Browse articles from all of our Newsletters related to State Regulators.
March 3, 2014 - Inside the CFPB
The Dodd-Frank Wall Street Reform and Consumer Protection Act is proving to be a burden to small banks throughout the country and threatens to cut off a variety of product offerings for many of the borrowers they serve, according to a new study by George Mason University's Mercatus Center. "Our initial analysis suggests that Dodd-Frank is having significant effects on small banks and their customers. A large majority of small banks view Dodd-Frank as more burdensome than the Bank Secrecy Act, a regulatory regime that banks widely regard as very burdensome," said the study, which was prepared by a trio of academics, including senior research fellow Hester Peirce, former senior counsel to Sen. Richard Shelby, R-AL, on the Senate Banking, Housing and Urban Affairs Committee.
February 28, 2014 - Inside Nonconforming Markets
Officials at Nationstar Mortgage, Ocwen Financial and Walter Investment Management all stressed this week that their servicing efforts align with what regulators want as well as with the interests of investors in non-agency mortgage-backed securities. The servicers also suggest that while new scrutiny on their practices could extend the amount of time it takes to complete servicing transfers, there is still plenty of business to be done. William Erbey, Ocwen's chairman, said he agreed with ...
February 28, 2014 - Inside Nonconforming Markets
Nonbank servicers are receiving increased attention from state regulators, the Consumer Financial Protection Bureau and members of Congress. Ocwen Financial is at the center of the storm as its planned acquisition of mortgage servicing rights from Wells Fargo on loans with an unpaid principal balance of $39.2 billion is on "indefinite hold" due to a request from New York's Department of Financial Services. Ben Lawsky, superintendent of the NYDFS, has focused on ...
February 21, 2014 - Inside Mortgage Trends
State regulators are trying to take the National Mortgage Licensing System mortgage call report to the next level in terms of analytical capability. If the vendor side of the industry has its way, this will be accomplished in a manner that relies on the latest in technology to make the compliance process easier for lenders and report users. As the annual NMLS conference in Miami was winding down late this week, the Conference of State Bank Supervisors was, as of press time, set to convene a panel of ...
February 20, 2014 - Inside Mortgage Finance
Some of the largest servicers could be violating fair-lending laws, according to an analysis by a the Government Accountability Office, while an alphabet soup of federal regulators overseeing fair lending issues appears to be treating servicing concerns like a hot potato. In a report issued late last week, the GAO said its analysis of loan-level data for the four largest servicers participating in the Home Affordable Modification Program suggests that there are fair-lending concerns that merit further examination. While the GAO didnt identify the servicers, the four largest HAMP servicers are Ocwen Loan Servicing, Wells Fargo, JPMorgan Chase and Bank of America, according to the Treasury. The GAO found...
January 31, 2014 - Inside FHA Lending
VA Lenders Compliance with CFPBs Ability-to-Repay and Qualified Mortgage Rules. Until the Department of Veterans Affairs rule on ATR/QM is in place, all VA lenders must comply with the requirements of the Truth in Lending Act, as established by the Consumer Financial Protection Bureaus ATR/QM rule, according to a recent agency guideline. VA will continue to guarantee all loans made in compliance with existing VA requirements, regardless of their QM status, the agency clarified. It urged lenders to refer to the CFPB guidance to ensure all their VA loans are ...
January 31, 2014 - Inside MBS & ABS
Federal prosecutors have been successful in defending their use of the Financial Institutions Reform, Recovery and Enforcement Act of 1989 in pursuing mortgage-related securities fraud and will continue to use the statute aggressively in enforcement actions barring any adverse court action, according to industry compliance experts. Only a handful of FIRREA cases were filed in the first 20 years after enactment of the statute, mostly simple fraud cases. In the last two years, however, the government has aggressively used FIRREA and the False Claims Act to target financial institutions for activities related to the origination, rating, securitization and servicing of residential mortgages. Of the two statutes, the government has pushed...
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