Many stakeholders are still in the dark with unanswered questions despite efforts by senior staff attorneys of the Federal Reserve to explain the complex provisions and issues arising from a final rule on loan originator compensation. Paul Mondor and Nikita Pastor, attorneys with the Fed’s Consumer and Community Affairs Division, which wrote...

The mortgage industry scored a victory recently after a Michigan jury issued a unanimous verdict for Quicken Loans in an overtime lawsuit that has been pending since May 2004. The jury in Henry v. Quicken Loans vindicated the lender after finding that the company had fully complied...

The largest states in terms of FHA mortgage volume accounted for more than half of total FHA lending in 2010, boosted by a surge in purchase lending. The top 10 states in FHA origination volume last year held a 52.4 percent market share, up from 49.6 percent in 2009 and 48.8 percent in 2008, according...[Includes one data chart]

Similar lawsuits seeking to stop the implementation and enforcement of the Federal Reserve’s final rule prohibiting certain payments to mortgage loan originators (MLO) have been filed in federal district court in Washington, DC. In recent filings, the National Association of Mortgage Brokers and the National Association of Independent Housing Professionals sought...

Having different compensation formulas with different wholesale lenders could expose an honest mortgage broker to charges of illegal steering under the Federal Reserve’s loan originator compensation rule taking effect April 1. The California Association of Mortgage Professionals warned...

A coalition of mortgage lenders and homebuilders has asked the Federal Reserve Board to make compliance with two interim rules implementing the Mortgage Disclosure Improvement Act optional. The rules are intended to clarify previously issued regulations requiring mortgage lenders to disclose...

A West Virginia judge has ordered Quicken Loans to pay a 45-year old licensed practical nurse and her adult disabled daughter more than $2.7 million in punitive damages and legal costs after finding the lender guilty of fraudulent and deceptive mortgage lending practices. In a Feb. 17 decision, Judge Arthur Recht of the Circuit Court of Ohio County, WV, concluded...

The compensation formula that will most likely be used by mortgage loan originators to comply with the Federal Reserve’s final rule is a percentage of the loan-funded balance with a minimum floor, according to the California Association of Mortgage Professionals. In an analysis of the rule, the CAMP said MLOs will most likely choose...

The Federal Reserve Board has issued a final rule and sought comment on a proposed rule to revise escrow requirements for first-lien jumbo mortgage loans and first-lien, higher-priced mortgages, respectively. The changes to Regulation Z, which implements...

Florida. State Attorney General Pam Bondi has launched a civil investigation into the foreclosure practices of a Ft. Lauderdale law firm shortly after Fannie Mae quit sending business to the firm. Ben-Ezra & Katz and its principals, Marc Ben-Ezra and Marvin Katz, are...