Skip to main content

Senior money matters!: The stampede of forward Mortgage Brokers is underway!

Nov 18, 2007

Agencies announce pilot project to improve supervision of lendersMortgagePress.comFederal mortgage regulation Three federal agencies and two associations of state regulators will cooperate in an innovative pilot project to conduct targeted consumer-protection compliance reviews of selected non-depository lenders with significant sub-prime mortgage operations. The collaborative state/federal pilot is scheduled to begin in the fourth quarter of this year and will focus on non-depository subsidiaries of bank and thrift holding companies, as well as Mortgage Brokers doing business with, or working for, these entities. Additionally, the states will conduct coordinated examinations of independent state-licensed sub-prime lenders and their associated Mortgage Brokers. The agencies will select a sample of entities under their respective supervisory or other authorities for review or investigation. The agencies will also share information about the reviews and investigations, take action as appropriate, collaborate on the lessons learned and seek ways to better cooperate in ensuring effective and consistent reviews of these institutions. The agencies collaborating on the effort are the Board of Governors of the Federal Reserve System, the Office of Thrift Supervision, the Federal Trade Commission, and state agencies represented by the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators. By joining together in applying a coordinated review program, the regulatory agencies will be better positioned to evaluate and more consistently assess sub-prime mortgage lending practices across a broad range of mortgage lenders and other participants within the industry. The agencies will evaluate the companies' underwriting standards, as well as senior management oversight of the risk-management practices used for ensuring compliance with state and federal consumer protection regulations and laws, including the Home Mortgage Disclosure Act, the Equal Credit Opportunity Act, the Truth in Lending Act, the Real Estate Settlement Procedures Act, the Federal Trade Commission Act, and the Home Ownership and Equity Protection Act. The agencies will initiate appropriate corrective or enforcement action as warranted by the findings of the reviews or investigations. At the conclusion of the reviews, the agencies will analyze the results and determine whether the project is to be continued. If so, the agencies will determine the focus of future reviews at that time. For more information, visit www.federalreserve.gov, www.ots.treas.gov, www.ftc.gov, www.csbs.org or www.aarmr.org.
About the author
Published
Nov 18, 2007
Sold On Social

How to sell a personal brand on social media

Jul 09, 2024
Empowering Excellence

In the dynamic landscape of mortgage finance, Kate deKay stands as a beacon of empowerment and resilience

Jul 08, 2024
The Rise Of Mortgage Influencers

Social selling, the new frontier

Apr 11, 2024
Mortgage Influencers

Three Common Mistakes

Apr 11, 2024
Trimming The Fat

Direct Wholesale Rates is a passion project aimed at cutting the retail margin

Mar 28, 2024
Get The Gig With Gig Workers

Your borrowers might be among 39% of American workforce that freelances

Mar 27, 2024