Compliance & Regulation

Roughly $7.4 billion of fraudulent mortgages will be originated this year, a 40% decline from 2011, a decrease primarily due to significantly lower fundings volumes in 2011, according to a new report from CoreLogic.

A new report issued by the National Credit Union Administration blames the agency's Office of Corporate Credit Unions for failing to identify a high concentration of risky MBS at the now defunct Southwest Corporate Credit Union of Texas, a $12 billion institution.

Boston Federal Reserve Bank president Eric Rosengren wants Fannie Mae and Freddie Mac to do more to refinance homeowners and address housing market problems.

The Federal Trade Commission is investigating several residential servicing shops for abusive practices – including inaccurate payment records and charging excessive fees -- according to FTC associate director Joel Winston.

Keystone Asset Management has recently completed an audit that assures the company is complying with regulations within the mortgage servicing industry.

The Financial Crimes Enforcement Network said there has been an 88% year-over-year increase in mortgage loan fraud suspicious activity reports filed in the second quarter.

Standard & Poor's, Moody's Corp. and Fitch Inc. won dismissal of a lawsuit alleging that their ratings of nonprime MBS were faulty and caused five Ohio public employee pension funds to buy into these money-losing investments.

The Federal Housing Finance Agency Tuesday afternoon released a 37-page "talking paper" on changing GSE servicing fees, while noting that GNMA compensation – for now – will not be part of the discussion.

Lenders One, the largest mortgage cooperative in the U.S., is calling for the Federal Housing Finance Agency to end volume discounts on Fannie Mae and Freddie Mac's guarantee fees.

A growing list of failed thrift reports is helping the Office of the Comptroller of the Currency learn how to avoid the mistakes made by the Office of Thrift Supervision.