Compliance

The bureau proposes to resolve the conflict between the servicing rules' notice requirements with bankruptcy law by exempting servicers from both the periodic statements and the early intervention requirements of the servicing rules for borrowers who have filed for bankruptcy.

A delay in instituting the National Flood Insurance Program was requested by Brad Thaler, NAFCU VP of legislative affairs, until the Federal Emergency Management Agency completes its affordability impact study outlined in the Biggert-Waters legislation.

The scheme targeted distressed borrowers at risk of foreclosure by promising them a HAMP mortgage modification in exchange for a $400 to $900 upfront fee.

We’re hearing private label mortgage-backed securities investors still face challenges to when it comes to amassing the consensus needed to have optimal access to information and leverage in litigation.

LoanServ aims to provide technology that is easy to access and gives each client a consistent customer experience.

The settlement with Bank of America Corp. gave bond investors more than twice what they would have recovered through litigation, an attorney for Bank of New York Mellon Corp. says.

The actions of the Consumer Financial Protection Bureau will determine how successful the market will be, a panel discussion at the Mortgage Bankers Association convention says.

JPMorgan Chase & Co. has resolved the last obstacles after months of negotiations to a record $13 billion settlement of civil state and U.S. probes over the sale of mortgage bonds.

JPMorgan, the biggest U.S. bank by assets, battled with the FDIC over who should pay some liabilities from the failed Seattle thrift.

Jose Alvarado used his control over three companies to falsify important facts given to financial institutions in order to secure loans totaling nearly $2.5 million.

A jarring anecdote about police threatening foreclosed borrowers seemed an odd choice in a speech by PNC Chairman James Rohr, who was urging banks to better manage their reputational risk.

The number of homeowners who received a permanent loan modification in the third quarter decreased from the prior quarter. Servicers also finalized fewer short sales.

The JPM settlement’s payout ratio compared to losses is less than 7%. The Countrywide settlement offered bond investors a payout ratio of almost 11% of losses, according to Barclays.

Standard & Poor’s, a unit of New York-based McGraw Hill Financial Inc., had argued that its ratings are opinions are protected by the First Amendment of the U.S. Constitution.

The settlement would resolve only a small portion of investors’ losses, opponents say.

The accord still needs approval from trustees overseeing the securities and may be subject to court review.

The GSEs will be lenient when it comes to enforcing the QM rule’s 3% cap.

The ratings agency has replaced a government-insured mortgage-backed securities methodology it revised only two years ago implementing updates likely to be further revised in the future

The bureau alleges that Republic Mortgage purchased unnecessary reinsurance to earn a profit for mortgage lenders in exchange for referrals.

The filing of fraudulent mortgage applications is on the rise. On the surface, it appears as if risk mitigation solutions are not working properly. But vendors and even some lenders disagree.