Law and regulation

Banks want all loans held in portfolio to be classified as ultrasafe regardless of the underwriting characteristics or of a bank's asset size. But consumer activists and independent mortgage lenders are raising red flags ahead of possible Senate Banking action.

Ellie Mae reported net income of $3.6 million for the first quarter, up 350% from the same period a year ago.

WASHINGTON — Federal banking regulators are putting pressure on a dozen or more states to begin regulating appraisal management companies within their borders.

The SAFE Transitional License Act would allow registered lending officers to work at independent mortgage banks for 120 days while they complete state testing and licensing requirements.

Fannie Mae and Freddie Mac could require an additional bailout of as much as $157.3 billion in a deep recession, according to the results of stress tests released by the regulator for the U.S.-owned companies.

Housing and the mortgage industry are every bit as important to the U.S. as the national transportation or healthcare systems.

A mortgage title company and a handful of individuals are being sued by the Consumer Financial Protection Bureau and Maryland Attorney General related to an alleged mortgage kickback scheme with banks such as Wells Fargo and JPMorgan Chase.

A House subcommittee approved a bill Wednesday that would redirect money from an affordable housing fund that receives money from Fannie Mae and Freddie Mac into another program run by HUD.

New York Gov. Andrew Cuomo and New York Superintendent of Financial Services Benjamin Lawsky today proposed new regulations for the title insurance industry, including restrictions on meal and entertainment expenses.

WASHINGTON — Senate Banking Committee Chairman Richard Shelby offered a few hints Wednesday about what bankers might be able to expect from pending regulatory relief legislation due next month.

When insensitive consumer policies are implemented the result can be a costly compliance violation.

In another escalation of Quicken Loans' ongoing clash with the government, the Department of Justice on Thursday filed a lawsuit alleging shoddy underwriting by the company.

Judging by the help-wanted notice that Loretta Lynch posted last year, the freshly confirmed U.S. Attorney General intends to pick up where her predecessor left off and make lenders pay for their role in the subprime crisis.

The Federal Housing Finance Agency is sticking to its schedule and moving quickly to finalize proposed financial requirements for nonbank firms that service Fannie Mae and Freddie Mac loans.

Private-equity funds and hedge fund players have become more active buyers of mortgage-servicing rights as traditional investors withdraw from the market.

Demographic, cultural and technological changes will reshape customer service in the mortgage business over the next 30 years, a Wells Fargo executive said.

Bill Emerson, chief executive of Quicken Loans, said at a recent conference that the threat of government probes and a lack of regulatory clarity are making FHA lending less attractive.

The Consumer Financial Protection Bureau's enforcement attorneys have pulled back on new investigations in order to clear out a slew of pending cases, according to multiple current and former officials at the agency.

Federal Housing Finance Agency Director Mel Watt just made one of the biggest policy decisions of his 14-month tenure — but so far it has hardly caused a ripple on Capitol Hill.

Rep. Patrick McHenry said Democrats' resistance to passing certain regulatory relief measures is due to a leftward shift.