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.

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…”

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.

A smart political move? Ocwen's board now includes former officials from the U.S. Treasury and FHA.

The TRID error problem is not going away, at least not yet...

The shareholders demanded that a planned large acquisition of single-family homes by Altisource be halted...

Shrinkage? Thanks to the CSP, changes in reps and warrants, cyber security and more, Freddie Mac continues to hire new workers...

Bill Erbey controls blocks of Ocwen's stock in his own name, but also through limited partnerships and limited liability corporations.