Final Guidance Issued for Social Media
Final guidance for the use of social media by mortgage lenders and financial institutions acknowledges the value of the medium while discussing the risks and requirements for social media users.
Originators Get Some Promotional Help from FHFA
Mortgage loan originators are getting help generating new business from an unlikely source -- the regulator of Fannie Mae and Freddie Mac.
Mortgage Broker Hit With $7.5 Million Penalty
A mortgage broker that specializes in home loans for veterans has been hit with a $7.5 million penalty because of alleged illegal telephone calls and deceptive advertising.
Originators Expect Improved Business Despite Regulations
Despite the challenges from an upcoming wave of regulations, a plurality of mortgage loan originators expect their business to improve this year, according to a survey of loan officers.
Guidance for Advertising Online
Newly issued guidance tackles issues confronting online advertisers. Many of the requirements for online advertising are the same as for offline ads.
FHA Guidelines Tightening
As the Federal Housing Administration works to improve the health of its Mutual Mortgage Insurance Fund, several changes are being made to FHA underwriting guidelines. Loans with credit scores less than 620 and jumbo mortgages are impacted, as are advertisements to borrowers with prior foreclosures.
Proposed Social Media Guidance Issued
While there are many benefits to the use of social media, a host of risks exist for lenders and banks. Mortgage firms, in particular, need to ensure that their social media communications comply with existing laws and regulations. Federal financial regulators have issued proposed guidance for use of the medium.
Mortgage Advertising Regulations
Mortgage firms are subject to a host of rules and regulations when they place an advertisement. The requirements apply regardless of how the message is distributed. Social media presents its own set of advertising challenges.
Federal Regulators Target Mortgage Ads
After reviewing hundreds of Internet, newspaper and mail advertisements, two federal agencies have launched investigations and issued warning letters over potential violations of a federal advertising rule. In addition to mortgage companies, ads from lead companies, home builders and advertising agencies were targeted.
Big Lenders Face HUD Actions
More than two dozen Federal Housing Administration mortgagees recently lost FHA approval or were hit with some other administrative action. Among the companies facing actions were Fifth Third Bank; MetLife Bank, N.A; PHH Home Loans LLC; and Wells Fargo Bank, N.A. Alleged violations include improper handling of foreclosed properties, bad underwriting and false advertising. Several mortgagees were cited for failing to disclose fines from Pennsylvania's banking department.