The CFPB is seeking consumer comments on the mortgage closing process, specifically asking consumers to identify the key “pain points” associated with mortgage closing and how those pain points might by addressed by market innovations and technology. Specifically, the agency said it wanted comments on how to increase the use of technology and promote inventions that encourage a more streamlined mortgage closing process while also improving consumer knowledge. The agency said it is seeking information from market...

The CFPB and the Department of Justice are seeking $35 million in damages from PNC Bank to settle allegations that one of its acquisitions – National City Bank – discriminated against African Americans and Hispanic borrowers during the housing boom by charging them higher rates. The alleged activity took place between 2002 and 2008, the government said. PNC, though, did not buy National City until the fall of 2008, agreeing to pay roughly $5.8 billion for the bank. Based on their joint investigation, which began in 2011, the...

Subprime lender Citadel Loan Servicing began taking applications in July. So far, it has suffered no delinquencies.

Jeff Detwiler, president and chief operating officer of Long & Foster Companies, noted that that higher interest rates are playing a “big role” in the lower home sales realtors are seeing in the Washington DC metro area.

A spokesman for WJB told IMF that the lender/servicer may send out an additional 2,000 data breach notifications, pending the results of a computer forensic review.

The FHA reviewed 6,692 government-insured loans between July 1 and Sept. 30, 70 percent of which were home-purchase loans.

Through the first nine months of 2013, an estimated 22 percent of the $1.59 trillion in mortgages originated (including second liens) had non-agency execution.

The Department of Housing and Urban Development has delayed the implementation of a new requirement to assess the financial condition of borrowers seeking a Home Equity Conversion Mortgage loan, which was to take effect on Jan. 13. HUD’s decision to delay responds to an industry concern that the initial effective date does not give lenders sufficient time to customize appropriate software, hire and train new underwriters and complete other critical implementation tasks. It would take at least three months to do all these things, lenders said.

FHA and VA loans backing Ginnie Mae pools in 2013 showed an average mid-range FICO score of 693, lower debt-to-income ratio and an average loan size of $187,268, confirming strict underwriting in both government programs, according to an Inside FHA Lending analysis of Ginnie Mae loan-level disclosures. Issuers securitized $370.4 billion of mortgages with first payment date in 2013 through November. Loan characteristics exclude loans with no information reported.

FHA lenders will soon be adjusting to changes aimed at improving and streamlining the agency’s annual recertification process. Effective in April, the FHA will implement a series of system enhancements, including replacing its Lender Assessment Sub-System (LASS) with the Lender Electronic Assessment Portal (LEAP), formerly known as “HUD/FHA Lender Approval Files.”