The MBA warned that given the current market and regulatory pressures in the mortgage industry, the increased cost of compliance may force smaller firms to combine operations or exit the lending business.
Birmingham, AL-based Regions Bank will pay the Federal Reserve $2.95 million for violating the regulation implementing the National Flood Insurance Act.
A recent supervisory highlights report detailed violations of the LO comp rule by some lenders who offered differing compensation for brokered versus in-house loans. Industry participants said it’s a novel interpretation of the LO comp rule. But the bureau disagreed with the reading.
The settlement resolves charges that Freedom Mortgage provided real estate agents with cash payments, paid subscription services and catered parties in exchange for referrals.
The cost of compliance with upcoming changes to the Nationwide Multistate Licensing System’s mortgage call report may force smaller firms to combine operations or exit the lending business, the MBA warned.
A New York state court has stayed proceedings in an enforcement action brought by the CFPB against a subprime indirect auto finance firm, pending the Supreme Court’s decision in the bureau’s funding case.
Credit union and community bank trade groups have joined a lawsuit in a Texas district court, seeking a nationwide injunction against implementation of the CFPB’s small business lending data collection rule.
The Seventh Circuit ruled that harms suffered by Cook County, IL, as a result of BofA’s lending practices were not proximate enough to the alleged injurious behavior to count as violations of the Fair Housing Act.
The bureau wants to recategorize brokers selling certain types of consumer data as “consumer reporting agencies” and restrict the extent to which “credit header data” can be released.