Tag Archives: Compliance

Caldwell Partners released a new white paper addressing a crucial issue in the mortgage industry: the lack of knowledgeable leaders able to manage their business' new needs.

Employment in the mortgage industry reached a post-crisis high in 2012, according to data from Mortgage Daily's Mortgage Employment Index. The index showed a gain of 2,571 jobs during last year's fourth quarter, making it the sixth straight quarter to post an increase. However, job growth wasn't as strong as the third quarter, which saw 2,926 mortgage jobs created. For the entire year, the mortgage industry gained 8,978 new jobs, more than twice what was gained in 2011 (4,320).

Two industry service-providers are teaming together to help servicers prepare for CFPB examinations and adjust procedures to comply with new regulations.

Ally has satisfied its consumer relief obligations required under last year's National Mortgage Settlement (NMS), according to settlement monitor Joseph Smith Jr.

The Consumer Financial Protection Bureau recently finalized several rules for the mortgage industry, including the ability-to-repay rule and new mortgage servicing guidelines. As the Bureau prepares for the rules to take effect in January 2014, it aims to take several actions to educate and prepare both the industry and consumers on the new regulations.

About 60 percent of loans written today would be unacceptable under the finalized rules for a QM and the anticipated rules for a QRM, according to CoreLogic.

HUD announced Friday the issuing of a final rule to formalize a national standard for determining whether a practice violates the Fair Housing law based on an unjustified discriminatory effect. According to the agency, the rule establishes a three-part test that shifts burden of proof in a discriminatory housing case back and forth between the plaintiff and defendant. It is designed to address recent debates over whether or not a housing practice can be considered discriminatory if it seems neutral on the surface.

In a speaking engagement, Federal Reserve Governor Elizabeth A. Duke addressed the plight of community bankers and maintained "the future of community banking is bright."

A new report from the National Bureau of Economic Research (NBER) asserts the Community Reinvestment Act (CRA) drove banks to make riskier loans.

Now that the industry has its long-awaited QM definition, Fitch Ratings believes jumbo prime securities are poised to see a jump start.