Mortgage lenders soon will be facing higher civil monetary penalties that may be imposed by federal agencies for violations of various lending, servicing and consumer financial protection laws and regulations, warned industry attorneys. As part of the budget bill signed into law last year, the Federal Civil Penalties Inflation Adjustment Act (FCPIAA) requires federal agencies to adjust the civil penalty amounts they charge for inflation by July 1, 2016. This will be followed be regular adjustments by January 15 of every year. The adjustments must be...
Two appraiser trade groups raised concerns this week that federal banking regulators are re-interpreting longstanding policy to exempt most of the mortgage market from appraisal rules. The American Society of Appraisers and the National Association of Independent Fee Appraisers published a white paper and wrote to leaders in Congress detailing positions taken by federal regulators regarding the application of appraisal standards included in the Financial Institutions Reform, Recovery and Enforcement Act. Federal regulators are...
One trend that appears to be gaining momentum is the increased use of call centers and loan officers working at such shops who are compensated at lower commission rates…
Fannie Mae recently provided sellers with a little more guidance on its expectations related to lender self-reporting of errors in complying with the CFPB’s new disclosure regime under the Truth in Lending Act and the Real Estate Settlement Procedures Act.
The 11th annual Xerox Path to Paperless Survey finds what appears to be an accelerated pace toward making the paperless mortgage a reality. And the CFPB’s integrated disclosure rule known as TRID is apparently helping.
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