Calif Hits Another Lender for Interest Overcharges
For the second time this month, a mortgage lender has agreed to settle allegations by the Golden State of illegal interest charges. The latest settlement also resolves charges of unlicensed servicing.
Service Providers Help With Mortgage Compliance
A regulator is helping lenders prepare for upcoming changes to Home Mortgage Disclosure Act reporting. Two mortgage firms are utilizing service providers to help them with quality control.
Nationstar Settles Alleged Interest Overcharges
Nationstar Mortgage LLC has agreed to a more than $9 million settlement that resolves allegations it overcharged borrowers for interest and collected illegal fees.
CFPB Approves Redesigned Mortgage Application
A redesigned mortgage application first unveiled last year by the government-sponsored enterprises has received a safe-harbor blessing from the Consumer Financial Protection Bureau.
LOS Providers Prepare for HMDA Reporting Changes
Multiple loan origination systems are ready for upcoming changes to Home Mortgage Disclosure Act reporting requirements. Meanwhile, an LOS has been designed for hard-money lenders.
HELOC, GSE and Gov Mortgage Demand Weakens
Financial institutions are reporting waning demand for government-sponsored enterprise loans and government-backed home loans. Also weakening was demand for home-secured credit lines.
Lead Management Lacking in Many LOS Systems
A survey of mortgage lenders indicates that loan origination systems are often lacking for the compliance and lead tools. But LOS providers have been busy integrating other services.
Class Action Seeks Billions From Wells Fargo
An attorney who has already won a more than $1 billion award in a malpractice case is now hoping to obtain a multi-billion-dollar award against Wells Fargo Bank, N.A.
Rule On Foreclosure Notices to No-Contact Borrowers
An interim final rule is intended to give mortgage servicers more flexibility about when they can communicate with borrowers who have requested no contact.
FHA Mortgagee Settles for Over $1 Million
A civil fraud lawsuit in New York alleging a mortgagee on government-insured loans failed to follow program rules has been settled for more than $1 million.