The mortgage industry has had a busy year in 2014, from celebrities committing fraud, big-named lenders paying major fines, to the bevy of regulation changes, here are the stories that received the most clicks on MPAMag.com.
The mortgage industry has had a busy year in 2014, from celebrities committing fraud, big-named lenders paying major fines, to the bevy of regulation changes, here are the stories that received the most clicks on MPAMag.com.
1) Ex-NFL star sentenced for mortgage fraud
Former NFL player Jimmy Hitchcock was sentenced to nearly four years in federal prison and two years of supervised release for his role in a multimillion-dollar mortgage fraud conspiracy.
2) Major lender to slash 600 jobs
Flagstar announced it planned cut around 600 positions across the organization as it undertook a restructure to reduce expenses.
3) QM problems already starting, claims mortgage pro
The Consumer Financial Protection Bureau’s QM mortgage rules caused trouble before they even took effect, one mortgage industry head said.
4) CFPB takes lender to task over 'illegal kickback scheme'
The CFPB ordered a Missouri-based lender, along with its former owner and president Mark Figert, to pay for paying illegal kickbacks to a bank in exchange for referrals.
5) NAR: FICO credit adjustment will increase access to home ownership
In a move industry pros said would expand access to home ownership, FICO announced it was revamping the way it calculates credit scores.
6) Major lender shuts down wholesale division
Fifth Third Bank sent a communique to affected originators, with president of Fifth Third Mortgage Company Bob Lewis confirming the lender would shut down its wholesale division and focus on correspondent lending.
7) CFPB fines Franklin Loan Corp. for giving employees illegal bonuses
The CFPB ordered the California mortgage lender to pay for giving its employees illegal bonuses for steering consumers into loans with higher interest rates. The bureau asked a federal district court to approve a consent order requiring the company to end its illegal compensation system and refund the consumers it harmed.
8) CFPB whistleblower says Cordray told her to ‘back down’
A whistleblower who’s accused the Consumer Financial Protection Bureau of systemic discrimination said CFPB Director Richard Cordray told her to “back down” from her accusations.
9) Savitt blasts Warren on mortgage speech
The president of the National Association of Independent Housing Professionals had some pretty strong words for Sen. Elizabeth Warren.
10) Finally, Fannie and Freddie approve 97% LTV offerings
Early in December, Fannie Mae and Freddie Mac officially announced their options for qualified home buyers that will allow for a down payment as low as 3%. The initiative was the latest in the government's attempts to expand credit.
