The Financial Services Roundtable has circulated a draft letter commenting on the Securities and Exchange Commission’s study on the possible standardization of credit ratings terminology. The Roundtable said it believes the SEC should continue to allow credit rating agencies to use...
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…
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...
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...
House Republican leaders have started to make good on a post-election promise to deconstruct the Bureau of Consumer Financial Protection. Rep. Randy Neugebauer, R-TX, chairman of the House Financial Services Subcommittee on Oversight and Investigations, has requested...
The Bureau of Consumer Financial Protection is expected to hire a private firm to develop a new, simplified form integrating mortgage disclosures required under the Real Estate Settlement Procedures Act and the Truth in Lending Act. About 80 percent of disclosures mandated by both TILA and RESPA will be whittled...
Federal Housing Administration Anti-Flipping Waiver Extended. The FHA has extended its temporary anti-flipping waiver to hasten the resale of foreclosed homes in neighborhoods with high foreclosure rates. With certain exceptions, current FHA regulation prohibits insuring a mortgage on a home owned by the seller for less than 90 days. Early last year, the FHA temporarily set...
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]
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