Tag Archives: Compliance

Indisoft and national nonprofit Hope LoanPort (HLP) announced technology enhancements designed to assist servicers with regulatory compliance.

New York Attorney General Eric T. Schneiderman revealed plans Monday to take legal action against Bank of America and Wells Fargo for allegedly violating terms under the national mortgage settlement reached in February 2012. The AG's office also revealed Schneiderman sent a letter last week to the settlement monitor Joseph Smith and to each member of the Monitoring Committee notifying them of his intention to sue the banks if the committee does not act.

A new report from the Consumer Financial Protection Bureau (CFPB) reveals consumer finance complaints filed by service members, veterans, and their families steadily rose throughout 2012. The report, released by CFPB's Office of Servicemember Affairs, shows the number of complaints rising steadily each quarter, closing the year at a total of 3,455. Mortgage complaints were by far the most common out of all categories, with a quarterly average of 52.3 percent of complaints focused on home finance products.

As part of its ongoing efforts to assist the industry in the implementation of new mortgage guidelines, the Consumer Financial Protection Bureau (CFPB) issued proposed amendments to clarify the qualified mortgage (QM) and servicing rules first laid out in January. The proposal addresses five topics, including debt-to-income ratio concerns surrounding the Ability to Repay Rule, uncertainties around the temporary QM provision, and which criteria are used to define "small servicers."

QuestSoft's fifth annual compliance survey reveals at least 49 percent of lenders have ranked Dodd-Frank-related uncertainty as a high concern for the past three years.

The Consumer Financial Protection Bureau(CFPB) announced enforcement actions against four mortgage insurers who allegedly gave kickbacks to lenders in exchange for business. CFPB proposed consent orders against Genworth U.S. Mortgage Insurance Corporation (USMI), Mortgage Guaranty Insurance Corporation (MGIC), Radian Guaranty Inc., and United Guaranty Corporation (UGC) for their alleged roles in kickback arrangements. The proposed orders require the companies to pay $15.4 million in penalties to the bureau.

The Consumer Financial Protection Bureau (CFPB) went live Thursday with the nation's largest public database of federal consumer financial complaints. Thursday's launch expands the Consumer Complaint Database from about 19,000 credit card complaints to more than 90,000 complaints on mortgages, student loans, bank accounts and services, and other consumer loans.

With origination costs on the rise (Ellie Mae cited data from the Mortgage Bankers Association showing the average cost of origination climbing from $2,291 in 2008 to $3,353 in Q3 2012) and more than 350 federal, state, and local laws governing loans, the cost of doing business the right way is a major concern for those companies trying to turn a profit. However, while many of those costs can be measured and predicted, Ellie Mae points to a number of factors that some firms may not have thought about.

FHFA-OIG released an audit report examining oversight of Fannie Mae and Freddie Mac's monitoring of businesses that sell and service loans.

VirPack, a mortgage industry leader in document management, and IDS Inc., a provider of mortgage documents and compliance, are teaming up to streamline initial disclosures.