Chuck Cross of the Conference of State Bank Supervisors said the new eligibility standards jointly issued by the Federal Housing Finance Agency and Ginnie Mae for nonbank mortgage companies could spur updates to harmonize model standards for states.

The legislation would have allowed for foreclosed property auctions only after trustees carried out an equity sale on the property.

The Massachusetts Attorney General’s Office settled with the Chicago-based servicer, levying the penalty mostly through principal forgiveness.

The first two states to adopt the CSBS’ model standards for nonbank mortgage servicers diverged in some ways from the model.

Kaitlyn Cherry, licensing director and corporate counsel at Guild Mortgage, called for the creation of a temporary authority sponsorship acceptance period, among other improvements.

In an interpretive rule, the CFPB affirmed states’ ability to enforce fair credit reporting laws that reflect challenges and risks affecting their local economies and residents.

Monthly mortgage statements that contain language suggesting they are attempts to induce payment on a debt can be construed as a debt-related communication under the Fair Debt Collections Practices Act.

While affirming a district court ruling against CashCall, a three-judge panel of the Ninth Circuit Court of Appeals said the California-based lender’s behavior was reckless and justified higher penalties.

The appeals court found that an injunction against a former loan officer meant to enforce restrictive covenants was too vague, overbroad and improperly granted.

A new law will make it easier for Georgia mortgage lenders and brokers to hire former felons for work on out-of-state loans as long as the employee is located outside the state.