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HousingWire: CFPB solicits feedback from small mortgage lenders
The Consumer Financial Protection Bureau has formed a small business review panel to review the impact of prototype of mortgage disclosure forms affecting small businesses involved in mortgage lending and loan closings. The panel will utilize this group to solicit feedback on the new forms and also ensure they consider the needs of small mortgage companies. Read more in HousingWire.

HousingWire: Senate bill requires response to short sale requests within 75 days
A new Senate bill introduced by Sen. Lisa Murkowski (R-Alaska) hopes to speed up the short sale process by giving the mortgage lender or servicer 75 days to reply to a homeowner's written request. The servicer would have to answer with an approval, denial or request to extend the response period up to 21 days. Companies also could approve the short sale subject to certain changes. If the servicer does not respond, then the homeowner would receive $1,000 each time the lender/servicer fails to respond. Read more in HousingWire.

HousingWire: Congress approves payroll tax cut extension through 2012
The House and Senate passed a payroll tax cut and jobless benefits measure bill, which was scheduled to be signed by President Obama on Friday. The House voted 293-132 and the Senate 60-36 to extend through the end of the 2012. The benefits extension would have expired at the end of this month. However, the extension does not include any additional increase in the guarantee fees charged by Fannie Mae and Freddie Mac. Read more in HousingWire.

DS News: President Obama’s Budget Calls for $61B from Banks
President Obama's budget proposal has received criticism from Republican lawmakers because it targets banks through a Financial Crisis Responsibility Fee, which he intends to raise $61 billion from the nation's largest banks. A portion of the fees also would fund the mass refinance program outlined in the president's State of the Union address. Read more in DS News.

National Mortgage News: Regulators Extend Foreclosure Review Deadline by 90 Days
The Office of the Comptroller of the Currency and the Federal Reserve Board extended the deadline to July 31 to allow borrowers to request an independent review of their foreclosure under the consent orders signed by 14 mortgage servicers last April. With this 90 day extension from April 30, the government and servicers will conduct outreach efforts to increase awareness of the review process. Read more in National Mortgage News.

Insurance Journal: 41 Senators Urge Action on Flood Insurance Reform
The National Flood Insurance Program is set to expire on May 31 of this year, and 41 U.S. Senators from both parties are urging the Senate to schedule a vote to reform and extend the NFIP as soon as possible. The House of Representatives passed its version on July 12 by a vote of 406-22, but the Senate bill is currently awaiting floor action. Read more in the Insurance Journal.

HousingWire: CFPB seeks input on proposed monthly mortgage statements
The Consumer Financial Protection Bureau is looking for input on a new monthly mortgage statement which provides borrowers with more detailed information about their home loan to comply with the Dodd-Frank Act. The new mortgage statement must contain information on the creditor, loan assignee and mortgage servicer. You can review the new prototype of this form at the CFPB website. Read more in HousingWire.

National Mortgage News: Robo Settlement Servicing Standards: A ‘Bill of Rights’ for Mortgagors
The $25 billion settlement between the five major servicers and the state attorneys general also included a mortgagor's "Bill of Rights" to prevent future abuses with processing foreclosures. The new standards restrict residential servicers from foreclosing on borrowers while considered for a loan modification and also include procedures and timelines for reviewing loan modification applications. Read more in National Mortgage News.

DS News: California Secures $18B in Robo-Signing Settlement
California Attorney General Kamala Harris left the servicing negotiations due to the lack of support her state was getting in the servicing settlement, but that move may have helped California as the state will receive $18 billion in the final settlement. When she left negotiations, the hardest hit state in the housing crisis was to receive about $4 billion, which she felt was insufficient. Harris believes California received a "fair deal" in the settlement which will help various groups of struggling homeowners. Read more in DS News.

HousingWire: Feds threaten $1 billion consent order fine to mortgage servicers
With the talks finally ending, the largest mortgage servicers also could face penalties of more than $1 billion in fines from federal regulators if they fail to pay the agreed $25 billion in relief to states and borrowers as part of the foreclosure settlement. The Office of the Comptroller of the Currency settled with the top mortgage servicers at a cost of $394 million in penalties as part of the foreclosure consent orders signed last year. The Federal Reserve announced a $761 million in fines settlement. The servicers signed consent orders in April 2011 with both agencies to correct faulty foreclosure practices. Read more in HousingWire.

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