Lenders Face Stiffer Penalties With New Mortgage Disclosures
Lenders could face tougher enforcement and higher penalties if they make errors on the new mortgage disclosure forms that are slated to go in effect next August. News
B of A’s August Mortgage Settlement Stalls Over SEC Policy Fight
A final piece of Bank of America Corp.'s record $ 16.7 billion toxic-mortgage settlement is being held up by an internal fight at the Securities and Exchange Commission, said four people familiar with the case. News
JPMorgan Sees 3,000 More Job Cuts in Card, Mortgage Divisions
JPMorgan Chase said it's on track to eliminate 3,000 more jobs this year than previously forecast in its mortgage and credit card divisions. Collection & Credit Risk
Updated reverse mortgage guide: Two things you should know
More and more homeowners are considering tapping their home equity as they approach retirement age. Getting a reverse mortgage is one way that some older homeowners can do that. Reverse mortgages are a special type of home equity loan sold to homeowners aged 62 years and older, which are repaid when the borrowers sell the [...]
Updated mortgage data available
Last year, we released a web-based tool that provides the public with easier access to mortgage data for 2007 through 2012. Today, we’re updating the database with 2013 data, in coordination with the Federal Financial Institutions Examination Council. What’s HMDA? The Home Mortgage Disclosure Act or HMDA requires many financial institutions to maintain, report, and [...]
CFPB Picks 12 Companies for Mortgage Closing Study
The Consumer Financial Protection Bureau has chosen a dozen firms involved in the mortgage industry for a pilot program looking at whether electronic fillings can improve the mortgage closing process. News
Second Liens Grow Again as Other Mortgage Lending Dwindles
There is a Phil Rizzuto in the home lending business again, and that's appropriate, because home equity is making a comeback. Collections - Other Consumer
An Amazon for Mortgages: Why Altisource Is Buying Mortgage Builder
Acquiring the technology vendor would help Altisource build a marketplace for ancillary mortgage services and reduce the company's reliance on its former parent and top client, Ocwen. News
Dozens of Mortgage Relief Firms Cited by CFPB, States Over Mod Scams
Two federal agencies and 15 states have taken more than 40 actions against foreclosure relief operations, alleging the firms charged distressed borrowers millions of dollars in fees without following through on service. News
Nonbank Mortgage Lenders Livid Over FHFA Watchdog Report
Nonbank mortgage lenders are chafing at a report from a government watchdog claiming they are less regulated than large banks and pose increased risks to Fannie Mae and Freddie Mac. Collections - Other Consumer
