Federal regulators have released the last video in a series created to help bank employees meet regulatory requirements set by the Consumer Financial Protection Bureau (CFPB).
Read More »Accurate Group Announces Support for Fannie Mae’s CU
In Ohio, Accurate Group announced its support for the imminent release of Fannie Mae's Collateral Underwriter (CU) in the form of enhanced appraisal processes, updates to the company's Valuation Compliance Report (VCR), and training and certification of its appraisal review team.
Read More »Settlement Monitor Finds Problems in Ocwen Review
In an update on his continued oversight of the landmark agreement, Joseph Smith Jr. revealed doubts about the internal review group Ocwen is using to monitor the company's compliance with settlement terms. Smith said his team launched an investigation in May after hearing from an employee about "serious deficiencies in Ocwen's internal review group process."
Read More »Indecomm-Mortgage U Launches Integrated Disclosure Training Package
Indecomm-Mortgage U, a full-service training company serving the mortgage industry, announced the development of a new suite of training tools designed to help bring lenders in compliance with the Consumer Financial Protection Bureau's (CFPB) soon to be implemented integrated mortgage disclosure rule.
Read More »FDIC Unveils Technical Assistance Videos for Mortgage Rules
In an announcement Wednesday, FDIC introduced the first in what the agency says will be a series of technical assistance videos developed in the wake of this year's mortgage regulations handed down from the Consumer Financial Protection Bureau (CFPB).
Read More »Ocwen Sets Aside $100M for Possible Servicing Settlement
Ocwen Financial, the nation's top non-bank mortgage servicer, announced Thursday that the company has taken a $100 million charge for a potential settlement regarding claims that it sent backdated foreclosure notices to thousands of borrowers. In a conference call with analysts, Ocwen executive chairman William Erbey left open the possibility that legal costs could drive the $100 million amount higher.
Read More »Survey: Loan Production Costs Expected to Rise
With less than one year left before the Truth in Lending Act (TILA) and the Real Estate Settlement Procedures Act (RESPA) disclosure rule goes live, a new survey finds more lenders are battling with increased loan costs as quality control becomes the top concern.
Read More »New York Reg Hits Ocwen on Backdated Foreclosure Notices
New York's top banking supervisor once again set his sights on Ocwen Financial Corp. this week, saying the non-bank servicer sent thousands of foreclosure warnings to borrowers months after it was too late to save their homes.
Read More »Community Banks Continue to Feel Compliance Burden
Community financial institutions are putting more of their resources toward compliance, according to compliance management systems firm Continuity Control. The firm's 2014 Third Quarter Banking Compliance Index revealed that in order to comply with the 82 regulatory changes added in Q3, 653 additional hours were required of the average community bank.
Read More »Compliance, Risk Management Concerns Continue to Build
In a report released Wednesday, Wolters Kluwer Financial Services (WKFS) said its Regulatory & Risk Management Indicator increased again to 128, reflecting a 28 percent rise since its baseline score established in January 2013. Looking at compliance challenges, 72 percent of banker respondents listed "maintaining compliance with changing regulations" as one of their top concerns, up from 67 percent at the start of last year.
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