Enforcement

The Consumer Financial Protection Database might be unfair to the financial services industry, but the information it holds for lenders and servicers can help them manage customer service and avoid costly litigation.

Mortgage servicer Ocwen Financial failed four servicing tests in the second half of 2014. Joseph A. Smith Jr., the monitor of the $25 billion national mortgage settlement, said the Atlanta servicer was “beginning to show progress” in complying with terms of the 2012 agreement.

The head of the Consumer Financial Protection Bureau warned software vendors that they face new scrutiny from regulators for causing mortgage lenders to miss the TRID-compliance deadline. He was vague about how far the CFPB might go, but many in the industry are prone to fear the worst.

In addition to staying on top of the day-to-day requirements of TRID, lenders must also avoid big-picture mistakes that could disrupt their compliance

The Internal Revenue Service has stamped an approval on Bank of America Corp.'s $8.5 billion settlement tied to bad mortgages sold by its Countrywide unit in the run-up to the financial crisis, possibly setting a standard for agreements with other lenders.

The nonprofit behind McGruff the Crime Dog has designated mortgage fraudsters as its next target.

A lender backed by private equity firm Lone Star Funds is under scrutiny by New York Attorney General Eric Schneiderman amid union allegations it may be using predatory practices in its mortgage business.

Bank of America is getting some more mileage out of its Supreme Court victory in June.

Fifth Third Bancorp has agreed to pay nearly $85 million to settle fraud charges related to undisclosed defective Federal Housing Administration-insured loans.

The Justice Department said that members of the military whose properties were wrongfully foreclosed are eligible to receive a total of $311 million in compensation from five large mortgage servicers.

The Mortgage Bankers Association is disappointed that the Consumer Financial Protection Bureau has not provided an explicit temporary safe harbor for lenders who have made a good-faith effort to implement new disclosures.

Rebecca Mairone scarcely deserves a mention in the annals of finance, except for this: She's the only executive of a major U.S. mortgage lender found liable for her part in the 2008 financial crisis.

WASHINGTON — Federal examiners will expect institutions to show that they made a "good faith" effort in preparing for the implementation of the new integrated mortgage disclosures that go into effect on Oct. 3, regulators said in letters sent to industry groups on Thursday.

JPMorgan Chase has paid off $3.56 billion of the $4 billion it owes in consumer relief credit as part of a 2013 settlement over marred mortgage-backed securities issued before the crisis.

A handful of moderate Democrats are supporting a controversial bill to restructure the Consumer Financial Protection Bureau, and are expected to help the House Financial Services Committee approve the legislation.

If the Consumer Financial Protection Bureau provides lenders with a hold harmless period, it must also include protections to keep lenders from facing future lawsuits related to TILA-RESPA Integrated Disclosures compliance.

The Federal Reserve Board has approved the merger of M&T Bank and Hudson City Bancorp after more than three years of delay. The approval came on the day the regulator had set as a deadline to announce its verdict on the deal.

U.S. Attorney General Benjamin B. Wagner announced Thursday the arrest of three leaders of Shon-Te-East-A, an organization that eliminates practitioners' spiritually cumbersome mortgage debt.

Benjamin Solomon, Deutsche Bank AG's former global head of securitized-product trading, accused the company in a lawsuit of firing him on frivolous and unjust grounds amid an industry focus on supervisors’ responsibilities.

The Securities and Exchange Commission has settled with Thomas Lund, the former head of Fannie Mae's single-family lending unit, for $10,000, according to news reports.