Links in “Mortgage Lending”

Despite public statements by the Department of Justice that mortgage fraud is a high priority, the Office of the Inspector General finds instances that indicate a low prioritization, such as the FBI's ranking of mortgage fraud as the lowest ranked criminal threat in its lowest crime category. [3/17]

Proposed expansion of SBA's Microloan Program that covers loans of $50,000 or less to businesses that assist women, low income, veteran, and minority entrepreneurs (et al) in financial assistance. Proposal would expand program to credit unions, allow loans to businesses with an associate who is on probation or parole, ease deposit requirements and require minimum levels of performance for intermediaries. [3/17]

The OCC announced the adoption of the interagency examination procedures reflecting new mortgage rules requirements under Dodd-Frank with procedures on assessing an institution’s compliance with the new mortgage rules and conducting examinations. [3/17]

Not all loans made for business purposes are considered member business loans under NCUA rules. A bill sponsored by Rep. Ed Royce from California, the Credit Union Residential Loan Parity Act, would add a new exemption for 1-4 family family buildings that are not owner-occupied. [3/14]

Speech given at annual National Community Reinvestment Coalition (NCRC) convention highlights Bureau's efforts on consumer protection and access to credit. The speech noted continued problems in collections and mortgage industries as evidenced by the heavy volume of complaints (300,000 to date with 21,000 received in February 2014), with the majority focused on debt collections (6,200  per month on average) and mortgages (4,500). [3/13]

CFPB plans to address "zombie foreclosures," properties that banks and mortgage servicers have walked away from before the completion of the foreclosure process, sometimes leaving borrowers on the hook for mortgage debt, taxes and maintenance, even though they may have long since moved out. [3/13]

Of the 78 videos on the CFPB's YouTube page, the most popular is a message from Director Cordray inviting consumers to tell their story of treatment at the hands of lenders and mortgage servicers "to ensure that they're treated fairly." [3/11]

CFPB makes available open source code to allow lenders to integrate into their websites a tool that can help consumers find local HUD-approved housing counselors, a move that may help lenders comply with housing counseling requirements under Dodd-Frank while reducing the amount of paper given to mortgage applicants. [3/11]

WF doesn't believe it did anything outside the terms of the mortgage agreements and applicable laws, but settles cases to avoid protracted litigation. [3/7]

Benjamin Lawsky, New York State's top banking regulator, asks Nationstar about complaints consumers are raising concerning the company's mortgage modifications, improper fees and lost paperwork. [3/6]