Fannie Mae reported Tuesday that the GSE issued $10.4 billion of multifamily MBS in the first quarter of 2015, primarily through its delegated underwriting and servicing program.
In another display of multijurisdictional cooperation, the CFPB and the Maryland Attorney General last week brought an enforcement action against a Maryland-based title company and its executives, alleging they participated in a mortgage kickback scheme, trading cash and marketing services in exchange for referrals. The complaint names Genuine Title, LLC, as well as Jay Zukerberg, Brandon Glickstein, Gary Klopp, Adam Mandelberg, William Peterson, and Angela Pobletts, along with a number of limited-liability companies controlled by certain defendants. The CFPB and Maryland allege that Zukerberg and Glickstein developed and operated schemes to give loan officers marketing services and cash payments in exchange for referrals of title work. The kickback schemes violated the Real Estate Settlement Procedures Act, which prohibits giving a ...
The mortgage industry has just under 100 days until the do-or-die deadline of August 1 kicks in for compliance with the CFPB’s integrated disclosure rule under the Truth in Lending Act and the Real Estate Settlement Procedures Act, otherwise known as the TRID. And as the new lending environment approaches, industry anxieties are getting stronger and more specific in nature. “The primary concerns that I am hearing are about the inability to reset the fee tolerances when the closing date is significantly delayed, which many fear will require lenders to start over and scuttle closings, and the lack of guidance for wholesale lenders who work with brokers,” said Benjamin Olson, counsel in the Washington, DC, office of the BuckleySandler law ...
David Silberman, associate director of research, markets and regulations at the CFPB, told members of Congress recently that the bureau will continue to work with the mortgage industry as it implements and adapts to the pending integrated disclosure rule under the Truth in Lending Act and the Real Estate Settlement and Procedures Act. “The bureau’s work supporting implementation of the integrated disclosure rule does not end with the effective date of the integrated disclosure rule,” Silberman told the House Financial Services Subcommittee on Financial Institutions and Consumer Credit recently. “We expect to continue working with industry, consumers, and other stakeholders to answer questions, provide guidance, and evaluate any issues industry and consumers experience as the integrated disclosure rule is implemented.” ...
The Community Home Lenders Association recently sent a letter to CFPB Director Richard Cordray, asking the bureau to require consumer disclosures on each mortgage loan that indicate whether the mortgage loan originator working on that loan is licensed. Such disclosures also should show whether the MLO has passed the SAFE Act test, and has completed an independent background check and SAFE Act approved pre-licensing and continuing education courses. CHLA also recommended that consumers be told if their loan originator previously failed (and never passed) the SAFE Act test or has ever been denied a state license because they failed a background check. “The CFPB is carrying out its ‘Know Before You Owe’ initiative, to improve consumer understanding and mortgage disclosures” ...
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