Links in “Mortgage Lending”

That’s right, 2013’s HMDA information has been made available by the FFIEC. Although the number of HMDA reporting institutions has declined, home purchase lending has increased. [9/23/14]

CFPB official speaking at conference says mortgage servicing environment is not like NASCAR, "where you direct your staff around a predictable track repeating the same steps over and over." Today's mortgage servicing environment is more like the Wild West, with state and federal regulators changing the rules, regulators and attorneys citing services for prior practices, and stiff competition from bank and non-bank servicers. [9/22/14]

While TILA provides that borrowers may rescind their mortgage loans within three days, that time period can extend to three years if the creditor fails to make certain disclosures. Some circuit courts have held that borrowers can exercise their right to rescind a transaction under this TILA provision by notifying the creditor within three years of consummation, while others have held that the borrower must file a lawsuit within the three years. The Supreme Court is set to hear arguments in November. [9/22/14]

The CFPB has published its methodology for assessing fair lending aspects in non-mortgage lending products. Find out how the bureau uses a Bayesian Improved Surname Geocoding (BISG) proxy method to utilize the applicant's surname and geography to estimate the appropriate race and ethnicity. [9/18/14]

Delta Prime Refinance will settle for a whopping $500,000 in order to settle FTC charges regarding deceptively advertising mortgage refinancing as “free”, among other things. [9/15/14]

HSBC is the latest of 18 financial firms targeted by the Federal Housing Finance Agency for selling faulty mortgages to the agency before the financial crisis. Settlement amount? $550 million. [9/15/14]

Experian releases report showing student loans increased by 84% since the recession. Students loans have become the second largest debt class behind only mortgage. Massachusetts has the least amount of late payers on student loans; Mississippi has the most. [9/10/14]

New York bill would require banks to maintain properties in the foreclosure process that have been abandoned by their owners. It would also require lenders to notify owners that they do not have to move out until the process is complete, which can take years. The move is designed to reduce the number of "zombie" properties that fall prey to vandalism, decay and crime, which impacts their surrounding community as well. [9/9/14]

The redefault rate of loan modifications remains near 30%. However, the success rate of private-money modifications is huge. Here's why. [9/8/14]

Bloomberg reports a family's plight as their in-progress modification got lost in the shuffle of a mortgage deal between Bank of America and Nationstar Mortgage. "Regulators never anticipated their servicing rules would be dodged by banks simply by selling off their mortgage servicing business to ... nonbank companies." [9/4/14]