twitter linkedin
facebook google+
Search:

Mortgage News

News by Subject
Complete list of specialty news sections.

Purchase Subscription
Subscribe to MortgageDaily.com and get immediate access to all news, statistics and archives.

Mortgage Advertising
Reach mortgage executives, loan originators and other people tied to mortgage industry.

Consumer Mortgage News
Free mortgage news for prospective borrowers.

Mortgage Newsletter
Free e-mail newsletter with the latest headlines from MortgageDaily.com.

Mortgage News Reprints
Put entire MortgageDaily.com stories in your online or printed newsletter or publication.

Mortgage Feedget RSS code
Condensed MortgageDaily.com stories free on your Web site or for your RSS reader.

News Archives
Archive of MortgageDaily.com stories by month going back to 1999.

Press Releases
Reports and announcements from MortgageDaily.com.

Mortgage Statistics
Data and statistics for real estate finance.

Mortgage Directories
Directories of lenders, branch operators and mortgage service providers.

Mortgage Graphs
Directories of lenders, branch operators and mortgage service providers.

home subscribe advertise reprints e-mail help RSS about us LOG IN

Mortgage News

 

Mortgage News

HOT Topics

production

servicing

compliance

legal

fraud

secondary

jobs

appraisal

site map

www.loan-academy.com/
Mortgage Compliance News | Mortgage Compliance Newsletter | Mortgage Regulations
News about complying with mortgage laws, rules and regulations.


Compliance Made Easy

Recent mortgage compliance activity

April 2, 2009

By PATRICK CROWLEY


photo of Patrick Crowley
Two U.S. representatives have introduced separate bills that would subject lenders to community lending requirements and high-cost loan restrictions. Meanwhile, mortgage companies hoping to maintain compliance with government-insured lending guidelines, loan workout requirements and other laws already on the books can find help from several new offerings.

On March 2, U.S. Rep. Eddie Bernice Johnson (D-Texas) introduced a bill that would extend requirements under the Community Reinvestment Act from just banks to mortgage companies and other financial services firms.

"The bill will repeal the regulatory changes that have weakened CRA and expand its geographical reach as well as the kinds of institutions it covers," Johnson said in a statement. "Such modernization is necessary because research shows that CRA requirements reduce disparities in high cost lending."

Also in Washington, D.C., the House Financial Services is expected next week to take up the Mortgage Reform and Anti-Predatory Act introduced by Rep. Brad Miller (D-N.C.), according to a statement. The bill requires lenders to ensure the borrower's ability to repay a mortgage loan and prohibits incentives for higher cost loans. In addition, it establishes federal minimum requirements while enabling states to impose their own rules and prohibits balloon payments and excessive fees for late payments and loan modifications.

At the state level, Kentucky Gov. Steve Beshear signed legislation March 31 that amends the state's mortgage laws to comply with the Secure and Fair Enforcement for Mortgage Licensing Act, which requires states to participate in the Nationwide Mortgage Licensing System. Beshear said Kentucky was one of the first to join, a statement from Beshear's office said.

The new state law "complies with S.A.F.E. by setting forth stringent licensing requirements for those who originate mortgage loans," according to the statement. "This includes increasing the required pre-licensing education, adding a competency test and requiring originators to be covered by or post a surety bond."

Guild Mortgage of San Diego is using BlitzDocs Collaboration Suite to manage online loan documents for mortgages insured by the Federal Housing Administration, Xerox Mortgage Services announced on March 16. Other customers touted by Xerox included Stockman Bank, Wisconsin Mortgage and Affinity Plus Federal Credit Union.

A new offering from Mavent Inc. automates compliance with the Obama Administration's Homeowner Affordability and Stability Plan, a March 10 press release said. In addition to the plan's modification and refinance programs, the service analyzes compliance with Fannie Mae and Freddie Mac guidelines.

Loan workout case management and borrower inquiry management are among the capabilities of BorrowerAssist, Pegasystems said in a March 18 statement. The system -- which integrates with existing legacy systems -- also helps mortgage lenders comply with workout qualification and decisioning, operational transparency and workout activity reporting.

CompliSource, which had previously only been available to larger lenders, is now available for community banks, Wolters Kluwer Financial services said in a March 25 press release. The compliance system includes regulatory alerts and "comprehensive information about state and federal laws governing mortgage lending, consumer direct lending and indirect consumer finance."

Fiserv Inc. inked a deal on March 13 with BB&T Corp. to electronically deliver initial disclosures, pre-closing documents and electronic signature capabilities to borrowers, according to a statement.


Patrick Crowley is a feature journalist for MortgageDaily.com. He is also a reporter, blogger and columnist for The Cincinnati Enquirer.
e-mail Patrick at: [email protected]

FHA News | Government Resources | M o r t g a g e e Letters | FHA Statistics
FHA, VA and HECM mortgage news. HUD and G i n n i e news also. Originations, servicing and FHA approval.



Political Mortgage News | Mortgage Laws
Mortgage people in politics. Political contributions by mortgage companies. Coverage of political support by lenders and executives. GSE lobbying and issues.



Predatory Lending News
FTC and HUD settlements. Class action lawsuits. Predatory lending prevention. Archives back to 2001.




Mortgage License News | State Agencies | NMLS Registration Statistics
Mortgage lending licenses and news about license issues by state. Mortgage broker licensing, license revocations and legislation.

www.mortgagebranchmanagerjobs.com

SUBSCRIBERS: Edit Subscription | Subscription Help | or call 214.521.1300

Subscribe Contact Us Site Map

Copyright © 2017 Mortgage Daily, D a l l a s
Subsribers Only:

AMC directory

ARM indexes

mortgage company directory

mortgage regulations

net branch directory

p r i c i n g engine directory

wholesale lender directory

More Mortgage News Resources (full site map):

advertising news

appraisal news

bank news

biggest lenders

commercial mortgage news

corporate mortgage news

credit news

FHA news

financial regulation news

foreclosure news

GSE news

jumbo mortgage news

interest rates

loan modification news

loan originator survey

LOS Newsletter

MBS

mortgage associations

mortgage-backed securities

mortgage books

mortgage brokers

mortgage compliance

mortgage conferences

mortgage directories

mortgage education

mortgage employment

mortgage employment index

mortgage executives

mortgage fraud

mortgage fraud blog

mortgage fraud local news

Mortgage Fraud Index

Mortgage Graveyard

mortgage insurance news

mortgage lawsuits

mortgage leads

mortgage lender ranking

mortgage licenses

mortgage litigation

Mortgage Litigation Index

Mortgage Market Index

mortgage mergers

mortgage news

mortgage politics

mortgage press releases

mortgage production

mortgage public relations

mortgage rates

mortgage servicing

mortgage statistics

mortgage technology

mortgage video

mortgage Webinars

net branch

net branch directory

nonprime news

origination news

originator tools

real estate news

refinance news

reverse mortgage news

secondary marketing

social media

servicing news

subprime news

wholesale lenders