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Compliance

Financial Services Roundtable Revamps Its Government Affairs Team

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Financial Services Roundtable (FSR) announced the hire of several new staff members, including several highly-experienced policy professionals who will add to FSR’s new government affairs team. “These hires are some of Washington’s foremost experts in politics and financial services policy and their experience will deliver a stronger voice for the financial services industry in Washington,” said FSR CEO and President Tim Pawlenty.Click to continue

Former HUD Inspector General Kenneth Donohue Joins SSI

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Secure Settlements Inc. (SSI) has announced that the Honorable Kenneth Donohue, former Department of Housing and Urban Development (HUD) Inspector General under Presidents George W. Bush and Barack Obama, has joined its Industry Leader Advisory Board.Click to continue

Pre-Existing Business Relationships and Affiliate Marketing

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Question: What is a "Pre-existing Business Relationship" and its effect on affiliate marketing?

Answer: At its core, the pre-existing business relationship is a relationship between a “person” or “persons” (i.e.,residential mortgage lender and originators) and consumers, based on these three rudimentary criteria:

1. A financial contract between the person and the consumer that is in force on the date a solicitation covered by the affiliate marketing provisions is sent to the consumer;Click to continue

Moody's Seeking Input on QM and Non-QM Loans

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Moody's Investors Service is requesting comments from market participants on its proposed approach to evaluating incremental risks of qualified mortgage (QM) and non-qualified mortgage (non-QM) loans in its ratings of U.S. residential mortgage backed securities (RMBS). The Consumer Financial Protection Bureau (CFPB) issued its Ability-to-Repay (ATR) rules, establishing the QM category.Click to continue

Industry Compliance Vendors Unite to Form Compliance Collaborative

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Jonathan Foxx, president and managing director of Lenders Compliance Group Inc. (LCG), has announced the formation of a new consultancy firm, Compliance Collaborative Inc. (CCI). The firm is the first of its kind, combining top mortgage industry compliance vendors, professionals and compliance support providers across the U.S.Click to continue

Feds to Further Tighten Rules Against AMCs

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Six agencies have issued a proposed rule that would implement minimum requirements for state registration and supervision of appraisal management companies (AMCs). An AMC is an entity that serves as an intermediary between appraisers and lenders and provides appraisal management services.Click to continue

FHFA Reaches $885 Million Agreement With Credit Suisse Over MBS

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The Federal Housing Finance Agency (FHFA), as conservator of Fannie Mae and Freddie Mac, announced that it has reached a settlement with Credit Suisse, related companies and specifically named individuals for $885 million. The settlement resolves all claims in the lawsuit FHFA v. Credit Suisse, et al. as well as all claims against the Credit Suisse defendant in FHFA v. Ally Financial Inc., et al. alleging violations of federal and state securities laws in connection with private-label mortgage-backed securities (PLS) purchased by Fannie Mae and Freddie Mac during 2005-2007.Click to continue

CFPB Critic Rep. Duffy Seeks Transparency With New Measure

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Rep. Sean Duffy (R-WI), formerly of MTV’s The Real World, has been a critic of the Consumer Financial Protection Bureau (CFPB) and its lack of transparency for a long time. Back in September, Duffy hammered CFPB Director Richard Cordray to give up the names of banks being monitored by the CFPB.Click to continue

New Yorker Sentenced to Nine Years in Loan Mod Scheme

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Christy Romero, Special Inspector General for the Troubled Asset Relief Program (SIGTARP), and Preet Bharara, U.S. Attorney for the Southern District of New York, announced that Isaak Khafizov, a former owner of American Home Recovery (AHR), a mortgage loan modification business that operated in New York, was sentenced in Manhattan federal court to nine years in federal prison in connection with a scheme to defraud hundreds of struggling homeowners and their lenders.Click to continue

CFPB Issues Report on Debt Collector Harassment

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The Consumer Financial Protection Bureau (CFPB) issued a report on the more than 30,000 consumer complaints it has received about the debt collection market. The report finds that many consumers complain that they are being hounded by debt collectors about debts they do not owe. Top complaints also include debt collectors’ use of aggressive communication tactics and threats of illegal actions.Click to continue