Tag Archives: Mortgage lending

New Jersey Giveth And Taketh Away: Recent Steps to Reduce And To Increase Regulatory Burden On Home Mortgage Lenders

Recently, the State of New Jersey has taken a small step in the direction of less regulation over home mortgage lenders and, virtually at the same time, a potentially more significant step in the opposite direction. Details are set forth below. NJDOBI Proposes to Eliminate a Regulation Yes, you read that right! On June 5, … Continue Reading

Mortgage Lenders Receive Wake Up Call from CFPB

Last week, the CFPB issued a warning letter to 44 mortgage lenders and brokers concerning possible violations related to their collection and reporting of mortgage data under the Home Mortgage Disclosure Act (HMDA) and Regulation C. HMDA requires mortgage lenders to collect and report data related to certain housing-related loans, in part to ensure those … Continue Reading

Reed Smith Financial Services Regulatory Leader Weighs in on Mortgage Regulation

Len Bernstein, chair of Reed Smith’s Financial Services Regulatory Group and Managing Partner of the firm’s Philadelphia office, was recently quoted by the Legal Intelligencer regarding the extensive preparation regulatory lawyers and the mortgage industry have done to assist mortgage lenders and servicers in dealing with the changes in the regulatory landscape largely effective in … Continue Reading

Mortgage Originator Sentenced for Fraud – Reminder of Need for Third-Party Vigilance

On August 14, 2013, the former manager of an Allentown, Pennsylvania, mortgage loan origination company was sentenced to four years in prison and ordered to pay restitution of $979,562.20 in connection with a mortgage fraud conspiracy. According to the U.S. Attorney’s Office for the Eastern District of Pennsylvania (the “USAO”), the former general manager of … Continue Reading

CFPB Announces its Ability to Repay Rule Baltimore

Direct from Baltimore: I just walked out of Westminster Hall in Baltimore, Maryland where I attended the Consumer Financial Protection Bureau’s (“CFPB”) field hearing where the CFPB announced the issuance of its “ability to repay rule,” a rule required by the Dodd-Frank Act and designed to ensure that prospective borrowers have the ability to repay … Continue Reading

CFPB Regulatory Onslaught: Now is the Time to Comment

The Consumer Financial Protection Bureau ("CFPB") has been on a tear lately, putting out regulatory proposals seemingly on a weekly basis. In each proposal, it has requested comments from interested parties, and, based on what CFPB representatives indicated at the Mortgage Bankers Association's recent Regulatory Compliance Conference in Washington, D.C., which I attended, the CFPB is truly interested in what the public has to say about its residential mortgage-related proposals. So, unless you prefer to sit back and allow the CFPB to make decisions concerning your business without any input from you, or you have already provided input, now is the time to review the CFPB's proposals and submit comments.… Continue Reading
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