Judging by the help-wanted notice that Loretta Lynch posted last year, the freshly confirmed U.S. Attorney General intends to pick up where her predecessor left off and make lenders pay for their role in the subprime crisis. News
We’re announcing an enforcement action against a lender that wrongfully used the logos of the Department of Veterans Affairs (VA) and the Federal Housing Administration (FHA). RMK Financial Corporation (also doing business as Majestic Home Loans) sent out ads to veterans and other VA-eligible borrowers that misled consumers to think that RMK’s products were endorsed [...]
A mortgage relief operation has settled Federal Trade Commission charges that they illegally charged upfront fees for services they falsely promised would reduce consumers mortgage interest rates or monthly payments. Collection & Credit Risk
Negative attitudes in Washington toward the mortgage industry are starting to thaw, yet devising Fannie Mae and Freddie Mac's exit from conservatorship or charting the future of housing finance reform still will be tough. News
Consumer Financial Protection Bureau Director Richard Cordray said a review of its "qualified mortgage" rule will allow enough time to consider changes if lawmakers fail to make progress on housing finance before a key deadline. News
CFPB officials are keeping a close watch on the Qualified Mortgage and ability-to-repay rules to gauge whether further changes should be made. But mortgage numbers don't give a clear picture on what kind of impact they've had. News
The Consumer Financial Protection Bureau on Thursday proposed a series of regulatory relief measures for small institutions, especially those in rural areas, to help them provide credit while they try to follow the agency's tough mortgage rules. News
Bank of America has reportedly laid off another 250 mortgage employees in Charlotte. Collection & Credit Risk
Reverse mortgages are a type of loan that allows homeowners, 62 and older, to borrow against the accrued equity in their homes. Reverse mortgages can help some older homeowners meet financial needs in retirement. Most reverse mortgages today are federally insured through the Federal Housing Authority’s (FHA) Home Equity Conversion Mortgage (HECM) program. We’ve heard [...]
The Federal Housing Finance Agency will require nonbank mortgage firms to meet minimum liquidity and net worth standards to curb risks to taxpayers from the rapidly expanding industry. News
