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Inside the CFPB

March 24, 2008

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HUD Rejects Plea for More Time on RESPA

The Department of Housing and Urban Development will not extend the 60-day comment period for newly proposed rules to streamline mortgage settlement regulations under the Real Estate Settlement Procedures Act. “HUD believes the comment period is... Read More

HUD Plans to Redraft Seller-Funded DAP Ban

The Department of Housing and Urban Development is reportedly planning to revive a rule banning seller-funded downpayment assistance, following two recent court decisions that struck down its previous proposal on procedural grounds... Read More

Legal Experts Find Many Flaws in HUD’s Latest RESPA Proposal

Confusing, complicated, controversial – these are some of the words used to describe the Department of Housing and Urban Development’s second attempt in six years to simplify and clarify rules governing the mortgage settlement process. “It’s déjà vu all... Read More

Frank’s Bold Proposal to Bail Out Borrowers Elicits Mixed Responses

The mortgage industry expressed cautious optimism about draft legislation announced last week by House Financial Services Committee Chairman Barney Frank, which would provide special FHA guarantees to help distressed borrowers refinance into affordable... Read More

FHA Lenders Urged to Use ‘Strong’ Offsets to Qualify Refi Borrowers

The Federal Housing Administration is pushing lenders to get more distressed borrowers into the FHASecure program despite grave concerns about the credit quality of some of the borrowers. FHA-approved lenders are being told to... Read More

KB Homes, Countrywide Sued for Alleged Use of Bogus Appraisals

Irate homeowners have sued a Los Angeles homebuilder and its real estate affiliates for allegedly using fraudulent appraisal reports on newly built homes as the California real estate market began to collapse in 2005-2006. Filed last month in Los Angeles County... Read More

New Technologies Aid in Lenders’ Anti-Fraud, Loss Mitigation Efforts

New and better technologies are being introduced to help boost the mortgage industry’s anti-fraud and loss mitigation efforts. Interthinx, a California-based provider of mortgage fraud detection products, has announced a proprietary program that allows lenders... Read More

State Roundup

Massachusetts. The state Division of Banks has modified and reissued subprime... Pennsylvania. The state Senate unanimously approved a package of... Oregon. Gov. Ted Kulongoski March 11 signed into law SB 1064, which... Arizona. Sponsors of a bill which would require licensing of... Read More

Federal Roundup

Office of the Comptroller of the Currency: Flood Hazard Determination. National banks should... Office of Thrift Supervision: Ratings of Structured Financial Transactions. If other jurisdictions have predatory... Read More

Worth Noting …

eLynx, a provider of electronic document communications... The California Reinvestment Coalition has released a... Citigroup has named Brian Leach as its chief risk officer... The Conference of State Bank Supervisors is holding a seminar... Read More

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