News & Analysis as of

Mortgages Mortgage Loan Originators

The term "mortgage" typically refers to a mortgage loan.  A mortgage loan is a financing instrument where an individual or business borrows money to purchase property (usually real property) and... more +
The term "mortgage" typically refers to a mortgage loan.  A mortgage loan is a financing instrument where an individual or business borrows money to purchase property (usually real property) and uses that property as collateral for the loan. less -

Curing Consumer Finance Overreach

A legacy of the financial crisis a decade ago, Congress enacted the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (“SAFE Act”), which gave states one year to pass legislation requiring licensure of mortgage...more

CFPB unveils Consumer Credit Trends web-based tool

by Ballard Spahr LLP on

The CFPB has unveiled “Consumer Credit Trends,” which it describes as “a web-based tool to help the public monitor developments in consumer lending and forecast potential future risks.”...more

California Amends RMLA: Federal Agency Approval Not Required For Processing and Underwriting Companies

by Ballard Spahr LLP on

Effective January 1, 2017, the definition of lender under the California Residential Mortgage Lending Act (RMLA) will be amended to include third-party processors and/or underwriters who do not solicit loan applicants,...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

So, it turns out that all of the Brexit-style market freefalling was reserved for overnight trading. US markets actually closed up yesterday after modest opening losses....more

CFPB issues Fall 2016 Supervisory Highlights

by Ballard Spahr LLP on

In its Fall 2016 Supervisory Highlights, which covers supervision work generally completed between May and August 2016, the CFPB highlights violations found by its examiners involving origination and servicing of auto...more

Tennessee District Court Orders Discovery Of Reinsurance Agreements, But Denies Discovery Of Reinsurance-Related Communications,...

by Carlton Fields on

Plaintiffs sought coverage from the insurer Defendants for a $212.5 million dollar settlement of a claim of violation of the False Claims Act relating to errors and omissions in underwriting and origination of HUD mortgage...more

Your daily dose of financial news - The Brief – 9.26.16

by Robins Kaplan LLP on

The Deal Professor weighs in on Yahoo’s announcement last week of the hack of roughly 500 million of its customers’ data and the specter of the MAC (material adverse change) that Verizon may choose to invoke to dance away...more

Florida to Streamline Testing Requirements for Mortgage Loan Originator Licensure

by BakerHostetler on

On August 16, Florida announced via the National Mortgage Licensing System (NMLS) Resource Center that it was adopting the Uniform State Test (UST) for mortgage loan originators. With this announcement, the Florida Office of...more

GAO issues report on CFPB SBREFA panels

by Ballard Spahr LLP on

The Government Accountability Office has issued a report on the CFPB’s use of Small Business Regulatory Enforcement Fairness Act (SBREFA) panels in its rulemaking process. The report, “Observations from Small Business Review...more

CFPB Issues Proposed Amendments to TRID Rule

Last week, the Consumer Financial Protection Bureau (CFPB) released its proposed amendments to the “Know Before You Owe” mortgage disclosure rule, commonly known as the Truth in Lending Act-Real Estate Settlement Procedures...more

FHFA Request for Input on Single-Family Credit Risk Transfer – Certain Salient Matters

In its request for input on single-family credit risk transfer RFI, FHFA expresses a strong preference for large, economically efficient, repeatable transactions, as well as programs that create a level playing field for both...more

CFPB issues Summer 2016 Supervisory Highlights

by Ballard Spahr LLP on

In its Summer 2016 Supervisory Highlights, which covers supervision work generally completed between January and April 2016, the CFPB highlights violations found by its examiners involving automobile origination, debt...more

[Webinar] The State of Mortgage Examinations - June 29th, 1:00p.m. EDT

by BakerHostetler on

With changing federal regulations, all eyes naturally focus on the Consumer Financial Protection Bureau’s (CFPB) latest activity. However, the CFPB will conduct less than 30 origination examinations by the end of this year,...more

Loan Participations

by Barley Snyder on

The 2007-2010 period illustrated that lenders must use greater care when selling or purchasing participating interests in loans, if they are to achieve their business goals. Originators and sellers of loans may desire to...more

NMLS Release 2016.1.2 Targeted for May 2, 2016

by Ballard Spahr LLP on

NMLS Release 2016.1.2 Targeted for May 2, 2016 - NMLS Release 2016.1.2 is targeted for delivery on May 2, 2016. The release contains general enhancements and system maintenance updates. For example, the MU2 section of...more

Will the DOJ Kill FHA Loans Through Their Use of the False Claims Act?

by Baker Donelson on

The purpose of the Federal Housing Administration (FHA) is "to help creditworthy low income and first time homebuyers, individuals and families often denied traditional credit, to obtain a mortgage and purchase a home." This...more

Transitional Authority Bill Passes House Committee Unanimously

by BakerHostetler on

The House Financial Services Committee unanimously approved a bill that would enable registered mortgage loan originators to move from a depository mortgage lender to a state-licensed mortgage lender almost immediately. This...more

Big Win for Loan Originators/Sellers in Federal Appeals Court

Six victories that clients of ours had won over Lehman and Aurora in the U.S. District Court for the District of Colorado got affirmed on January 27 by the Tenth Circuit Court of Appeals in Denver after hotly-contested rounds...more

Lessons for Smaller Creditors

by Baker Donelson on

As we look back on 2015, it’s not surprising that the CFPB's enforcement actions continued to focus on mortgage-related practices. What was surprising was that its actions were not confined to the nation's largest banks and...more

CFPB Publishes List of Rural Counties and Underserved Areas

by BakerHostetler on

We have an update to our September 23 post regarding the CFPB’s expanded definition of “small creditors” and “rural areas” for purposes of meeting the requirements of qualified mortgages. As first reported by Housing Wire,...more

GSEs Release Revised Framework for Origination Defects and Remedies — The Proof Will Be in the Execution

by K&L Gates LLP on

By recently releasing yet another revised representation and warranty framework, Fannie Mae and Freddie Mac continued their efforts to assuage the concerns of the lending industry that a default by a borrower poses an unfair...more

CFPB Finalizes New HMDA Reporting Requirements

by BakerHostetler on

The Consumer Financial Protection Bureau (CFPB) finalized a rule yesterday aimed at providing the public and regulators with meaningful information concerning the lending practices of financial institutions....more

CFPB Issues RESPA and Marketing Services Agreements Compliance Bulletin

by Stinson Leonard Street on

On October 8, 2015, the Consumer Financial Protection Bureau (CFPB) issued a compliance bulletin concerning marketing services agreements (MSAs) under the Real Estate Settlement Procedures Act (RESPA). RESPA - RESPA...more

CFPB Sends Industry Letter on TRID

by MoFo Reenforcement on

On October 1, regulators including the CFPB sent a letter to mortgage industry trade groups regarding TRID. The letter states that...more

CFPB Issues Rule on Mortgage Guidelines for Special Classes of Creditors

by Reed Smith on

The Consumer Financial Protection Bureau (“CFPB”) this week issued a final rule making a series of changes to its mortgage guidelines for small creditors and creditors in rural and underserved communities....more

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