The Consumer Financial Protection Bureau will begin writing and testing a simplified mortgage disclosure form aimed at making it easier for borrowers to compare deals from different lenders. The bureau is expected to award a contract to develop the form by the end of the month, making it one of the first projects of the [...]

The Office of the Comptroller of the Currency (OCC) reminded banks that under the Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act) and the final rules issued on July 28, 2010, residential mortgage loan originators employed by banks, savings associations, credit unions, Farm Credit System institutions, and certain subsidiaries of these financial institutions must [...]

Days after terminating origination approval of sixteen branch offices, the Department of Housing and Urban Development continues to clean house by taking action against seven additional lenders for high default rates on loans insured by the Federal Housing Administration (FHA). According to a notice in the Federal Register, HUD has terminated seven lenders direct endorsement [...]

The information that can be gleaned from the Department of Housing and Urban Development’s latest HECM data is quite revealing.  For example, since the inception of the program until the fiscal year 2010, the highest overall ratios of MCAs to average appraised values is in the last three fiscal years.  Currently it is over 95% while for [...]

The U.S. Department of the Treasury is looking to create a new complaint database to collect, respond to, and refer consumer inquires and complaints concerning consumer financial products and services. According to the proposal, the database would house details about complaints and inquiries made to the Consumer Financial Protection Bureau (CFPB) implementation team, as well [...]

After spending 42 years in mortgage banking and 10 in the reverse mortgage industry, John Smaldone is joining Hanover Financial Services as executive vice president to provide consulting services to companies looking to get into the reverse mortgage industry. During his mortgage banking career, Smaldone has owned two mortgage banking firms, Florida Southern Mortgage Corporation [...]