Archives
An Additional Four States to Use Uniform Mortgage Test; 39 State Agencies Now Using...
WASHINGTON, D.C. - January 8, 2013 - (RealEstateRama) -- As of January 1, four additional state or U.S. territory agencies began using the new National SAFE MLO test, bringing the total number of agencies that use the test to 39.
CBA Statement on CFPB Mortgage Rules Deadline
Washington, D.C. - January 8, 2013 - (RealEstateRama) -- Richard Hunt, president and CEO of the Consumer Bankers Association, issued the following statement in advance of several new Consumer Financial Protection Bureau (CFPB) mortgage rules which are set take effect on January 10, 2014
Realtors®, CFPB to Monitor Impacts of New Mortgage Rule
WASHINGTON, D.C. - January 8, 2013 - (RealEstateRama) -- New mortgage lending rules to protect consumers from risky loan products will take effect this Friday, and Realtors® will be on the front lines as homebuyers access safer mortgages that meet strong underwriting standards, said Consumer Financial Protection Bureau Director Richard Cordray at an event held today by the National Association of Realtors®
CFPB Announces Increase in Higher-Priced Mortgage Loans Escrow Account Asset-Size Threshold
WASHINGTON, D.C. - January 3, 2013 - (RealEstateRama) -- The Consumer Financial Protection Bureau (CFPB) today issued a final rule adjusting the asset-size threshold for certain creditors to qualify for an exemption from the requirement to establish an escrow account for a higher-priced mortgage loan under Regulation Z, which implements the Truth in Lending Act (TILA).
CFPB Announces Increase in Home Mortgage Disclosure Act Asset-Size Exemption Threshold
WASHINGTON, D.C. - January 3, 2013 - (RealEstateRama) -- The Consumer Financial Protection Bureau (CFPB) today issued a final rule adjusting the asset-size exemption threshold for banks, savings associations, and credit unions under Regulation C, which implements the Home Mortgage Disclosure Act (HMDA)
Fannie Mae Releases Monthly Loan-Level Disclosure for Single-Family Mortgage-Backed Securities
WASHINGTON, D.C. - January 2, 2013 - (RealEstateRama) -- As part of its continued efforts to provide greater transparency to the marketplace, Fannie Mae has commenced publication of monthly loan-level disclosure for single-family mortgage-backed securities (MBS). The data will be updated monthly and will provide loan-level details for loans underlying single-family MBS with issue dates beginning on or after January 1, 2013. The loan-level disclosure files are accessible via PoolTalk®, Fannie Mae’s online disclosure application.
FHFA Index Shows Mortgage Interest Rates Decrease in November
Washington, DC - December 25, 2013 - (RealEstateRama) -- National data show interest rates on mortgages declined in November. Contract mortgage interest rates decreased 0.10 percent from October to November, according to an index of new mortgage contracts
CFPB and DOJ Take Action Against National City Bank for Discriminatory Mortgage Pricing
WASHINGTON, D.C. - December 24, 2013 - (RealEstateRama) -- The Consumer Financial Protection Bureau (CFPB) and the Department of Justice (DOJ) filed a joint complaint against National City Bank for charging higher prices on mortgage loans to African-American and Hispanic borrowers than similarly creditworthy white borrowers between the years 2002 and 2008. The agencies also filed a proposed order to settle the complaint that requires National City Bank, through its successor PNC Bank, to pay $35 million in restitution to harmed African-American and Hispanic borrowers
Developer Sentenced to 12.5 Years in Prison for Orchestrating Massive Mortgage Fraud Involving Over...
BOSTON - December 24, 2013 - (RealEstateRama) -- A Boston man was sentenced late yesterday on charges relating to a massive mortgage fraud that he orchestrated
Improvement in Mortgage Performance Continues, OCC Reports
WASHINGTON, D.C. - December 24, 2013 - (RealEstateRama) -- The performance of first-lien mortgages serviced by large national and federal savings banks continued to improve in the third quarter of 2013, according to a report released today by the Office of the Comptroller of the Currency (OCC).
Prepared Remarks of CFPB Director Richard Cordray on the Ocwen Enforcement Action Press Call
WASHINGTON, D.C. - December 20, 2013 - (RealEstateRama) -- Today the Consumer Financial Protection Bureau, authorities in 49 states, and the District of Columbia are filing a proposed court order requiring the country’s largest nonbank mortgage servicer to compensate consumers for years of systemic and significant servicing errors. Ocwen Financial Corporation and its subsidiary, Ocwen Loan Servicing, must refund $125 million to people who have already lost their homes. And they must provide $2 billion in relief to current homeowners who are underwater and in danger of losing their homes
CFPB, State Authorities Order Ocwen to Provide $2 Billion in Relief to Homeowners for...
