AllRegs, an information provider for the mortgage lending industry, has announced the approval of four continuing education courses by the Nationwide Mortgage Licensing System & Registry (NMLS). These new NMLS course approvals follow the approval of AllRegs’ Pre-Licensing course, the 20-Hour Mortgage Originator SAFE Comprehensive (Course Number 1013), on Aug. 17, 2009. AllRegs became an Approved Education Provider (#1400024) by the NMLS on July 7, 2009.

The following AllRegs courses have been approved for continuing education:Read more

It is now January, and our thoughts look back to the holidays as we are often side-tracked by many things this time of year. We are busy changing clocks, changing our wardrobe (well most of us anyway), and especially in our industry, changing our regulations and laws. The media does not have negative stories about us every five minutes, but our regulators have not forgotten how to get media attention using consumer protection as the focus.Read more

The Federal Financial Institutions Examination Council (FFIEC), on behalf of its members, has released proposed guidance on reverse mortgage products. The guidance is designed to help financial institutions ensure that their risk management and consumer protection practices adequately address the compliance and reputation risks raised by reverse mortgage lending. The proposed guidance addresses the general features of reverse mortgage products, relevant legal requirements and consumer protection concerns raised by reverse mortgages.Read more

Consumer protection lawsuits were filed against four loan modification or “mortgage rescue” businesses, along with their officers, who are accused of deceiving Pennsylvania consumers seeking help modifying their mortgage loans. “Consumers struggling with high interest rates or large loan payments were drawn to these businesses by misleading ads, deceptive Web sites and false promises of ‘permanent changes’ to their mortgages,” Pennsylvania Attorney General Tom Corbett said.Read more

The Federal Deposit Insurance Corporation (FDIC) Board of Directors has approved a final rule implementing the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (SAFE Act). The rule has been posted on the FDIC's Web site, but will not be published in the Federal Register until the other agencies involved in this rulemaking complete their review and approval of the rule.Read more

The North Carolina Office of the Commissioner of Banks (NCCOB) announced that it is proposing mortgage rules to help reduce foreclosures, to improve consumer protection and the functioning of the mortgage market, and to implement the SAFE Act. The NCCOB continues to have significant concerns that homeowners too often face foreclosure when alternative solutions exist that would benefit both the homeowner and the mortgage company or investor. NCCOB proposes rules that would:Read more

While Congress is debating the future of the proposed centralized federal enforcement agency for the financial services sector, one thing regarding enforcement has already been established: With or without the proposed Consumer Financial Protection Agency (CFPA), the Federal Trade Commission (FTC) is aggressively pursuing violations. The FTC’s new Director for the Bureau of Consumer Protection is David Vladeck, and in a little more than one month on the job, Vladeck’s actions have made some strong statements about consumer protection.Read more

New federal consumer protections for credit cards and mortgages, including prohibitions against abusive lending practices and requirements for clearer, more timely disclosures, will help people avoid surprises.Read more