Compliance & Regulation

The president of San Diego-based valuation data and technology provider DataQuick is defending his profession against what he says are misconceptions about the fundamentals of valuations and the current regulations of the industry.

A new coalition of faith-based and community organizing groups is calling on the state attorneys general to "stand firm" in their negotiations with the major banks and require principal reductions on underwater mortgages as part of any settlement.

Veros Real Estate Solutions said it's connected a “large lender” to its custom interface with the Uniform Collateral Data Portal.

The new Consumer Financial Protection Bureau could "potentially" share the results of its examinations of large banks with state attorneys general, according to K&L Gates attorneys.

Mortgage fraud continued at elevated levels in fiscal year 2010 and the Federal Bureau of Investigation continues to "dedicate significant resources to the threat," the agency says in its FY 2010 Mortgage Fraud Report.

Bank of America told investors that its liabilities for mortgage repurchase requests from Fannie Mae and Freddie Mac could be worse than expected. Bank of America now says its total potential GSE losses for the mortgages sold to Fannie Mae and Freddie Mac stand at $7.8 billion. (sfbustmes8611)

Small community banks will have to pay for a compliance audit if they want to continue to originate FHA-insured single-family loans, according to the Department of Housing and Development.

Ways in which the industry can prevent fraud are evolving along with the nature of fraud itself, and the answer to preventing one of the latest waves of fraud appears to lie in finding new and better ways to track participants and their information in distressed home sales as well as in mortgage transactions.

An indictment has been filed in Manhattan Federal Court charging 14 defendants for participating in a mortgage fraud scheme that involved over 100 home mortgage loans valued at more than $58 million.

National mortgage fraud risk is down 2.3% from a year ago and is 1% lower from the previous quarter, but is still at an elevated risk, Interthinx said in its latest Mortgage Fraud Risk Report.