Law and regulation

WASHINGTON — The Consumer Financial Protection Bureau took action Thursday against three mortgage companies that, authorities say, falsely implied affiliation with the U.S. government.

GOP lawmakers on Wednesday harshly criticized the Federal Housing Administration's recent move to lower insurance premiums, saying it violates the law and will be used to entice borrowers into predatory loans.

Sporting a black eye he got while playing basketball, CFPB Director Richard Cordray opened up to credit union executives about another dust-up — the decision to ease qualified mortgage restrictions for small and rural lenders.

The Qualified Mortgage rule, as well as increased scrutiny and more frequent auditing by regulatory agencies, has required lenders to embrace quality control to a far greater degree.

NewDay Financial has agreed to a $2 million fine after the Consumer Financial Protection Bureau alleged that the mortgage lender engaged in an improper kickback scheme and used deceptive marketing tactics targeted at veterans.

Former Congressman Barney Frank, co-author of the Dodd-Frank Wall Street Reform Act, is not opposed to changes in the eponymous legislation, but in some cases he thinks the rules should be tightened, rather than loosened.

The Consumer Financial Protection Bureau is raising concerns about the transparency and clarity of reverse mortgages based on more than a thousand complaints it received about the product.

As the New Jersey Supreme Court considers whether to intervene in the Christie administration's regulation of affordable housing, the case has brought into focus a debate over the need for such housing among low- and moderate-income residents.

Ocwen Financial Corp., which agreed with regulators in December to improve its mortgage servicing, sent Nathan Fitzgerald a notice saying his loan was in default. If he didn't send a $2,266 check immediately, Ocwen said, it would foreclose on him.

Protests by community groups and now a public hearing threaten to delay the completion of CIT's acquisition of OneWest Bank. The deal will probably get approved, and it might not get delayed too long, but all those "probablys" and "mights" are what make the proponents of more big M&A queasy.

The relationship a loan officer took several months to cultivate can be destroyed by your servicing area in just 10 minutes, affecting potential referrals or future business. Here are a few ways you can avoid that.

One of the first housing-related items on the budget is continued support for industry regulation, in general, and the CFPB, in particular.

The expiration of the federal Protecting Tenants at Foreclosure Act leaves servicers dealing with a patchwork of state laws and investor rules, while renters living in REO properties are at a greater risk of eviction.

You can get a jump on taking preventive and proactive measures against defaults in order to mitigate risk and retain portfolio assets. Here's how.

In an interview, FHFA Director Mel Watt said there needs to be greater clarity to ensure some entities aren't taking improper advantage of Federal Home Loan Bank membership.

Fannie Mae and Freddie Mac's overseer wants to allow debt cuts for a narrow group of borrowers who owe more than their homes are worth.

The outcome of Bruce Berkowitz's tussle with the U.S. government over the profits from Fannie Mae and Freddie Mac may depend on two women: federal claims court Judge Margaret Sweeney and Sen. Elizabeth Warren.

Accurate data is critical in the mortgage business. Yet, we often forget exactly how much data goes into every loan file, and that the amount of data continues to grow every year.

The Federal Housing Administration's new foreclosure relief options for nonborrowing spouses of reverse mortgage customers will increase loan servicers' costs, and some question how many consumers they will actually help.

Efforts by investors in the government-sponsored enterprises to find a more friendly court to challenge the government's management of Fannie Mae and Freddie Mac fell flat in Iowa.