NYU economics professor Larry White joins RegFi co-hosts Jerry Buckley and Caroline Stapleton to discuss a range of current issues facing the financial services industry. Professor White provides data on the significant...more
The Conference of State Bank Supervisors (CSBS) will release the first phase of major enhancements to the Nationwide Multistate Licensing System & Registry (NMLS) on July 20....more
Bob Broeksmit, President and CEO of the Mortgage Bankers Association, joins RegFi co-hosts Jerry Buckley and Caroline Stapleton to discuss the transformative impact of technology on the mortgage industry. Bob highlights the...more
On June 18, 2024, the Consumer Financial Protection Bureau (CFPB) announced that it has filed a proposed order that would require a Florida-based nonbank mortgage loan originator to pay a $3.95 million penalty for allegedly...more
On June 17, 2024, FHA announced in draft Mortgage Letter 2024-12 a proposed revision to its Defect Taxonomy to clarify that fraud or material misrepresentation involving a sponsored Third-Party Originator (TPO) is a Tier 1...more
In May 2024, the Federal Housing Finance Agency (FHFA) published a Request for Input (RFI) titled “Federal Home Loan Bank Core Mission Activities and Mission Achievement” with comments due to the FHFA on July 15, 2024. This...more
On April 2, 2024, a putative class action was brought against United Wholesale Mortgage (UWM) alleging, among other claims, violations of Section 8(a) of the Real Estate Settlement Procedures Act (RESPA). The lawsuit contains...more
Recent releases from the Consumer Financial Protection Bureau (CFPB) show that the mortgage industry is in the crosshairs of the CFPB's campaign against so-called junk fees. Earlier this year, the CFPB indicated its interest...more
The Retail Lending Test in the new CRA will measure bank performance against “market” benchmarks (lending activity reported by other lenders) and “community” benchmarks” (community demographics). Many bankers, although not...more
Welcome to the Mortgage Origination and Servicing chapter of our annual report Consumer Financial Services 2023 Year in Review. Looking Ahead to 2024 - Enforcement efforts are expected to increase in 2024 and will...more
On October 10, 2023, the Consumer Financial Protection Bureau (CFPB) announced that it filed a complaint against a residential mortgage loan originator and servicer alleging that the company violated the Home Mortgage...more
The Ohio Department of Commerce, Division of Financial Institutions is amending the rules that implement the state’s Residential Mortgage Lending Act. The Division is seeking preliminary feedback on the administrative rules,...more
Several new licenses will be managed on the Nationwide Multistate Licensing System and Registry (NMLS) in Kentucky, North Dakota, and Wisconsin beginning August 1, 2023. These new license types will affect consumer finance...more
As shown by a new report, the Consumer Financial Protection Bureau (CFPB or Bureau) is focusing its fair lending work on mortgage origination and pricing, small business lending, redlining, and the use of artificial...more
On June 30, HB 2325 (the “Act”) was signed by the Illinois governor to amend The Residential Mortgage License Act of 1987. According to the amendments, residential mortgage licensees in Illinois must register every physical...more
On May 4, the Indiana governor signed SB 452 to amend Indiana code governing financial institutions. Among other things, the Act amends a provision to require the Department of Financial Institutions to adopt emergency rules...more
On April 12, the North Dakota governor signed HB 1068, which outlines provisions relating to residential mortgage loan servicers. The Act provides that a person may not engage in residential mortgage loan servicing in the...more
In this month's article, we share some of our top "bites" for the prior month covered during the April 2023 webinar....more
On February 27, the California Department of Financial Protection and Innovation (DFPI) issued new guidance with respect to the performance of remote work by mortgage loan originators (MLOs) working for licensees under the...more
On March 10, the CFPB issued a Request for Comment (RFC) seeking feedback on the Regulation Z Mortgage Loan Originator Rules, including the provisions often referred to as the Loan Originator Compensation or “LO Comp” Rule. ...more
The Consumer Financial Protection Bureau (“CFPB”) issued guidance on February 7 in the form of an Advisory Opinion intended to “protect mortgage borrowers from pay-to-play digital comparison-shopping platforms.” Specifically,...more
The California Department of Real Estate (DRE) recently reminded real estate licensees with a mortgage loan origination (MLO) endorsement of their fiduciary duty to borrowers. ...more
Recently, the Washington Department of Financial Institutions adopted regulations implementing amendments to the Consumer Loan Act and the Mortgage Broker Practices Act. ...more
We previously reported that the Oregon Division of Financial Regulation (the Division) amended its administrative rules pertaining to branch licensure to authorize remote work for licensed loan originators and employees. The...more
Cryptocurrency continues to gain traction as a means of payment for goods and services. It recently made its debut appearance in the mortgage industry, as the concept of a “crypto-mortgage” came to life. A Miami-based...more