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Compliance

Moody's Sees Finance Reform Provisions Negatively Impacting Home Prices

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Provisions in the comprehensive housing finance reform bill introduced by U.S. Sens. Tim Johnson and Mike Crapo will modestly dampen prices of multifamily properties and increase refinance risk, according to a new report by Moody’s Investors Service, Proposed Housing Finance Reform Will Be A Moderate Credit Negative for Multi-Family CMBS.Click to continue

Study Finds Only 13 Percent Content With Current State of Compliance

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A new Osterman study, sponsored by security awareness training company KnowBe4, shows a low satisfaction level with current methods of managing compliance, despite the fact that 63 percent consider regulatory compliance to be “very important." Only 13 percent are very satisfied with the current methods they use. Osterman's research also found typically 19 percent of compliance and audit time each year is spent on tracking requirements and another 31 percent on gathering and maintaining audit evidence.Click to continue

Moody's Eyes Potential for Greater RMBS Under New Crapo-Johnson Legislation

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Several provisions in the comprehensive housing finance reform bill introduced by US Senators Tim Johnson and Mike Crapo would help spur issuance in the private-label residential mortgage-backed securities (RMBS) according to a new report by Moody’s Investors Service. Under the framework proposed in Johnson-Crapo, fewer residential mortgage loans would be eligible for inclusion in government-guaranteed securities because of changes in criteria establishing which securitizations can receive government guarantees.Click to continue

Ginnie Mae Guarantees $21 Billion-Plus in MBS in February

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Ginnie Mae announced that it guaranteed $21.25 billion in mortgage-backed securities (MBS) in February 2014. “Ginnie Mae continues to provide stability to the U.S. housing finance system, during both times of crisis and recovery,” said Ginnie Mae President Ted Tozer. “Our Issuers recognize that our product provides flexibility to respond to market change and consistency rooted in transparency, accountability and standardization.”Click to continue

FDIC Warns Institutions of Increased Cyber Attacks

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The Federal Deposit Insurance Corporation (FDIC) is urging financial institutions to actively utilize available resources to identify and help mitigate potential cyber-related risks. It is important for financial institutions of all sizes to be aware of the constantly emerging cyber threats and government-sponsored resources available to help identify these threats on a real-time basis.Click to continue

ALTA Applauds Proposed CFPB Watchdog Board

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The American Land Title Association (ALTA) has applauded bipartisan legislation, HR 4383, introduced by U.S. Reps. Robert Pittenger (R-NC) and Denny Heck (D-WA), that creates a small business advisory board at the Consumer Financial Protection Bureau (CFPB). The advisory board would be similar to those established by the CFPB for outreach to community banks and credit unions.Click to continue

BofA Hit by CFPB With $727 Million Fine

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The Consumer Financial Protection Bureau (CFPB) has ordered Bank of America and FIA Card Services NA to provide an estimated $727 million in relief to consumers harmed by practices related to credit card add-on products. Roughly 1.4 million consumers were affected by Bank of America’s deceptive marketing of their add-on products. Bank of America also illegally charged approximately 1.9 million consumer accounts for credit monitoring and credit reporting services that they were not receiving. Bank of America will pay a $20 million civil money penalty to the CFPB.Click to continue

Brennan T. Holland Named Director of Legal and Regulatory Compliance for Lenders Compliance Group

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Lenders Compliance Group Inc. (LCG) has announced that Brennan T. Holland has joined the firm as director of legal and regulatory compliance to offer mortgage risk management guidance to the mortgage industry. Holland will support the firm’s clients with their regulatory compliance needs.Click to continue