Skip to main content

52 Industry Leaders Call on Regulators for National Standards for Mortgage Servicers

Dec 23, 2010

Fifty-two of the mortgage industry's top mortgage industry executives and participants have authored a letter directed toward the industry's regulators calling for the development of national standards originating, selling and servicing mortgage loans. The letter, authored by 52 total industry figureheads was sent directly to the leaders of the Federal Reserve Board (Ben S. Bernanke), the Federal Deposit Insurance Corporation (Sheila Bair); the U.S. Department of the Treasury (Timothy Geithner); Edward DeMarco, Acting Director of the Federal Housing Finance Agency (FHFA); Mary L. Schapiro, chairman of the Securities & Exchange Commission (SEC); and John Walsh, acting Comptroller of the Currency. The letter cites a number of reasons for the development of servicing standards, including the robo-signing crisis, delays in the loan modification process and illegal foreclosure proceedings. "Problems of this magnitude are a threat not only to the economic recovery, but to the safety and soundness of all insured depository institutions," said the letter. "Servicing standards need not be overly complex, but they must address the misaligned incentives and 'tranche warfare' issues that have bedeviled mortgage servicing throughout this crisis." Click here for a copy of the letter.     
About the author
Published
Dec 23, 2010
CSBS Urges MLOs To Update License Registrations

NMLS updates that have taken effect prior to the Nov. 1 opening of the annual license renewal period include new a login process requiring users to update their username and password and establish account recovery details.

CFPB Finalizes New Rule Expanding Consumer Financial Data Privacy Rights

Financial institutions must deliver a consumer's financial data to another provider for free, upon the consumer's request

TD Bank Pleads Guilty To Enabling Money Laundering For Criminal Organizations

'TD Bank chose profits over compliance in order to keep its costs down,' said U.S. Attorney General Merrick Garland.

LoanSnap Officially Loses Connecticut License

The AI mortgage startup formerly faced a cease and desist and a consent order from the State of Connecticut.

Oct 09, 2024
Wishing Regulations Away

What mortgage leaders want to see revised in the wake of Supreme Court undoing of government favoritism

False Moves, Real Consequences

Don’t let missteps mortgage your future