The Federal Financial Institutions Examination Council, an interagency coordinating body for federal banking industry regulators, has issued two statements in the past month cautioning banks and credit unions about cyber-security risks and emphasizing the importance of effective risk mitigation policies. First-time buyers represented 38 percent of home purchasers in April – up from 34 percent… Read More »

The CFPB has asserted broad RESPA enforcement authority in a recent decision significantly expanding the liability of PHH Corporation for accepting “kickbacks” from mortgage insurers. The CFPB upheld an Administrative Law Judge’s finding that PHH had violated RESPA but increased the number of separate violations involved, increasing the required disgorgement from $6 million to $109… Read More »

When interest rates begin to rise, as they will eventually, U.S. households are generally well-positioned to absorb the financial jolt. A study by Interest Rate Weekly concludes that the rate increase will have a “muted impact” on most households. A federal district court in New Hampshire has ruled that a lender can be vicariously liable… Read More »

Continuing their efforts to reform the title insurance industry New York state regulators recently cut title insurance premium rates on refinance transactions. “We are pleased the title insurance industry is doing the right thing here and appreciate their cooperation with us to cut these rates,” Benjamin Lawsky, superintendent of the New York Department of Financial… Read More »

The Consumer Financial Protection Bureau (CFPB) has no plans to delay enforcement of the new mortgage disclosure rules taking effect August 1. Seventeen industry trade associations, representing real estate and real estate finance professionals, signed a letter asking the agency for a five-month period of “restrained enforcement and liability” extending through the end of this… Read More »

The RESPA winds are blowing again and they seem to be nearing gale force. The Consumer Financial Protection Bureau (CFPB), which has replaced the Department of Housing and Urban Development (HUD) as RESPA’s primary enforcer, recently socked New Day Financial with a $2 million penalty for violating the anti-kickback provision of the law by paying… Read More »