The Mortgage Bankers Association and other industry groups are strongly urging the Department of Labor to reconsider a proposed rule updating overtime regulations that currently exclude mortgage loan officers and certain categories of employees from overtime compensation. Officials reiterated the MBA’s position, which it clearly spelled out in a joint letter with other financial services trade groups in September last year objecting to the DOL’s proposed rulemaking regarding overtime exemptions for executive, administrative, professional, outside sales and computer employees. Among other things, the MBA, American Bankers Association, Independent Community Bankers of America, Financial Services Roundtable and The Clearing House cited...

“It is time to shrug off the naysaying consultants and lawyers who breed a culture of fear and hypothesized problems to hype their services,” Cordray added.

Fairholme is feeling the heat from investors over poor performance, with Berkowitz noting the fund’s returns have “put us in the dog house.”

Meanwhile, Fairholme’s case against the government is still pending and Berkowitz said from a legal standpoint, “We’re getting closer to the finish line…”

Roughly 88 percent of lenders plan to grow their origination business this year, and many – 67 percent – will either increase the number of retail branches or add loan officers.

Schilling cites a 2009 amendment to the DOJ’s FCA policy that expanded the boundaries of where it can be applied. He said now a claim can include a request for money made to a recipient of government funds.

Several groups of traditional insurance companies have substantially increased their borrowing capacity from the FHLB system as well.

Currently, employers are required to pay overtime for all employees who make $23,660 or less annually.

BofA said it has no plans to further reduce its involvement in FHA lending.

Comments from real estate agents across the country are largely negative regarding the CFPB’s integrated disclosure rule known as TRID, according to the latest HousingPulse survey sponsored by Inside Mortgage Finance Publications. However, the data suggest a nuanced interpretation is necessary, as the damage from TRID is far from universal. For instance, the data collected in January represent the first time since TRID took effect that the share of on-time closings has diverged between FHA loans and Fannie Mae/Freddie Mac loans. That suggests TRID isn’t necessarily the sole culprit causing delays. If TRID was a major problem, loan types across the board would likely have a lower share of on-time closings. The survey also revealed that more than half of ...