All Mortgage lending articles

  • Real estate accounting
    News Brief

    CFPB proposes $3.95M fine against Freedom Mortgage over repeated data errors


    Freedom Mortgage Corp. would have to pay a $3.95 million fine and carry out regular auditing and testing of its loan data under a proposed order by the Consumer Financial Protection Bureau.

  • HSBC
    News Brief

    HSBC fined $8M by FCA for mishandling customers in default


    The U.K. Financial Conduct Authority fined HSBC nearly £6.3 million (U.S. $8 million) for failing to properly consider the financial position of customers who missed payments.

  • Blog

    Fed fines Citigroup $8.6M over improper mortgage documents


    The Board of Governors of the Federal Reserve has fined Citigroup $8.6 million for the improper execution of residential mortgage-related documents.

  • Blog

    State regulators adopt single exam for mortgage licensing


    The Conference of State Bank Supervisors has announced that all U.S. states can now use a single, common exam to assess mortgage loan originators.

  • Blog

    GUIDE Act targets CFPB’s rulemaking transparency


    The recently filed Give Useful Information to Define Effective Compliance Act (or, for short, GUIDE Act), seeks to “bring predictability and transparency” to CFPB’s process of promulgating rules and guidance.

  • Blog

    CFPB seeks public input on review of mortgage servicer rule


    The CFPB is turning to the public for help as it reassesses the effectiveness of a nearly five-year-old slate of rules for mortgage servicers under the Real Estate Settlement Procedures Act.

  • Blog

    CFPB will update mortgage data rule


    The CFPB will update its 2015 Home Mortgage Disclosure Act rule. Changes are meant to clarify the rule's data collection and reporting requirements, assisting firms that have faced confusion as they ramp up compliance.

  • Blog

    CFPB pitches date extension for prepaid accounts rule


    The CFPB is looking to delay the effective date of a recent rule governing prepaid accounts by six months. The rule requires financial institutions to limit consumers’ losses when funds are stolen or cards are lost and resolve errors.

  • Blog

    CFPB levies its largest ever mortgage reporting penalty


    With its largest ever penalty under the Home Mortgage Disclosure Act, the CFPB has ordered Texas-based Nationstar Mortgage to pay a $1.75 million civil penalty.

  • Article

    CFPB winds down summer with flurry of rulemaking


    Perhaps clearing its plate before November’s elections, the Consumer Financial Protection Bureau has cranked out a variety of rules, proposed rules, and amendments to rules in recent days. Joe Mont looks at what’s next on the agenda.

  • Blog

    Wells Fargo to Pay $1.2 Billion for ‘Reckless’ Lending Practices


    Wells Fargo & Company said this week in a securities filing that it would pay $1.2 billion to resolve certain civil claims relating to the company’s Federal Housing Administration lending activities. In a Form 8-K filing, Wells Fargo said it had reached an agreement in principle with the Justice Department, ...

  • Blog

    CFPB Tries to Assuage Fears Over New Mortgage Disclosures


    Image: Mortgage servicers, lenders, and aggregators received welcomed news from CFPB Director Richard Cordray, who wrote in a letter to the Mortgage Bankers Association that technical errors will mean non-compliance with new "Know Before You Owe" mortgage disclosure rules. Because “there inevitably will be inadvertent errors in the early days,” ...

  • Blog

    Hudson City Bancorp to Pay $33M on Lending Practices


    Hudson City Savings Bank today reached a $33 million settlement with the Department of Justice and the Consumer Financial Protection Bureau to resolve allegations that it engaged in discriminatory mortgage lending practices against predominantly African American and Hispanic neighborhoods. “This resolution represents the Justice Department’s largest residential mortgage 'redlining' settlement ...