Compliance

Mortgage lenders might be feeling a little less stressed over False Claims Act actions being brought against them following recent headlines but there is still some work to be done before they can chill out.

The CFPB did not file any fair-lending enforcement actions in the 2018 fiscal year and did not refer any Equal Credit Opportunity Act violations to the Department of Justice.

Quicken Loans claimed victory in its dispute with the Department of Housing and Urban Development over the False Claims Act, only paying the agency for losses incurred and interest.

Private mortgage insurers can help to ease banks' compliance burden when it comes to the Current Expected Credit Loss accounting standard, an industry executive said.

The industry has long complained that gathering the data is confusing and costly but two plans issued by the CFPB could help lighten the burden for a significant portion of credit unions.

Alarmed about continued high nonmarket-based prepayment rates, Ginnie Mae is requesting input from lenders on how to make the mortgage-backed securities it guarantees fairer to investors without hurting borrowers.

The Department of Financial Services has created a statewide financial protection division focused on corporate compliance and consumer issues, in line with steps taken by New Jersey and Pennsylvania.

Director Kathy Kraninger said the agency will emphasize a confidential supervisory process instead of just doling out public enforcement actions. But skeptics worry this will let companies escape punishment.

The debt collection proposal is expected to address how debt collectors can use text messages and emails to track down debtors.

Along a stretch of South Los Angeles near the Expo light rail line, investment dollars are pouring in.

Under a new policy, a company subject to a civil investigative demand will learn from the agency about what conduct the probe is targeting and what legal provisions the firm may have violated.

General Electric Co. finalized an agreement to pay $1.5 billion to settle a U.S. investigation into the manufacturer's defunct subprime mortgage business.

A newer set of issues and opportunities presents itself for those embracing technology, involving everything from business strategy to cybersecurity.

Revised legislation would exclude credit unions from Community Reinvestment Act requirements, but could make the National Credit Union Administration the de facto enforcer of how CUs meet the needs of underserved markets.

Mortgage brokers need to consider bringing their business into new locations to overcome limitations like competition and a finite number of possible customers.

Ginnie Mae could limit how much servicing income mortgage lenders can sell off through a transaction if they don't establish a minimum 25-basis-point spread at the portfolio level by next year.

Residential mortgage-backed securities servicers are better able to weather a downturn and the resulting loan defaults today versus before the crisis because of their investments in technology and regulatory compliance, Fitch Ratings said.

Ginnie Mae has restricted loanDepot's ability to securitize Veterans Affairs mortgages because of apparent churning of recent originations.

The same TILA-RESPA integrated disclosure errors continue to plague mortgage lenders, though those documents have been required for over three years, a report from MetaSource said.

New York State is providing additional funding to municipalities that will boost efforts regarding mortgage servicer compliance with the state and local vacant property laws.