NAMB to file lawsuit over RESPA rule: Studies show final RESPA rule will hurt consumers and small businesses

Dec 18, 2008

House Financial Services Committee to hear originator oversight testimonyMortgagePress.comHouse Financial Services Committee, FHA Oversight of Loan Originators, Phillip Murray, James Heist, George Hanzimanolis, John A. Courson The House Financial Services Committee will meet in open session on Friday, Jan. 9, 2009, for a hearing entitled "FHA Oversight of Loan Originators." The witness list for the hearing includes: • Phillip Murray, Deputy Assistant Secretary for Single Family Housing. U.S. Department of Housing and Urban Development • James Heist, Assistant Inspector General for Audit, Office of Inspector General, U.S. Department of Housing and Urban Development • George Hanzimanolis, CRMS, Bankers First Mortgage Inc. and Past President, National Association of Mortgage Brokers • John A. Courson, President and Chief Executive Officer, Mortgage Bankers Association The hearing will begin at 10:00 a.m. in 2128 Rayburn House Office Building. A link to the live hearing will be available on the Committee's Web site by clicking here.

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Dec 18, 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....