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Compliance

The Hedgehog and the Fox: A Regulatory Parable

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The 7th Century BCE Greek lyric poet, Archilochus, observed: "The fox knows many things, but the hedgehog knows one big thing.”1 Twenty-two centuries later, Erasmus transliterated Archilochus’s dictum by precisely rendering it into the Latin aphorism: “Multa novit vulpes, verum echinus unum magnum.”2 When it comes to these two ways of thinking and acting, things didn’t change much between the 7th Century BCE and the 16th century CE, when Erasmus penned his elucidation.Click to continue

New Jersey LO Gets Two Years in $40 Million-Plus Loan App Scheme

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An Ocean County, N.J. man who allegedly used his position as a loan officer of Wells Fargo Home Mortgage to get the company to release more than $4.6 million in fraudulent mortgage loan applications was sentenced to 24 months in prison for his role in a $40.8 million mortgage fraud conspiracy, U.S. Attorney Paul J. Fishman announced.Click to continue

We Need More Than e-Closings to Improve the Consumer Closing Experience

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On April 23, I traveled to Washington, D.C. to attend the Consumer Financial Protection Bureau (CFPB) Forum on the mortgage closing process. The build-up to this event came on the heels of the open public comment period the Bureau established for consumers and industry participants to offer personal experiences, ideas, suggestions and comments about the residential mortgage closing process.Click to continue

ICBA Celebrates Election of Community Banker to Federal Reserve Board

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The Independent Community Bankers of America (ICBA) has applauded the U.S. Senate for approving legislation that would require the White House to appoint someone with community banking experience to the Federal Reserve Board. An ICBA-advocated amendment offered by Sen. David Vitter (R-LA) to legislation reauthorizing the Terrorism Risk Insurance Act (S. 2244) would require at least one member of the Fed board to have experience as a community banker or community bank supervisor.Click to continue

MBA's Mortgage Action Alliance: MAA Members Carry the Torch on State Advocacy

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The real estate finance industry is in the midst of an exceptionally busy time considering the breadth of legislative activity in our realm this year. As we continue to implement and adjust to the regulations mandated by the Dodd-Frank Act, Congress has also started to debate government-sponsored enterprise (GSE) reform, and earlier this month, the Senate Banking Committee finished the mark-up of a bill that would reauthorize Terrorism Risk Insurance.Click to continue

AllRegs Launches Consumer Complaint Policy Manual

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The Dodd-Frank Act provides authority to the Consumer Financial Protection Bureau (CFPB) to prevent financial harm to consumers. One of the CFPB’s strategies to accomplish this goal is to handle complaints and inquiries regarding challenges that consumers face in the financial marketplace, including mortgage products and services. The CFPB monitors and shares the complaint data it collects with other regulators for investigation and enforcement of consumer protection laws.Click to continue

Settlement Service Provider Sponsors Continuing Education Class

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Question: We are a mortgage broker which owns a subsidiary that is a licensed real estate education provider, which I will refer to as “Real Estate Academy”. Real Estate Academy will be holding a continuing education class for which it charges $25 per person. A local title company has offered to sponsor the class and pay the $25 fee for each person in attendance. Is this arrangement permissible?Click to continue

CFPB Proposes New Consumer Complaint Database

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The Consumer Financial Protection Bureau (CFPB) is proposing a new policy that would empower consumers to publicly voice their complaints about consumer financial products and services. When consumers submit a complaint to the CFPB, they would have the option to share their account of what happened in the CFPB’s public-facing Consumer Complaint Database. Publishing consumer narratives would provide important context to the complaint, help the public detect specific trends in the market, aid consumer decision-making, and drive improved consumer service.Click to continue

AIG Settles Legacy RMBS Dispute With Bank of America

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American International Group, Inc. announced that it has reached a global resolution of its residential mortgage-related disputes with Bank of America. The resolution includes its claims pending in New York and California federal courts related to the creation, offering, and sale of RMBS from which AIG and its subsidiaries suffered losses either directly on their own account or in connection with their participation in AIG’s securities lending program. Click to continue