Law and regulation

Responding to reports that mortgage lenders and servicers are accepting insurance tracking services from unaffiliated insurance producers, the New York Department of Financial Services is warning all parties involved that this practice is illegal in New York.

Federal regulators have agreed to exempt all single-family loans that meet the underwriting standards of the qualified mortgage rule from the 5% risk retention requirements mandated by a newly proposed qualified mortgage rule.

An executive at Calvert Financial in Ashland, Mo., has admitted to using funds from the Troubled Asset Relief Program to buy a luxury condominium.

The federal regulator of Fannie Mae and Freddie Mac is seeking at least $6 billion from JPMorgan Chase to settle a lawsuit over soured mortgage bonds sold to the government-sponsored enterprises.

The concern is that vendors are overbilling borrowers and servicers are not properly monitoring the vendors.

Bank of America must face a trial next month in a lawsuit alleging the bank’s Countrywide unit defrauded Fannie Mae and Freddie Mac by selling them billions of dollars in bad mortgages.

At least in Florida some are seeing a surprise benefit from new regulations—growth in the mortgage broker industry.

The New York attorney general has filed a lawsuit against real estate mogul Donald Trump, Trump University and its former president for engaging “in persistent fraudulent, illegal and deceptive conduct.”

The American Bankers Association is warning regulators that many banks will not be able to meet the January effective date for the qualified mortgage rule.

The housing industry is stepping up behind-the-scenes lobbying to alter the housing finance bill sponsored by Rep. Jeb Hensarling and perhaps kill the legislation entirely.

Ohio is in dire need for new policies that improve the foreclosure process and promote job growth so the state’s housing and economic recovery takes hold.

Nonaffiliated title companies are gearing up for the possibility of increased business as a result of new qualified mortgage rules the Consumer Financial Protection Bureau plans to put into place early next year.

The California Homeowner Bill of Rights and similar types of regulation issues in other states are affecting recovery efforts because these rules favor the borrower by protecting them if they are at-risk of foreclosure.

One hurricane recovery expert said, however, that the report fell short.

It has become easier for the Consumer Financial Protection Bureau to recruit personnel now that the Senate has confirmed director Richard Cordray.

Add First Horizon National and SunTrust Banks to the growing list of banks facing another potential mortgage-related headache.

Michael Deery does a lot of writing, both for traditional and social media outlets, and is successful in attracting customers.

EverBank Financial Corp. will make $37 million in cash payments to past mortgage borrowers to settle claims it improperly handled foreclosures.

We're hearing the housing market is supposed to be on a tear.

The Department of Housing and Urban Development is charging a lender and mortgage broker with allegedly discriminating against a couple with disabilities who were attempting to refinance.