Recently, a complaint was filed against loanDepot.Com, LLC (“loanDepot”) in the U.S. District Court for the District of Maryland alleging violations of the Truth in Lending Act (TILA)/Regulation Z loan originator compensation...more
On June 24, the governor of Rhode Island signed into law H 5811 to amend the Secure and Fair Enforcement for Mortgage Licensing Act of 2009. The amendment changes the law to prohibit an individual who is licensed as both a...more
The Conference of State Bank Supervisors (CSBS) will release the first phase of major enhancements to the Nationwide Multistate Licensing System & Registry (NMLS) on July 20....more
On June 17, 2024, FHA announced in draft Mortgage Letter 2024-12 a proposed revision to its Defect Taxonomy to clarify that fraud or material misrepresentation involving a sponsored Third-Party Originator (TPO) is a Tier 1...more
The Retail Lending Test in the new CRA will measure bank performance against “market” benchmarks (lending activity reported by other lenders) and “community” benchmarks” (community demographics). Many bankers, although not...more
Cryptocurrency continues to gain traction as a means of payment for goods and services. It recently made its debut appearance in the mortgage industry, as the concept of a “crypto-mortgage” came to life. A Miami-based...more
As originators and brokers of mortgage loans continue to get served with new lawsuits (or threatened with potential suits) related to loans that they conveyed to aggregators prior to the financial crisis of 2008, questions...more