Compliance

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.

REITs, including mortgage REITs, continue to offer more attractive yields to investors even though the pace of increases has slowed down.

More than 90 members of the House are urging the Consumer Financial Protection Bureau to provide a legal safe harbor in the final qualified mortgage rule to protect lenders from frivolous lawsuits.

Now we’re told (but unconfirmed) that many large buyers of closed mortgages (correspondent purchasers, that is) have similar exclusionary lists, though they may call it something else.

One effect of the current default crisis is that servicers are squeezed for fees. To compete, they need to differentiate their offerings by providing more value than their competitors. How can servicers add value?

The distressed mortgage market and demand for default-servicing technology is not ebbing away any time soon. Before that happens, vendors are busy beefing up their strategic resources.

With more activity and more investor interest in the nonperforming loan market recently, it's a good idea to know what steps should be taken to protect your interests when buying or selling these assets.

The scandal brewing over alleged rigging of the London interbank offered rate has piqued the interest of the Senate Banking Committee.

CitiMortgage, a top 10 ranked correspondent buyer of mortgages, has an “exclusionary” list of lenders that it will no longer conduct business with.

Lenders facing legal challenges with respect to possible violations of the “ability to repay” standards in the qualified mortgage rule likely will face significant loan repurchase requests from Fannie Mae and Freddie Mac, as well as rescissions in coverage by mortgage insurers.

CoreLogic and FICO jointly created a new consumer credit risk score that is expected to enable growth in the mortgage lending market.