Links in “Mortgage Lending”

Florida money services business gets hit with civil money penalties for flaws in its anti-money laundering program. Here's a look at what caught FinCEN's attention. [5/2]

CFPB's upcoming pilot program is designed to pave the way for a more efficient closing process. [4/28]

eClosing mortgage pilot project, which the CFPB is billing as not part of a rulemaking process, but a potential best practices initiative, has a target start date of October 2014. [4/25]

The hard work of preparing for pending changes to the mortgage loan closing process is just beginning, but already there is frustration mounting. [4/24]

CFPB blog and report on the challenges of mortgage closing notes four primary areas including lack of sufficient time, quantity of paperwork, complexity of documents and errors in documents. Report further notes upcoming CFPB solutions to aspects of the closing process aimed at addressing those challenging areas. [4/24]

Wells Fargo hires two former CFPB officials who had a hand in guiding the agency through its rulemaking on mortgage loans that took effect in January. [4/18]

Bank of America settles faulty mortgages claim with Financial Guaranty Insurance Co. for $950 million. The bank has set aside $50 billion to resolve such disputes with regulators and investors. [4/17]

Report on decrease in loan modifications points out that in December 2009, there were 4.13 million homeowners more than 60 days delinquent on their mortgages, more than twice the current number. [4/15]

ABA survey finds that more than one-third of respondents will only make qualified mortgages. "The problem will last at least as long as bankers calibrate their compliance systems, and perhaps much longer." [4/8]

Distributed denial of service attack strikes Ellie Mae, a provider of core operating systems to mortgage originators, for two days last week. Attack comes on the heels of an FFIEC warning to financial institutions about DDoS attacks. [4/7]