Compliance & Regulation

Loans more than 90 days past due increased for the first time this year in September, according to ICE Mortgage Technology.

Regulators will now accept feedback until Jan 16, 2024 — a six-week extension — concurrent with a Federal Reserve effort to gather additional information about the potential implications of the proposed capital changes.

The Consumer Financial Protection Bureau alleged in a lawsuit that the nonbank lender violated a 2019 consent order and submitted incorrect information in 2020.

New American Funding's Patty Arvielo found hiring initiatives can help match lending with demographics but says hurdles to recruiting in general are high now.

The Consumer Financial Protection Bureau plans to hire 75 employees in its enforcement division as it boosts investigations against "large market actors," according to an internal email obtained by American Banker.

The class action case, first brought up in 2020, accused Lakeview Loan Servicing and LoanCare of violating the Texas Debt Collection Act by charging "junk" fees.

The high court will hear oral arguments on Oct. 3 on whether the Consumer Financial Protection Bureau's funding violates the Appropriations clause. A key issue is whether parameters can be placed around Congress' authority over the federal purse strings.

The report comes from Federal Housing Finance Agency Inspector General Brian Tomney's office, which also is keeping an eye on turnover risks at the government-sponsored enterprises.

The proposal by a regulator overseeing government-related loan buyers could cut companies with small infractions off from a key source of business, groups say.

But a great deal of variation in distress levels were reported between individual markets and property sectors, according to two new reports.