Mortgage lenders are supporting proposed federal curbs on consumers’ right to rescind an illegal loan but consumer groups and state enforcement officials say loss of this legal weapon could weaken protections against abusive practices. A broad coalition of consumer and civil rights groups, state and local legal services providers, and public interest attorneys strongly urged...

Compliance experts see 2011 as a watershed year for the mortgage industry as it enters a new phase of financial regulation never before experienced by loan originators, mortgage servicers and other industry participants. The year begins...

The Federal Reserve Board staff’s verbal interpretation of the loan originator compensation rule is greatly appreciated but mortgage lenders would rather have those opinions and advice in writing, according to the Mortgage Bankers Association. Meetings between members and officials of the MBA and Fed staff regarding...

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]

Legal experts say the damaging consumer abuse lawsuits that have tainted the subprime mortgage market are increasingly becoming a concern for securities issuers and other secondary market participants as plaintiff attorneys press their manhunt for deep pockets. Speakers at this week’s National Secondary Market Conference, held in Chicago by the Mortgage Bankers Association of America, said the growing liability problems are also beginning to