WASHINGTON, D.C. - December 20, 2013 - (RealEstateRama) -- Today, the Consumer Financial Protection Bureau (CFPB), authorities in 49 states, and the District of Columbia filed a proposed court order requiring the country’s largest nonbank mortgage loan servicer, Ocwen Financial Corporation, and its subsidiary, Ocwen Loan Servicing, to provide $2 billion in principal reduction to underwater borrowers. The consent order addresses Ocwen’s systemic misconduct at every stage of the mortgage servicing process. Ocwen must also refund $125 million to the nearly 185,000 borrowers who have already been foreclosed upon and it must adhere to significant new homeowner protections
LIFT programs help 5,000 people achieve dream of homeownership
SAN FRANCISCO and WASHINGTON, DC - December 19, 2013 - (RealEstateRama) -- Wells Fargo & Company, America’s largest mortgage lender, and NeighborWorks America, a national nonprofit organization which creates opportunities for people to live in affordable homes and improve their lives, today announced more than 5,000 low- to moderate-income adults have become homeowners with the help of homebuyer education and down-payment assistance offered through LIFT programs
CFPB Launches Nationwide Education Campaign About New Mortgage Rules
WASHINGTON, D.C. - December 18, 2013 - (RealEstateRama) -- Today, the Consumer Financial Protection Bureau (CFPB) launched a campaign to educate the public about the new protections provided by the Bureau’s mortgage rules. The Bureau is releasing educational materials in advance of the January 10, 2014 effective dates for its mortgage rules
FHFA Releases 2013 Performance and Accountability Report
WASHINGTON, D.C. - December 17, 2013 - (RealEstateRama) -- Federal Housing Finance Agency (FHFA) Acting Director Edward J. DeMarco today released FHFA’s 2013 Performance and Accountability Report (PAR) detailing the Agency’s progress as regulator and conservator of Fannie Mae and Freddie Mac (the Enterprises) and regulator of the 12 Federal Home Loan Banks (FHLBs). The PAR discusses accomplishments, ongoing efforts to assist homeowners, challenges and continued efforts to meet FHFA’s strategic goals for FY 2013
Agencies Issue Statement on Supervisory Approach for Qualified and Non-Qualified Mortgage Loans
WASHINGTON, D.C. - December 13, 2013 - (RealEstateRama) -- Four federal financial institution regulatory agencies today issued a statement to clarify safety-and-soundness expectations and Community Reinvestment Act (CRA) considerations related to Qualified Mortgage loans and non-Qualified Mortgage loans offered by regulated institutions.
Defendants in Two Financial Services Schemes Banned from Providing Mortgage and Debt Relief Services
WASHINGTON, D.C. - December 13, 2013 - (RealEstateRama) -- The defendants in two separate alleged scams have settled charges with the Federal Trade Commission and will be banned from providing mortgage- and debt-relief services. The cases are part of the FTC’s continuing crackdown on scams targeting consumers in financial distress
FDIC Consumer Newsletter Highlights New Rules and Tips for Mortgage Borrowers
WASHINGTON, D.C. - December 12, 2013 - (RealEstateRama) -- For anyone thinking about buying a home or shopping for a mortgage, the Fall 2013 issue of FDIC Consumer News features an overview of important rules taking effect soon that are intended to protect consumers from risky loans. The coverage includes practical tips when shopping for a loan and for avoiding mortgage scams. Additional articles offer suggestions on options to consider if an institution turns you down for an account based on a report of a previously closed checking or savings account, as well as information on using a financial institution's social media site to communicate or conduct business with a bank. Here's an overview of this issue, which also marks the 20th anniversary of the FDIC newsletter
#11 Government and Public Real Estate News
WASHINGTON, D.C. - December 12, 2013 - (RealEstateRama) -- GSA’s Green Proving Ground program is exploring new ways to mitigate the impact of our built environment on the natural environment. The Green Proving Ground tests promising sustainable building technologies in the real-world setting of federal facilities to evaluate their potential to reduce resource consumption and improve building performance. Additionally, the Green Proving Ground seeks to provide data and insights that will accelerate the broader commercialization and deployment of sustainable building technologies.
Former Chief Executive of Mortgage Servicing Company Sentenced for Scheme to Withhold Funds from...
WASHINGTON, D.C. - December 12, 2013 - (RealEstateRama) -- Earl Gross, 74, of Las Vegas, the former President and Chief Executive Officer of U.S. Mortgage, a loan servicing company, was sentenced to serve 18 months in prison for his role in an $8 million scheme to defraud Wells Fargo Bank.