The license for the new mortgage lending company of Michael Strauss, the former president of now-shuttered Sprout Mortgage, has been suspended by the Illinois Department of Financial and Professional Regulation.

Apollo isn’t buying Select Portfolio Servicing from Credit Suisse; FHA seeking suggestions for changes to rehabilitation program; Hsieh’s fishing dream; mortgage fraudster sentenced to 10 years in prison.

The industry believes a DTI-based LLPA will create quality-control issues for lenders and raise prices for minority and first-time homebuyers.

Ruling in a redlining case filed by the CFPB against a nonbank mortgage lender, a district court judge said Equal Credit Opportunity Act prohibitions do not extend to prospective applicants.

Patrick McHenry, R-NC, new chair of the House Financial Services Committee, is viewed as a consensus-maker. But will his politics make it difficult to find common ground with the White House and Senate?

The National Consumer Law Center has called for flexibility in FHA’s property charge loss-mitigation policies, among other changes.

The TILA-RESPA Integrated Disclosure rules require mortgage lenders to disclose prices within three days of an application. But to do so they have to rely on frequently faulty income and debt information.

Servicers of FHA-insured loans have until April 30 to implement the revised loss-mitigation program.

Upfront fees will decline for most low-income borrowers, but will increase for some middle-income homebuyers. The result is more cross-subsidy for the GSEs’ mission-based activities.

The first-ever open hearing of the Appraisal Subcommittee saw calls for structural reforms to the industry, changes to methodology and increased disclosures to consumers regarding reconsideration of value.