Professor Christopher Mayer says he’s so convinced that reverse mortgages can be a cornerstone of responsible retirement planning that he’s gone into the business.

The third-biggest U.S. bank by assets is shuttering its default servicing operations in Hagerstown, Md., and Fort Mill, S.C.

Standard & Poor’s expects $5 billion of mortgage servicer advance securitizations this year, down from 2013’s $6.5 billion.

This figure is down 26% from the previous year and represents the lowest annual total since 2007.

SIFMA members are also concerned about risk retention and GSE reform, according to the group’s EVP.

The changes will aid Flagstar in aligning its infrastructure with the current business environment, specifically the status of the mortgage origination market.

Some of the nation’s largest servicers have signed up with Hope LoanPort to facilitate the collection of pre-populated IRS 4506-T forms, which contain homeowner information crucial to a workout.

The AG’s complaint says the defendants identified abandoned residential properties in which they filed for adverse possession of the housing units in court to obtain title.

The drop has boosted applications, but the consumer break on loan costs may not last.

A complaint was filed in federal court claiming CitiMortgage officials failed to apply the proper mortgage-amortization rate to loans of active-duty members of the U.S. military.

Federal investigators said traders may have conspired to rig rates or front-run the two firms in the interest-rate swaps market.

Mortgage Fraud Examiners describes this program as a foreclosure rescue rip-off.

Late payments on loans have risen for the first time since early 2012, but the long-term loan performance trend remains positive.

Many welcome additional lending as a sign of a recovering economy. But some of it is being done with looser underwriting.

Industry groups are seeking a longer delay in premium increases so the Federal Emergency Management Agency can complete an affordability study.

The Nigeria Mortgage Refinance Co. will sell bonds on capital markets and provide long-term financing to lenders that will help them extend more home loans.

Standard & Poor’s estimates that the number of months required to clear shadow inventory has risen to 51 months, 14 more than a year ago.

Ann Thompson intimated that she works almost exclusively with mortgage lenders and servicers examining their prioritization process to assess risk.

A court directed the Department of Housing and Urban Development to clarify the rights of unnamed spouses in Home Equity Conversion Mortgages documents, but HUD is appealing the decision.

The Independent Community Bankers of America is urging Congress to advance legislation to limit the adverse consequences of new Consumer Financial Protection Bureau mortgage rules.