The U.S. Bankruptcy Trustee, which is part of the Department of Justice, is seeking authority from a Connecticut bankruptcy court to investigate apparent document forgeries and fabrications that appeared mysteriously in a foreclosure case. Tracy Hope Davis, U.S. Trustee for Region 2, has filed...
Any rule that threatens compensation in the mortgage business is likely to generate much attention – and a lot of questions. Compliance experts Kris Kully, of counsel with K&L Gates, Richard Andreano, a partner with Patton Boggs, and David Hay, vice president and associate general counsel of SunTrust Mortgage, had their hands full as they fielded...
Property owners whose lien subordination requests were denied because they chose to refinance with another lender are seeking class status in a lawsuit against their primary lender, PNC Bank. Although the proper defendant is PNC Bank, the complaint refers to the actions of National City Bank, which PNC acquired...
As the implementation date of the Federal Reserve’s final rule on mortgage loan originator (LO) compensation nears, creditors, loan officers, mortgage brokers and loan correspondents are concerned about how the rule will affect their business and their wallets. They realize...
The Federal Reserve will likely set aside proposed revisions of Truth in Lending Act regulations, including borrowers’ right to rescind flawed mortgage loans, until the Bureau of Consumer Financial Protection is fully operational and has completed integrating disclosures under TILA and the Real Estate Settlement Procedures Act. Leonard Chanin, deputy director of the Federal Reserve Board’s Division of Consumer and Community Affairs, reportedly told attorneys at a meeting in Naples, FL, that the Fed is suspending…
California remained the biggest source of new single-family mortgages for Fannie Mae and Freddie Mac during 2010, according to a new special report, GSE Market Profile: 2010, from Inside Mortgage Finance Publications. A total of $223.7 billion of home loans on California properties were securitized by the two GSEs, accounting for... [Includes one data chart]
Faced with their toughest challenges, mortgage servicers must realign and strengthen their quality and risk control if they are to survive the current crisis and thrive in the future, according to a recent analysis of the servicing industry by PricewaterhouseCoopers. Soon, oversight of the mortgage servicing industry will be...
Rep. Michelle Bachmann, R-MN, has introduced new legislation, H.R. 87, to repeal the Dodd-Frank Wall Street Reform and Consumer Protection Act, which she described as a “job-killing financial regulatory bill.” Bachmann introduced...
Rhode Island. The state Department of Business Regulation has delayed the implementation of new statutory requirements for mortgage loan originators regarding surety bonds and minimum net worth. Implementing regulations (Banking Regulation 6) would have taken effect on Jan. 18. The department said...
Department of the Treasury BCFP, CSBS Agrees on Coordinated Regulation of Consumer Lenders. Government officials in charge of setting up the Bureau of Consumer Financial Protection have signed an agreement with the Conference of State Bank Supervisors on a framework for cooperation and coordination...
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