Enforcement

Many issues facing President-elect Trump and the 115th Congress will have far-reaching implications for the mortgage industry. Here's a look at five of those most pressing questions awaiting elected officials when they take office in January.

An index to SourceMedia's comprehensive election analysis for professionals in financial services, healthcare and technology, with coverage of more than 50 contests and ballot initiatives

U.S. Supreme Court justices signaled they may divide over the ability of cities to use the Fair Housing Act to sue banks for discriminatory lending practices that contribute to urban blight.

The California Department of Business Oversight imposed a fine on the Texas lender for violating restrictions on per-diem interest.

The Justice Department has widened its investigation of Fulton Financial’s mortgage lending practices to include four new units.

The regulator's settlement with Nomura is tied to the failures of two corporate credit unions, though Nomura did not admit fault as part of its settlement.

Mortgage brokers were among the companies that received the regulator's warning letters, but brokers are not required to report HMDA data — leading many to suspect mini-correspondents, which straddle the line between broker and lender, were the recipients.

The CFPB sent letters Thursday to 44 mortgage lenders and brokers warning them of potential reporting violations related to their mortgage lending activities — infractions the bureau is increasingly pushing lenders to take seriously.

Barclays is trying to draw a line at $2 billion in penalties to settle a U.S. investigation into its sale of mortgage securities after it received an opening offer that it considered too high.

Flagstar Bancorp's quarterly profit increased after a decline in the value of a 2012 legal settlement liability tied to its mortgage lending practices.

The Consumer Financial Protection Bureau will require underperforming servicers to document the technology and process changes they're making to implement the agency's recently released servicing regulations.

Moody's Corp. said federal officials are planning a lawsuit over its ratings of residential mortgage securities that critics contend were inflated to win business in the years leading up to the 2008 financial crisis.

A federal court appeals decision could theoretically mean that Comptroller of the Currency Thomas Curry now answers directly to Treasury Secretary Jack Lew, a significant break from the agency's history of independence.

In an election year dominated by controversy and big personalities, political contributions from the mortgage industry have remained muted, reflecting apathy and uncertainty toward Hillary Clinton and Donald Trump.

BancorpSouth in Tupelo, Miss., reported higher third-quarter earnings after net interest and fee revenue improved from a year earlier.

The Consumer Financial Protection Bureau decried an appeals court ruling last week that found its single-director structure unconstitutional, saying the opinion was "wrongly decided" and had "no basis in the text of the Constitution or in Supreme Court case law."

Franklin Codel, Wells Fargo's head of mortgage, will now oversee all consumer lending as part of a management shakeup that comes amid the bank's fake account scandal.

Companies weighing whether to reopen past settlements with the Consumer Financial Protection Bureau after a federal appeals court limited the agency's powers may want to think twice, according to industry experts.

Servicers have long skimped on technology investment, leaving legacy systems that can't keep pace with compliance demands. But rising costs and a new round of regulations are compelling both servicers and vendors to finally address these deficiencies.

The ramifications for a U.S. Court of Appeals decision against the CFPB’s constitutionality go far beyond just the agency’s independence, and may have consequences for other federal agencies with similar structures. The ruling may also hamper the CFPB's powers going forward, including its ability to retroactively apply new rules.