Links in “Mortgage Lending”

With the Aug. 1 effective date rapidly approaching, a survey finds that 79% of banks can't even verify a precise delivery date for their updated TILA-RESPA Integrated Disclosure system. More than 20% say they will stop offering certain mortgage products if their vendor systems are not ready. [5/14/15]

The CFPB's director says the bureau "listened carefully" to industry concerns that new integrated disclosure rules may frequently delay closings, so the bureau limited the circumstances under which such delays would occur. But here's what Cordray isn't fully taking into account. [5/14/15]

The CFPB’s most recent lawsuit is against Nationwide Biweekly for deceptive mortgage payments. Director Cordray stated that the CFPB will be “taking action to end these illegal and deceptive practices, and to hold these companies accountable for their actions.” [5/12/15]

The CFPB has released a bulletin aimed at helping mortgage lenders avoid discrimination when it comes to consumers who are receiving public housing assistance. [5/12/15]

The CFPB files suit against a pair of companies and their owner for deceptive practices concerning its biweekly mortgage payment program called "Interest Minimizer" that claimed customers could achieve savings without increasing their payments. [5/12/15]

Lending to military members is an ever-increasing concern, and it’s an area the CFPB has more than cracked down on. But due to a high volume of complaints from servicemembers, veterans, and their families as exposed in a recent report, the CFPB may be coming down even harder. [5/5/15]

Qualified Mortgage rules could be watered down for loans that banks hold on their own balance sheets. The Senate Banking Committee is scheduled to vote on the matter on May 14. [5/4/15]

The Federal Trade Commission announced the suspension of operations of a sham mortgage relief entity and is seeking to permanent closure. The entity operated under different names and included a principal that was previously barred from mortgage relief activities. [5/1/15]

A Maryland-based title company's executive and loan officers offered kickbacks in exchange for mortgage referrals. These kickbacks were funneled through a network of companies owned by the company and were in amounts ranging from $130,000 to $500,000. [4/30/15]

The Department of Justice sued Quicken for making hundreds of improper loans through FHA. But the nation's third-largest mortgage lender has a few lawyers of its own and shot back with its own complaint saying it was being pressured into making admissions that were "blatantly false." [4/24/15]