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Regulation and compliance

MLO fined, barred in 21 states for alleged education fraud

CAREER & COMPENSATION, Certifications and licensing, Continuing Education, Originations, Regulation and compliance /

A mortgage loan originator has settled a coordination action brought by 21 states which permanently bars him from working in the industry in 19 of those. Processing Content Patrick Terrance Donlon, worked for Trusted American Mortgage, disputed the findings but settled the “regulatory concerns without the time, expense, and uncertainty of contesting the findings in […]

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OCC proposing interest on escrow preemption moves

OCC proposing interest on escrow preemption moves

Law and legal issues, Regulation and compliance, Servicing /

Jonathan Gould, who is now comptroller of the currency, during a Senate Banking, Housing, and Urban Affairs Committee confirmation hearing. Photographer:Tierney L. Cross/Bloomberg The Office of the Comptroller of the Currency is looking for feedback on two proposals asserting preemption in interest on escrow accounts used in real estate lending. Processing Content One proposal from

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FHFA sees middle class lift in axing Biden housing goals

Fannie Mae, FHFA, Freddie Mac, Originations, Regulation and compliance /

The U.S. Federal Housing Finance Agency says its new housing goals will help more middle class families get mortgages after being disadvantaged by Biden-era quotas. Processing Content The government-sponsored enterprises could purchase notably fewer loans in minority Census tracts over the next two years, according to the regulator’s plans unveiled Tuesday. The FHFA however anticipates

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Democratic AGs file suit demanding CFPB funding

Litigation, Politics and policy, Regulation and compliance, Trump administration /

Key insight: A group of 22 state attorneys general — all Democrats — filed a lawsuit against the Consumer Financial Protection Bureau, Federal Reserve and acting CFPB director Russell Vought, challenging the administration’s position that the Fed can only fund the CFPB when the Fed itself is profitable.  Expert quote: “The failure to request funding

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Why 2026 could be the mortgage industry’s reset year

Distressed, LOAN PRODUCTS, Mortgage Rates, Mortgage technology, Originations, Regulation and compliance /

Several of the mortgage industry’s biggest story lines from 2025 are expected to take clearer shape in 2026, according to industry participants who shared their outlooks with National Mortgage News. Among the developments gaining traction are the potential arrival of the 50-year mortgage, the full rollout of credit score modernization and further consolidation after a

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California law hurts secondary mortgage market, lenders say

California law hurts secondary mortgage market, lenders say

Law and legal issues, Regulation and compliance, Secondary markets, Servicing /

California Attorney General Rob Bonta’s office countered a lawsuit from lenders this week, arguing a new zombie seconds law doesn’t bar certain foreclosures outright.Eric Lee/Bloomberg Lenders are raising a host of arguments to halt California’s new zombie seconds law, which they say will freeze the secondary mortgage market.  Processing Content The California Mortgage Association and

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Appeals court agrees to rehear CFPB union’s case

Appeals court agrees to rehear CFPB union’s case

Litigation, Regulation and compliance, Trump administration /

Bloomberg News Processing Content Key Insight: The U.S. Court of Appeals for the D.C. Circuit granted the National Treasury Employee Union’s petition for an en banc rehearing, vacating a prior 2-1 ruling in favor of acting CFPB Director Russell Vought. What’s at Stake: The court’s decision was influenced by dozens of lawmakers and nonprofits who

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New York becomes latest state to outlaw NTRAPs

Industry News, Law and legal issues, Regulation and compliance, State regulators, Title insurance /

New York became the latest state to officially enact legislation that outlaws the practice known as Non-Title Recorded Agreements for Personal Services or NTRAPS, which threatens senior citizens with loss of their homes.  Processing Content Gov. Kathie Hochul signed the bill into law after it passed the New York State Legislature with wide bipartisan support

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Feds raise appraisal exemption for higher-priced mortgages

Appraisals, Originations, Regulation and compliance /

The government is raising the exemption for special appraisal requirements for higher-priced mortgage loans to $34,200. Processing Content The loans are defined as any mortgage with specifically higher annual percentage rates than the Consumer Financial Protection Bureau’s average prime offer rate. The Office of the Comptroller of the Currency, the Board of Governors of the

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Court backs tougher reporting rule for title firms

Fraud, Law and legal issues, Regulation and compliance, Title insurance /

Title insurers may face more paperwork and larger compliance costs next year as a federal court is leaning toward allowing a new reporting rule to go into effect.  Processing Content U.S. Magistrate Judge Samuel J. Horovitz recommended this week to the case’s presiding judge to grant the government’s motion for summary judgment, in a challenge

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