Mortgage Complaint Database Could Be More Effective
While complaint data about financial services firms provide valuable information, the numbers need to be accompanied by perspective and the process should enhance consumer comparison shopping.
CFPB Expectations Outlined for Servicing Transfers
When the servicing on a home loan is being transferred, both the new servicer and the old servicer have certain obligations in order to ensure a smooth process for the borrower.
Lender, AMC Settle With CFPB
A national home lender is accused of using bait-and-switch tactics, overcharging prospective borrowers for services provided by its appraisal management company and not disclosing third-party affiliation.
Non-QM Product Launches
A new program has been launched that provides home financing for borrowers who don't necessarily meet the requirements for a Qualified Mortgage.
Jumbo, Nontraditional Lending Take Biggest QM Hit
Some banks have seen lower approval rates for conforming borrowers as a result of Qualified Mortgage and Ability-to-Repay requirements. Jumbo and nontraditional borrowers fared far worse.
Resources Help Lenders With Mortgage Compliance
From toolkits to templates, a handful of mortgage service providers offer products aimed at helping lenders keep current on regulatory rules already in effect or slated for nearing implementation dates. As well, some service providers feature free information hubs aimed at helping mortgage professionals with their workflow while staying compliance savvy.
HMDA Reporting Revisions Proposed
Proposed changes to reporting requirements for the Home Mortgage Disclosure Act are intended to simplify the process while protecting consumer access to credit.
HUD Updates Digital Document Retention Requirements
Electronic document retention requirements for foreclosures on loans insured by the Federal Housing Administration have been updated.
HUD Actions Include Millions in Fines, Fees
Dozens of lenders on government-insured mortgages have faced a multitude of actions, including millions of dollars in penalties and other payments. Impacted lenders include Fairway Independent Mortgage Corp., Fifth Third Bank and U.S. Bank, N.A.