Compliance

Are you being proactive and doing the things needed to keep your partners happy by preparing their clients for home ownership?

The bank is being scrutinized for violations of the Financial Institution Reform, Recovery and Enforcement Act.

A New York State examination showed the lender charged homeowners upfront “discount fees” in exchange for lower interest rates, but failed to give the borrowers the promised discounts.

The Salt Lake City company has long lagged in mortgages, and now is the time to get more aggressive as big rivals pull back and small competitors struggle with qualified-mortgage rules, CEO Harris Simmons says.

Lenders have been worried that they could be cited for discrimination, even if it's unintentional, if they only seek to provide QM loans, noting that many minorities would not qualify for that status according to recently released statistics.

Demand for units adjusted down for the first time in several years, according to a multifamily housing survey.

Blacks and Hispanics are likely to find it more difficult to obtain credit or face paying higher prices when the "qualified mortgage" rule goes fully into effect, a process that could take up to seven years.

The new qualified mortgage rule is pressuring vendors of loan origination systems to work with lenders to recode their units. There's a lot of work to be done before the Jan. 10 deadline.

The new organization aims to help mortgage lenders improve their business practices through collective strength.

The U.S. claims Bank of America and Countrywide sold thousands of defective loans from 2007 to 2009 to the home-mortgage finance companies.

U.S. attorneys general offices in Georgia and California are examining potential violations tied to Countrywide Financial, the subprime lender Bank of America bought in 2008.

BOK Financial Corp. develops correspondent program to expand its mortgage business nationwide.

HUD's new rules change the underwriting focus to the borrower's credit instead of life expectancy.

FORMFREE specializes in technology that enables lenders to determine whether borrowers can pay back loans in compliance with regulations effective in January 2014.

A bipartisan group of 10 senators also urged the Senate leaders to delay the rate hikes, which will average 10% for policies written or renewed on or after Oct. 1.

Richard Cordray’s comments appeared directed at bankers who have complained in recent months that vendor delays could interfere with their ability to comply with QM rules set to go into effect in January.

FHFA Acting Director Ed DeMarco has been vague about why the regulator rejected Fannie’s force-placed proposal, a decision that has drawn sharp criticism from consumer advocates.

The record settlement has significant implications for the financial industry, but they may not be what casual observers expect.

The former chairman of the Mortgage Bankers Association will handle industry strategy for the risk management company.