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Inside the CFPB

November 17, 2008

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Lenders to Seek Better RESPA Rules in 2009

Disappointed with the Department of Housing and Urban Development’s final Real Estate Settlement Procedures Act regulations, mortgage industry participants said they will try working with consumer groups and the Obama administration next year to get a better rule.Use of both a streamlined good faith estimate and an expanded HUD-1 settlement statement under the new rule will... Read More

Fair Lending Flags Raised in FHA, Loan Mods

Though subprime and the nontraditional mortgages have practically disappeared, fair lending remains a concern in a mortgage market where lending has shifted to more traditional prime and FHA loan products. A regulatory panel at a recent fair lending conference hosted by the Consumer Bankers Association had plenty of recommendations for avoiding fair lending problems in the new... Read More

Shared-Appreciation Mortgage Can Reduce Investor Losses

A shared appreciation mortgage can make mortgage debt forgiveness a less bitter pill to swallow, according to Thomas Marano, chairman and chief executive officer of Residential Capital. Forgiveness of principal or a principal write-down can be made where appropriate if done in tandem with a shared appreciation mortgage, Marano said during a panel discussion at a Troubled Asset... Read More

Regulators, GSEs Ramp Up Loan Modification Efforts

Federal regulators have rolled out broader and more streamlined loan modification programs to either expand or speed up efforts to stem declining housing prices and rising foreclosures. Last week, federal regulators announced a new loan modification program to be undertaken by Fannie Mae, Freddie Mac and other participating investors. The “Streamlined Modification Plan” will use a... Read More

Agencies Propose Overhaul of Joint Appraisal Guidelines

Financial institutions must maintain both effective internal controls and a robust review process to ensure that appraisals and evaluations support their credit decisions, according to guidelines proposed last week by federal thrift, banking and credit union regulators. More comprehensive reviews should target appraisals on transactions that pose the higher credit risk to the... Read More

Colorado Regulator Warns Against Sham Real Estate Business Pacts

Many marketing agreements currently used in the industry violate the Real Estate Settlement Procedures Act’s prohibition on sham business arrangements, according to a top Colorado regulator. Erin Toll, director of Colorado’s Real Estate Division, warned that she has “grave concerns” about the legality of real estate marketing agreements during remarks at a Nov. 7 fall seminar of the... Read More

Mortgage Firms Rush to Meet ID Theft Red Flag Rule Deadline

With the Nov. 1 compliance date for the Red Flag Rule fast approaching, industry participants are working to assess their identity theft programs and devise plans to meet the regulation’s guidelines. At an identity theft panel at the Mortgage Bankers’ Association’s annual convention held recently in San Francisco, industry professionals came together to share their experiences... Read More

State Roundup

Conference of State Bank Supervisors. The CSBS is seeking proposals from vendors for services related to the testing and... Virginia: A mortgage lender who invested millions in Bollywood films and concerts admitted to defrauding four banks of... Maryland: The Commissioner of Financial Regulation has issued two documents relating to net tangible benefit and... Read More

Federal Roundup

Treasury/FRB/FDIC: Meeting the Needs of Creditworthy Borrowers. On Nov. 12, the Treasury Department, the Federal Deposit Insurance Corp. and the Federal Reserve Board issued a joint... Office of Thrift Supervision: Revision of Exam Handbook. On Nov. 13, the OTS revised Section 750 of the Examination Handbook to incorporate a discussion of the... Read More

Worth Noting …

Buckley Kolar has announced two new partners, Kirk Jensen and Clint Rockwell. Jensen will be in the firm’s Washington office where he will offer expertise on... Arthur Connelly, chairman/CEO of South Shore Bancorp, was elected the 2008-2009 chairman of the American Bankers Association during the group’s annual convention in... Read More

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