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Abstract: 

This article focuses on multiple regulatory and litigation developments in the U.S. relating to the mortgage industry, with a specific focus on the Dodd-Frank Act as well as the loan modification structure outlined by the Home Affordable Modification Program. Topics covered include escrow accounts rules for first-lien higher-priced mortgage loans, amendments to Regulation Z, corrective action taken against mortgage servicers, the Consumer Financial Protection Bureau's proposed sample mortgage disclosure forms, the FDIC's suits for appraisal fraud, as well as various other topics related to the mortgage industry. The author also explores the impact that regulation will have on the long-term outlook for the financial and mortgage lending industries, and the changes that are imminent around increased oversight of financial institutions and markets.

Keywords: Dodd-Frank Act; HAMP Home Affordability Modification Program; Safe Act; Mortgage Act; Bureau of Consumer Protection; MERS Mortgage Electronic Registration System; escrow account rules; Regulation Z

Affiliations:  1: Progressive Southern.