Compliance

FSOC’s statement on the FHFA’s proposed capital rule raises questions for market participants trying to anticipate a post-conservatorship secondary mortgage market, should the incoming administration go through with the GSEs’ exit from governmental control.

Staying in compliance with the Secure and Fair Enforcement for Mortgage Licensing Act has been a difficult task for lenders while employees work from home for months on end.

But both fell short under the Duty to Serve goals in rural housing.

The CrossState Credit Union Association continues to work with lawmakers in neighboring New Jersey to get similar legislation passed there.

The final consent order contained the largest penalty, for $1.8 million to be paid by Low VA Rates. In total, the CFPB has issued $4.4 million in fines for such marketing of VA loans.

CEO Charlie Scharf disappointed investors by failing to provide either a detailed road map for long-term expense reductions or say when he might release such a plan.

The pandemic has exacerbated delays and inefficiencies in loan manufacturing, while adding to security risks.

The agency had raised concerns in the Obama administration about kickbacks in the marketing pacts between mortgage lenders and other providers, but the agency's recent guidance says the deals are legally viable.

If mortgage lenders need to learn anything from the pandemic, it is relying on a single source for any service could disrupt their activities.

Control of the U.S. Senate hangs in the balance in the upcoming election, with the outcome determining the direction of laws and regulations that can have a profound impact on financial services, technology, fintech and payments innovation.

The proposed best practices would be modeled after federal servicing standards and be used to supervise nonbanks firms subject to state regimes.

The Mortgage Industry Standards Maintenance Organization drew up the recommended wording in consultation with a group of lenders and investors after the passage of the Taxpayers First Act last year.

Electronic notes did come in handy this year given the mortgage industry's need to operate remotely, but they also increase the government-sponsored enterprises' responsibility for monitoring the risk of multiple counterparties.

An internally built system called Advanced Listening analyzes phone calls, emails, text messages and more, identifying possible compliance violations, systemic issues and opportunities to improve processes, products and customer service.

AFC Gamma also has a pipeline of more than $300 million potential transactions, and its West Palm Beach, Fla., office is in hiring mode.

The key word is "temporary" with the FHA's quality control waiver expiring and not likely to be renewed.

The agency has proposed letting firms seek specific guidance, which can be applied to other institutions. But consumer groups worry the plan circumvents formal rulemaking.

Two years after a consumer protection law changed how banks and other companies handle customer information, a new proposal aims for more sweeping reforms.

A new CFPB rule will expedite the forbearance and loss-mitigation process for consumers suffering financial hardship from the pandemic.

Groups representing community banks and credit unions generally support the new percentage-based goals set by the Federal Housing Finance Agency.