Posts Tagged ‘mortgage companies’

CFPB Issues Exam Procedures

June 5th, 2013 Comments off

According to mortgagenewsdaily, the Consumer Financial Protection Bureau (CFPB) has issued updates regarding what examiners will be checking lenders for when the new regulations go into effect Jan. 2014. Noting these are the first of what is anticipated will be numerous updates, the examination procedures concern the Truth in Lending Act (TILA) and the Equal Credit Opportunity Act (ECOA). “The CFPB recognizes that the easier we make it for financial institutions and mortgage companies to follow the new regulations, the better off consumers will be,” says CFPB Director Richard Cordray. “By releasing details of what our examiners will be looking for well in advance of the effective date of most of the rules, we are giving industry more time to adjust.” As MHProNews understands, the updates deal with compensation, appraisals, escrow accounts and qualifications for loan originators. The CFPB is coordinating its efforts with other federal government regulators that oversee financial institutions and mortgage companies to ensure there is a shared understanding of the rules.

(Image credit: HousingWire)

CFPB Region Director Could be Watching You

January 8th, 2013 Comments off

OriginationNews reports the person who helped plan staffing, enforcement and direction of the Consumer Financial Protection Bureau (CFPB) is now the regional director of the West Region office of the agency in San Francisco, covering 18 western states including Alaska, Hawaii and Guam. Edwin L. Chow is responsible for consumer protection and supervisory activities of regulated depository financial institutions with assets over $10 billion, and also in charge of non-depository financial services companies, supervising staff and managers in those locales. Consumer complaints against mortgage companies can now be filed on-line with the CFPB, and the company has 15 days to respond, at least to the CFPB. Lack of a response could bring the heat of investigation from the Bureau. Commissions for the loan originator (LO) are a fixed percentage based on the loan amount, with a focus on the best deal for the customer rather than the best percentage for the lender and/or the LO. MHProNews has learned that as of Jan. 28, FHA-approved lenders and LOs must provide accurate, timely and complete and pertinent company identification information to the FHA; and lenders need to regularly  review and update TPO (third-party origination) information in the Sponsored Originator Registry. How the agency will define Qualified Mortgages is yet to come.

(Image credit: Federal Housing Administration)

Mortgage Firms add Workers

May 7th, 2012 Comments off

The United States Bureau of Labor Statistics (BLS) reports mortgage companies added 2,700 full-time employees in March and another 2,800 in April, bringing employment in the mortgage and brokerage sector to 267,600 in March, almost 3,000 more employees than in Feb. of this year. OriginationNews tells while employment in the mortgage industry has fallen less than two percent in the last year, there was no change in the construction industry employment from March to April this year. Meanwhile, the BLS revised employment figures for March up 34,000 to 154,000.

(Image credit: jobseach/Karen Roach)

Statistics Show Slight Improvement in Employment—Maybe

February 4th, 2012 Comments off has learned from NationalMortgageNews refinancings have led mortgage companies to add 3,000 employees to their rosters since September. While the U.S. Bureau of Labor Statistics (BLS) says mortgage firms employed 265,000 full time personnel at year’s end, year-over-year employment at mortgage firms actually fell 5.4 percent last year. Of the 243,000 new jobs created in January 2012, 21,000 were in construction, a drop from the gain of 31,000 in November, according to the BLS. The unemployment rate dropped .02 percent from the month earlier to 8.3 percent, a total of 12.9 million people. This figure, however, does not include the 1.1 million discouraged  job-seekers who have all but given up looking; nor the 1.7 million who sought to join the work force during the past year, but not in the past four weeks. Sources tell the actual rate is closer to 11 percent. At the same time, government figures note spending is on the rise for single-family and multifamily residential construction. Fannie Mae’s “National Housing Survey” scheduled for release next week will show that consumer confidence is continuing to improve.

(Photo credit: eBay)

Candidates Being Considered to Monitor Foreclosure Probe

December 20th, 2011 1 comment

BostonGlobe reports three potential candidates have been identified as possible monitors to make sure banks comply with any settlement of a nationwide foreclosure probe. In the wake of disclosures that mortgage companies were using faulty documents to seize homes during the foreclosure process, all 50 states began investigations. The monitor would oversee mortgage relief provided to homeowners and set standards for foreclosures. Candidates include Steven M. Cohen, former secretary to New York Governor Andrew Cuomo, and currently a partner at a law firm in New York City; Nicolas P. Retsinas, former assistant secretary of the Department of Housing and Urban Development (HUD), senior lecturer in real estate at Harvard Business School, and director emeritus of Harvard University’s Joint Center for Housing Studies; and Joseph A. Smith, Jr., North Carolina’s commissioner of banks. In 2010, Smith was chosen by President Obama to oversee Fannie Mae and Freddie Mac, but his nomination was rejected by Senate Republicans.

(Photo credit: Wikipedia)