The Federal Reserve System and Conference of State Bank Supervisors (CSBS) recently wrapped up the second annual Community Banking in the 21st Century Research Conference at the Federal Reserve Bank in St.Click to continue
The U.S. Department of Defense has issued a proposal that would expand the types of credit products that are covered by the 36-percent rate cap and other military-specific protections under the Military Lending Act. The proposal would close loopholes that have led to lenders skirting the law with products that fall outside the scope of existing regulations.
Consumer Financial Protection Bureau (CFPB) Director Richard Cordray issued the following statement:Click to continue
Former NFL football player Jimmy Hitchcock has been sentenced to 46 months in federal prison, followed by two years of supervised release, for his role in a multi-million mortgage fraud conspiracy, announced U.S. Attorney Anne M. Tompkins. Tompkins was joined by John A. Strong, Special Agent in Charge of the Federal Bureau of Investigation (FBI), Charlotte Division, Thomas J. Holloman III, Special Agent in Charge of the Internal Revenue Service, Criminal Investigation Division (IRS-CI) in making the announcment.Click to continue
Question: I heard that there are some impending changes concerning FHA loans involving prepayment penalties and adjustable-rate mortgages (ARMs). Would you please clarify?
On Aug. 26, 2014, FHA announced changes under 24 CFR 203 involving (1) the elimination of “post-payment” interest aka “prepayment penalties” on FHA-insured loans, and (2) notice requirements concerning interest rate changes on FHA-insured Adjustable Rate Mortgages (ARM). Click to continue
Vendors pose a risk for banks and non-banks alike … and the Consumer Financial Protection Bureau (CFPB) is monitoring those risks. “Consumers are at a real disadvantage because they do not get to choose the service providers they deal with—the financial institution does,” said CFPB Director Richard Cordray in a release from the CFPB. “Consumers must not be hurt by unfair, deceptive or abusive practices of service providers.Click to continue
eLynx has announces that Expedite, the services platform underlying its core products, has achieved the first-ever Premiere Level certification from MISMO. This certification is earned through an independent, MISMO-authorized assessor’s review, and demonstrates Expedite’s continued market leadership in complying with the latest standards for data exchange and communication. Expedite has received certification for MISMO Version 3.3 within the Information Exchange business domain.Click to continue