In March 2010, the U.S. Department of Labor’s Wage and Hour Division issued Administrator’s Interpretation (AI) No. 2010-1, an analysis which found that mortgage loan officers do not fall under the scope of the administrative exemption from overtime pay and therefore should be...

Mortgage servicers could find themselves under federal supervision in the future as a push for nationwide mortgage servicing standards gained momentum among industry participants, academics, state regulators and the Obama administration. In recent joint comments to federal regulators, academics and mortgage industry experts called...

Two states that have suffered a great deal from the foreclosure crisis, Arizona and Nevada, on the same day filed lawsuits against Bank of America – the subject of numerous investor lawsuits and state and federal investigations into its mortgage servicing practices. Attorneys general in every state are...

Illinois. Brent Adams, secretary of the Illinois Department of Financial and Professional Regulation has issued a nine-point “affidavit-preparation expectations” plan to fix the sloppy foreclosures in the state. The plan was prepared...

Department of the Treasury BCFP Senior Executives Named. The Treasury Department announced Dec. 15 three more senior executives hired to implement the fledgling Bureau of Consumer Financial Protection. They include Richard Cordray, currently Ohio’s attorney general, who was named...

CoreLogic’s Fraud Index estimates fraud losses for 2010 to be $11 billion, down from $14 billion in 2009. While the probable rate of fraud has increased by 20 percent due to highly risky government loan programs, actual fraud losses are lower because origination volume is...

Legislation has been signed into law in New York that requires mortgage lenders that lose in a mortgage foreclosure action to pay the borrower’s legal fees. The new amendment to the state’s Real Property Law, Section 282, applies solely to residential real property, according to Bruce Bergman, a foreclosure attorney and a partner with the New York law firm Berkman, Henoch, Peterson, Peddy & Fenchel. The provision covers...

Conference of State Bank Supervisors. The Nationwide Mortgage Licensing System and Registry has begun processing credit histories for individual mortgage loan originators (MLOs), according to the CSBS. Also effective on Nov. 1, all licensed residential MLOs participating in the NMLSR must complete...

The share of homeowners late on their mortgage payments fell sharply in the first quarter of 2007, but the downturn appears based on seasonal factors as default rates remain well above year-ago levels.According to the Inside Mortgage Finance... [Includes two charts]

Mortgage delinquency rates jumped higher in the fourth quarter because of a variety of factors, not the least of which was the economic upheaval caused by severe hurricanes in the Gulf Coast. Large mortgage servicers reported a weighted-average overall delinquency rate of 3.52 percent as of the end of last year, according to the Inside Mortgage Finance quarterly lender survey. That was up 27 basis points from the average 3.25 percent rate reported in the… [One data table included]