Mortgage servicers appeared to have received some protections in November when amendments to the Telephone Consumer Protection Act were signed into law. However, the rule proposed by the Federal Communications Commission to implement the amendments contravenes the law, according to one FCC commissioner. The TCPA allows for one errant call to a cell phone number that hasn’t provided consent before liabilities under the law are triggered. The Bipartisan Budget Act of 2015 amended...

Ten trade organizations and community groups this week sent a letter to FHFA Director Mel Watt imploring him to suspend the quarterly GSE dividend paid to the Treasury Department...

However, another industry participant noted: “It is our understanding that the TRID compliance exams have begun..."

Many cite compliance spending, in particular the hiring of attorneys, for the increase in costs.

Fannie Mae’s Robert Schaefer said there is a “high probability” the mortgage giant will be part of an MI transaction later this year that addresses the “pain points” the GSE sees in the deeper MI concept.

In 1Q, TMS/Endeavor table-funded roughly $1.8 billion in loans, ranking 13th nationwide in that category, according to figures compiled by Inside Mortgage Finance.

Are "fintech" firms spending enough money on mortgage compliance?

Maybe it’s just a matter of semantics. But mortgage lending trade group officials, industry attorneys and compliance professionals seem to be sending mixed signals as to whether the CFPB is now examining lenders for compliance with the controversial integrated disclosure rule, TRID. Rod Alba, senior vice president of mortgage markets, financial management and public policy for the American Bankers Association, told Inside the CFPB that his organization is not hearing that the bureau has started TRID compliance reviews. “Although our members report that examiners are inquiring about TRID implementations, and may be looking at one or another disclosure packet, they are generally assuring that the bank is engaged in active TRID implementation and trouble-shooting,” Alba said. “The banks we heard ...

One of the biggest red flags that will bring CFPB examiners charging in a lender’s direction is the level of consumer criticisms lodged against a company, especially if the number of such gripes is disproportionately large, a top industry attorney reminded the industry recently. Addressing attendees earlier this month during a webinar sponsored by Inside Mortgage Finance, a sibling publication, Michelle Rogers, a partner in the BuckleySandler law firm office in Washington, DC, said, “If your complaints are anomalous in that they’re much higher than others in your industry – peers, folks of your size – you are more likely to get an exam than others. And so you want to make sure that you’re mitigating or addressing those issues.” And those ...

There was a significant increase last year in the number of coordinated examinations of non-bank financial services companies between the CFPB and state banking regulators. The number of such exams rose from nine in 2014 to 16 in 2015, the State Coordinating Committee of the Conference of State Bank Supervisors reported recently in its annual report. Examinations that are scheduled between the SCC and the CFPB are performed simultaneously between state regulators and the CFPB. The examinations involve coordinated planning, shared resources, concurrent onsite visits, and sharing of confidential and non-confidential supervisory information, including findings and reports of exam. The SCC also indicated there was “an expansion into new industry types as the CFPB established additional supervision authority by rule.” ...