When the CFPB assumed RESPA enforcement from HUD in July 2011, it pledged to apply its predecessor’s official commentary, guidance and policy statements until further notice, the brief argues.
Conventional conforming loans accounted for 60.3 percent of the 2014 mortgage market, according to an Inside Mortgage Finance analysis of 2014 Home Mortgage Disclosure Act data. Wells Fargo was the top HMDA lender last year with a 7.9 percent share of the market. HMDA originations include only retail and table-funded broker production and do not include correspondent acquisitions. Wells was the top conventional-conforming lender and the biggest jumbo producer. Quicken Loans was...[Includes one data table]
Mortgage lenders face a growing risk from cyberattacks from an increasingly sophisticated hacker universe, as well as more regulatory scrutiny over the issue, according to experts at this week’s annual convention of the Mortgage Bankers Association. “There is an arms bazaar of malware for sale in the market, with about 300 new programs – that we know about – being released every day,” said Roger Cressey, a partner at Liberty Group Ventures. The market has been turned into a business, with malware sellers forging service level agreements with their customers through which the buyer doesn’t have to pay if the product doesn’t result in a successful intrusion, he said. Because many hackers are more interested in stealing the target’s client information than crashing its system, the mortgage industry – which sits on mountains of personally identifiable information – is...
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