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Forms 1003, 1008 Revised
Fannie Mae has updated the Uniform Residential Loan Application and the Uniform Underwriting and Transmittal Summary.
4 Failed Financial Institutions
After several weeks of relatively few bank failures, four banks in three states were seized today by state regulators. MortgageDaily.com tracked regulatory orders against all four of the institutions prior to their failures.
Bill Proposes HVCC Moratorium
Lawmakers have introduced federal legislation that would suspend the Home Valuation Code of Conduct.
Bad Appraisals, HVCC Hindering Recovery?
Home builders and Realtors claim bad appraisals are stifling the real estate recovery, though appraisers say their reports only reflect further deterioration. As appraisal management and software firms enhance their Home Valuation Code of Conduct offerings, a former state regulator calls the new code a disaster.
24 Federal Orders Issued
The latest round of federal regulatory actions included formal agreements with a dozen institutions, four cease-and-desist orders and four civil money penalties. Another three firms faced federal directives, and a bank employee was hit with a removal-prohibition order. Still, four cease-and-desist orders were terminated.
Mortgage Compliance Wire
The implementation of the new appraisal code has devastated borrowers, destroyed appraisal quality and increased loan expenses, according to two groups. In other mortgage compliance activity, a new study found that banks are more closely monitoring compliance by their business partners.
Taylor Bean Settles With 13 States
Allegations of mortgage fraud on nontraditional loans have led to a $9 million settlement with 13 states by Taylor, Bean & Whitaker Mortgage Corp. As part of the agreement, the company will implement a compliance program and a federal modification program.
Chase Sued Over Suspended HELOCs
JPMorgan Chase & Co. is being sued because it allegedly shut down a self-employed couple's home-equity line-of-credit even though their income hadn't changed. Another class action alleges that faulty appraisal values were used in decisions to close HELOCs. Violations of the Truth in Lending Act are alleged.
Sweeping Regulatory Overhaul
Mortgage lenders and financial institutions face the biggest overhaul of financial regulation since the Great Depression. A plan outlined today by the president calls for the creation of a powerful new regulator to oversee all aspects of mortgage lending, continued lender liability on securitized loans and the elimination of the Office of Thrift Supervision.
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