The Compliance NewsHub

Federal Legislation | October 27, 2020

FDIC Updated the Risk Management Manual of Examination Policies (RMS Manual)

FDIC updated the Risk Management Manual of Examination Policies (RMS Manual); specifically, Section 22.1 includes revisions to the Credit Card Related Merchant Activities, Electronic Funds Transfer Risk Assessment, Trust, and Trust - Abbreviated ED modules to clarify certain procedures and to address other technical edits.

Legal News | October 27, 2020

Consumer Financial Protection Bureau Settles With Ninth Mortgage Company To Address Deceptive Loan Advertisements Sent To Servicemembers And Veterans

The CFPB issued a consent order against another lender for sending mailers for VA-guaranteed mortgages that contained false, misleading, and inaccurate statements or that lacked required disclosures, in violation of the Consumer Financial Protection Act’s (CFPA) prohibition against deceptive acts and practices, the Mortgage Acts and Practices – Advertising Rule (MAP Rule), and Regulation Z.

Industry News | October 27, 2020

Volly and Home Captain partner to improve homebuying process

Mortgage Professional America – Candyd Mendoza

Fintech company Volly has partner with Home Captain to link home buyers and loan officers.

Industry News | October 27, 2020

Fintech Vs. Traditional Lending Risks

DS news – Christina Hughes Babb

As the mortgage industry shifts to digital, Fintech reportedly allows lenders to close mortgage loans faster than traditional lending.

Industry News | October 27, 2020

Will the remote-work revolution drive demand for larger homes?

Mortgage Professional America – Ryan Smith

According to a LendingTree survey, forty-seven percent of Americans are currently working from home and are looking to upsize to get more space from a home office.

Disaster News | October 27, 2020

Why cash-out refinance is more important than ever to borrowers

Mortgage Professional America – Candyd Mendoza

According to the latest survey from United Wholesale Mortgage (UWM), the mortgage industry remains at the peak of a COVID-led refinance boom.

Industry News | October 26, 2020

Will the end of forbearance mean a wave of foreclosures?

Mortgage Professional America--Ryan Smith

The MBA estimated that 4.3 million homeowners were in forbearance programs in June due to the financial impact of the pandemic and those homeowners are now beginning to exit forbearance or are nearing the end.

Industry News | October 26, 2020

First American Announces ServiceMac Acquisition

DS News--Christina Hughes Babb

First American Financial Corp. has acquired the mortgage subservicer, ServiceMac, LLC.