Compliance

In a letter, 106 House members urged the Consumer Financial Protection Bureau to adopt a qualified mortgage rule that provides lenders with a safe harbor from litigation.

There is much discussion about how housing prices have stabilized lately, implying the housing market is progressing forward into recovery mode. Econ 101 says differently.

Several banks are under investigation for allegedly submitting false information meant to manipulate Libor, a measure used to establish a wide range of interest rates.

With the bucket-load of regulations coming down the pike toward mandatory implementation in our industry, it’s time to track, measure and quantify experience while simultaneously speeding the process, complying with changing rules, and recovering the most dollars.

The economy is in the tank and thousands of people are out of work. In the U.S., given the slow recovery, the housing crisis continues.

Since the start of this year, house prices have risen 2.5% through April 30.

A pair of Orrstown Financial Services executives quit just two months after the company's chief financial officer resigned.

Attorneys general in at least three states are conducting investigations tied to alleged manipulation of the London interbank offered rate, adding to probes by U.S. and U.K. authorities.

A regulator will allow bond insurer MBIA Inc. to make a payment on surplus notes issued in 2008.

Mary Armstrong, an unlicensed mortgage broker, Teresa Rose, a real estate agent, William Fountain, Armstrong’s assistant, and Justin Mensen were all charged with conspiracy to commit wire fraud and to launder money.

Lenders Compliance Group is using Veros Real Estate Solutions' collateral integrity analysis product for prefunding and post-closing audits, early payment defaults, high default due diligence, as well as warehouse bank and portfolio reviews.

Starting this fall, the CFPB will begin examining credit reporting companies—paying particular attention to the procedures these entities use to address errors on credit reports identified by consumers.

Wolters Kluwer Financial Services has acquired FinArch, a provider of financial measurement services that address the Basel III accounting standard.

Well, well, well (or maybe it should be Wells, Wells, Wells), it’s been quite a week for the little guy. Citigroup started it all off when National Mortgage News published a story about its ‘exclusionary list’ for correspondents. Then Wells Fargo came along and tossed its broker network into the ocean. Oh, and then Wells finished the week off by confirming that it’s killing most of its Realtor joint ventures (mortgage companies). We understand that the survivors include one in Virginia and at least one in Hawaii.

The $175 million fair-lending settlement that federal authorities announced late this week with mortgage giant Wells Fargo offered both sides the chance to claim some measure of victory and move past a three-year-long investigation.

As California goes, so goes the nation? Let’s hope not, at least as to legislation that will make California the first state in the nation to codify provisions of the national mortgage settlement.

A settlement will provide $125 million in compensation to nearly 34,000 borrowers harmed by Wells Fargo’s lending practices and another $50 million will be allotted to eight cities to fund community improvements in neighborhoods hard-hit by foreclosures.

According to CoreLogic’s Negative Equity Report, nearly 17 million borrowers who were underwater by the end of the first quarter had loan-to-value ratios of 80% to 125%, which purely from an LTV perspective makes them eligible for the original Home Affordable Refinance Program.

San Bernardino County is forging ahead with deliberations on a proposal to seize delinquent mortgages, despite its largest city’s decision Tuesday night to seek bankruptcy.

The credit-score company VantageScore Solutions, which beat an antitrust lawsuit last year, is taking precautions to avoid repeating the experience.