RESPA Violations Prove Costly for Bank, Builder
A Texas bank has been fined, and a Texas builder has agreed to a settlement over alleged violations of the Real Estate Settlement Procedures Act tied to joint ventures.
Company Ordered to Stop Servicing
Regulators in the Commonwealth of Massachusetts have ordered a mortgage company to stop servicing loans in the state as a result of mishandled escrow accounts.
Cost of Compliance
A recent survey of credit unions found that complying with the Dodd Frank Wall Street Reform and Consumer Protection Act of 2010 means that interest rates on loans will be higher, hiring will be reduced and third-party servicing will increase. Some financial institutions even intend to scale back mortgage originations.
Videos Created for New Mortgage Rules
Several of the mortgage rules that were finalized in January are discussed in a set of new videos from the Consumer Financial Protection Bureau.
Mortgage Compliance Actions
A federal regulatory letter outlines last year's mortgage-related enforcement activity tied to noncompliance with mortgage rules and regulations. Prominent among the defendants were firms that promise to help distressed borrowers.
Ohio Supreme Court Decision Bodes Well for Servicers
Ohio's supreme court has ruled that mortgage servicers are exempt from the Ohio Consumer Sales Practices Act -- a decision that bodes well for residential servicers.
Appraisal Services Expand
Though no new standalone products have recently been introduced, the appraisal business was abuzz with partnerships, product upgrades and new product features. Two companies reported financial growth, one of which celebrated a ten-year anniversary, and two more underwent identity changes.
Community Bankers Call for More QM Flexibility
Mortgage rules implemented by the Consumer Financial Protection Bureau will reduce access to credit, according to a survey of community banks. Residential originations by the sector are mostly maintained as portfolio loans outside the secondary mortgage market.