Patrick-Murray administration announces home loan program for Massachusetts veterans

Jul 10, 2008

New Pennsylvania bill prohibits mandatory property insurance on value of land MortgagePress.comPennsylvania HB 2428, property insurance coverage, real property Pennsylvania House Bill 2428 became effective on July 4, 2008. The legislation prohibits a lender from requiring a borrower, as a condition of obtaining or maintaining a secured loan, to obtain property insurance coverage exceeding the replacement value of buildings and structures situated on the land used to secure the loan. Additionally, the legislation provides that a borrower on a loan secured by real property may not be required to insure the value of the land. The legislation, though in effect, has not yet been codified. Click here to view a copy of HB 2428.

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Jul 10, 2008

Regulation and Compliance

Mortgage Servicers Added To Junk-Fee Naughty List

New release from CFPB lays out areas of improvement, and concern, for mortgage servicers.

The Consumer Financial Protection Bureau (CFPB) today published new supervisory highlights describing the regulator's recent actions to combat junk fees charged by mortgage servicers, as well as other illegal practices. The CFPB has also announced that it is working to addre...

Analysis and Data

Every Dollar A Fraudster Makes, A Financial Firm Loses $4.41

U.S. investment firms and credit lenders see a 9% annual increase in the financial impact of fraud.

Overall fraud increased at least 6% for 63% of financial firms within the past year, with digital channels accounting for half of the overall fraud losses, according to LexisNexis True Cost of Fraud Study: Financial Services and Lending Report — US and Canada Edition. U....