On Tuesday, industry experts met to discuss the qualified mortgage rule before the House Financial Services Subcommittee on Financial Institutions and Consumer Credit. The primary issue of those speaking before the subcommittee concerned the notion of certain borrowers being excluded from the lending system due to poorly-defined rules established in the Dodd-Frank Act.Click to continue

The Mortgage Bankers Association (MBA) has released a new study, "Keys to Expanding Credit Access: A Common Credit Box And Clearer Representations and Warranties." This concept paper outlines steps to ensure lenders have the confidence to lend to the full range of qualified borrowers. Aligning the underwriting standards of the government-sponsored enterprises (GSEs) and creating clear standards for representations and warranties, is essential for a smooth transition to a sustainable secondary market operating with an explicit, limited government guarantee.Click to continue

Joseph A. Smith Jr., Monitor of the National Mortgage Settlement, has released "Summary of Compliance: A Report From the Monitor of the National Mortgage Settlement," a summary of the five compliance reports he submitted to the United States District Court for the District of Columbia. This summary includes information about the banks’ (Bank of America, Chase, Citi, ResCap Parties and Wells Fargo) compliance with the Settlement’s servicing rules.Click to continue

National Reverse Mortgage Lenders Association (NRMLA) President Peter Bell told members of a key Senate committee that proposed changes to the federal reverse mortgage program would increase protections for consumers and improve financial stability of the program.Click to continue

Nationwide Title Clearing Inc. (NTC) states that, amidst the changes occasioned by new regulations and compliance standards in the mortgage industry, electronic recording or “eRecording” may make things easier and should not be overlooked as a potential source for relief. eRecording is the process of filing and recording documents electronically with county recording jurisdictions rather than on paper and is a growing trend in the mortgage industry.Click to continue

DocMagic Inc. has announced that it has been approved by Fifth Third Mortgage Company, a subsidiary of Fifth Third Bank, as an eDelivery and eSignature vendor for correspondent lenders who sell their production to the bank. “We’re delighted by this approval and expect this to open up potential relationships between our existing clients and Fifth Third’s correspondent division,” said Tim Anderson, director of eServices for DocMagic.Click to continue

The Federal Housing Finance Agency (FHFA) has released its annual Report to Congress, detailing the agency’s 2012 examinations of Fannie Mae, Freddie Mac (the Enterprises), the 12 Federal Home Loan Banks (FHLBanks), and the FHLBanks’ joint Office of Finance. In its fifth annual Report to Congress, FHFA deemed both Fannie Mae and Freddie Mac “critical concerns” in 2012 but noted they each generated positive annual income for the first time since 2006.

The 2012 Report to Congress also notes:Click to continue

Earl Gross, the former president and CEO of U.S. Mortgage, a loan servicing company in Nevada, pled guilty for his role in a scheme to defraud Wells Fargo Bank of more than $8 million. Acting Assistant Attorney General Mythili Raman of the Justice Department’s Criminal Division and U.S. Attorney Daniel G. Bogden of the District of Nevada made the announcement after the plea was accepted by U.S. District Judge Andrew P. Gordon.Click to continue

The Federal Deposit Insurance Corporation (FDIC) and Consumer Financial Protection Bureau (CFPB) launched a new financial resource tool, Money Smart for Older Adults, to help older adults and their caregivers prevent elder financial exploitation across the country.Click to continue

The Consumer Financial Protection Bureau (CFPB) has released a report that raises concerns about the ability of consumers to anticipate and avoid overdraft costs on their checking accounts. The report found wide variations across financial institutions when it comes to the costs and risks of opting in to overdraft coverage on debit card transactions and ATM withdrawals. The report also found that consumers who opt in for overdraft coverage end up with higher account fees and more involuntary account closures than consumers who decline to opt in.Click to continue