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Compliance

Survey Finds Proposed G-Fee Increase Will Hurt Originations

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Genworth U.S. Mortgage Insurance, a unit of Genworth Financial Inc., has released results from a survey of industry executives conducted at this year’s Mortgage Bankers Association Annual Conference in Las Vegas, which polled 302 mortgage professionals. Key findings showed significant concern about the proposed rise in guarantee fees, among other issues regarding regulation, credit and technology.    Click to continue

HUD Partners With National League of Cities to Combat Veteran's Homelessness

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The U.S. Department of Housing & Urban Development (HUD) and National League of Cities (NLC) have announced a new Memorandum of Understanding (MOU) to help fight against veteran homelessness in cities across the country. To date, more than 255 cities, counties and states are pledging to end veteran homelessness in their communities by 2015 using the power of federal, state, local, and non-profit resources.Click to continue

FHFA: G-Fees Increase an Average of 51 BP in 2013

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The Federal Housing Finance Agency (FHFA) has released its sixth annual report on the single-family guarantee fees (g-fees) charged by Fannie Mae and Freddie Mac.Click to continue

Congress Called Upon to Extend Mortgage Forgiveness Debt Relief Act

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The Financial Services Roundtable (FSR) and several other financial trade associations sent a joint letter to congressional leadership today calling for lawmakers to grant a two-year extension of the Mortgage Forgiveness Debt Relief Act, which preventsClick to continue

Delaware Man Found Guilty in TARP Fraud Kickback Scam

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Christy Romero, Special Inspector General for the Troubled Asset Relief Program (SIGTARP), and Charles M. Oberly III, U.S. Attorney for the District of Delaware, has announced that Peter W. Hayes of Newark, Del., has pleaded guilty to one count of accepting a gift for procuring loans, in violation of Title 18, United States Code, Section 215. United States District Judge Richard G. Andrews scheduled a sentencing hearing for March 17, 2015.Click to continue

FDIC Releases Technical Assistance Video on CFPB Mortgage Rules

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The Federal Deposit Insurance Corporation (FDIC) has announced the release of the first in a series of three new technical assistance videos developed to assist bank employees in meeting regulatory requirements. These new videos will address compliance with certain mortgage rules issued by the Consumer Financial Protection Bureau (CFPB).Click to continue

Elizabeth Warren Takes Jabs at Obama, the Fed and the FHFA

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Sen. Elizabeth Warren (D-MA) has taken new aim at the Obama Administration, Federal Reserve and the Federal Housing Finance Agency (FHFA) with the public charges that they are not doing enough to help the public struggling in the still-weak economy.Click to continue

RESPA/TILA Integration Part I: Overview and Loan Estimate

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This first of a four-part series will introduce the RESPA/TILA Integration and treat the numerous features of the Loan Estimate. In the second part of the series, I will detail the features of the Closing Disclosure. The third part will be a detailed analysis of the Loan Estimate. The fourth part will provide an in depth scrutiny of the Closing Disclosure.Click to continue