Wed, 2010-11-10 14:41 — NationalMortgag…
The Mortgage Bankers Association (MBA), along with several other mortgage industry trade associations, has sent a letter to Timothy Geithner, Secretary of the U.S. Department of the Treasury; U.S. Department of Housing & Urban Development (HUD) Secretary Shaun Donovan; and Federal Reserve Chairman Ben Bernanke calling for improved disclosures for mortgage borrowers under the Truth-in-Lending Act (TILA) and the Real Estate Settlement Procedures Act (RESPA).
The letter explains that if TILA and RESPA disclosures were harmonized and made simpler, consumers would be better equipped to navigate the homebuying marketplace, better understand their mortgage and settlement costs, and shop intelligently to meet their home financing needs. Therefore, the letter urges regulators to work with Elizabeth Warren and the new Consumer Financial Protection Bureau (CFPB) Director, to develop a comprehensive plan for disclosure reform that includes an agenda and timetable to propose, finalize and implement all mortgage disclosure revisions by the Board, Bureau and other agencies in an orderly manner.
Click here to view a copy of the letter.
For more information, visit www.mortgagebankers.org.
Posted via email from Title Insurance The New Jersey Department of Banking and Insurance has issued a bulletin clarifying the permissible payment of compensation to loan officers. The bulletin makes clear that loan officers may be compensated for providing loan origination services as long as the loan officer and the employing entity were licensed at the time services were provided, regardless of when the compensation is actually paid. The bulletin further provides that payment for services rendered during any period for which the loan originator and/or entity were not licensed or registered is unlawful. See the bulletin here: http://www.state.nj.us/dobi/bulletins/blt10_29.pdf Posted via email from Title Insurance Sources with close ties to the Federal Housing Administration (FHA) are saying that the agency is likely to soon begin taking steps to address faulty foreclosures of FHA-insured mortgages as a result of the recent foreclosure furor. Significant action is expected against FHA-approved mortgagees and mortgage servicers who did not follow FHA’s prescribed loss mitigation requirements and foreclosure procedures. The Department of Housing and Urban Development (HUD) has already taken a more vigorous enforcement approach over the last several months and has apparently been galvanized into action on the foreclosure front by the wave of publicity about improper foreclosure procedures. If it intends to come down heavily on FHA-approved mortgagees/servicers, it has the means to do so. HUD’s Mortgagee Review Board (MRB) will likely be the principal instrument of any assault on faulty foreclosures of FHA-insured loans. The MRB has been much more active under this Administration and now will probably wade into the foreclosure crisis. It can impose probation, suspension or termination (withdrawal) of FHA approval as sanctions on erring mortgagees and servicers. In addition, it has the authority, which it frequently uses, to collect civil money penalties from mortgagees/servicers for violations of HUD regulations and guidance. Presumably, HUD could take even more serious action outside the MRB’s scope if it discovers major misconduct, such as fraudulent filings. Mortgagees who service FHA-approved mortgages should be concerned about the likelihood of FHA action. Loss mitigation and foreclosure procedures and case files of foreclosures should be carefully reviewed. Posted via email from Title Insurance
Continuing Ed for Title Agents
New Jersey bulletin regarding compensation for residential mortgage-related activity – Lexology
Continuing Ed for Title Agents
Foreclosure crisis update: FHA likely to move on faulty foreclosures – Lexology
Continuing Ed for Title Agents
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