Compliance & Regulation

Flagstar Bank FSB, a top 15 ranked residential lender, Wednesday afternoon acknowledged that it received a delisting warning from the New York Stock Exchange because of its low share price.

Federal banking regulators have long kept state officials at arm's length, but the Consumer Financial Protection Bureau is forging a close relationship with state attorneys general to enforce consumer-banking laws.

Iowa Attorney General Tom Miller late Tuesday removed New York AG Eric Schneiderman from the executive committee of a coalition seeking a civil settlement with the nation's megaservicers, saying he had "actively" undermined the group's efforts over the past few months.

The Obama administration is looking at creating a major refinancing program to help the housing market and give the economy a jolt, according to industry officials.

The Department of Housing and Urban Development is asking Ameritrust Mortgage Bankers Inc. to indemnify the Federal Housing Administration for possible future losses on 10 loans and reimburse the agency $183,327 for actual losses on at least one mortgage.

The American Bankers Association is urging the Consumer Financial Protection Bureau to clarify the term "proxy" in the loan officer compensation rule which the trade group says is causing "serious difficulties" for banks -- and conflicts with federal pension laws.

Arizona regulators said the primary mortgage insurance subsidiary of The PMI Group, Walnut Creek, Calif., had a $320 million deficit in its policyholder position and that was one of the factors which led to the decision to appoint a supervisor over the company's operations.

Raj Date, who replaced Elizabeth Warren as acting head of the Consumer Financial Protection Bureau is the keynote speaker at the National Mortgage News Mortgage Regulatory Symposium to be held in Washington on Sept. 20.

Accenture announced its acquisition of Dallas-based mortgage outsourcing provider Zenta Monday, in a move that puts the global consulting and outsourcing provider in the thick of the mortgage origination business and the massive loss mitigation efforts ongoing in the mortgage servicing industry.

A Jacksonville title agent who was the owner of Premier Title Group Inc. has pleaded guilty to bank fraud last Friday afternoon for serving as the closing agent during a mortgage fraud scheme.