Compliance & Regulation

In one of the first actions of its kind, the National Credit Union Administration late last week filed a civil claim against a local real estate appraiser in Salt Lake City, saying he provided a faulty appraisal for a loan that caused roughly $400,000 in losses at the defunct Utah Central Credit Union.

Federal officials should go easy on overriding state sovereignty by changing foreclosure laws without a legislative mandate, former HUD general counsel Robert Couch told a Senate panel on Tuesday.

A recent federal appeals court decision is likely to cause the delay of dozens of pending Dodd-Frank Act regulations.

An aggressive push by the Justice Department to investigate fair lending claims is prompting a backlash from bankers who claim the government is abusing its authority and contradicting findings by other federal regulators.

The Mortgage Bankers Association fears that when the Federal Housing Finance Agency finally unveils its servicing fee structure proposal it will contain just one compensation model, and is appealing to the agency to include more.

Equifax announced its acquisition of back-office processing, closing and post-closing service and technology provider DataVision Resources Tuesday.

During these difficult financial times, title agents have created schemes that attempt to steal money from borrowers and financial institutions for their own benefit.

Phil Sotelo, the owner of Realty Executives Sotelo & Associates was arrested for mortgage fraud for recording phony documents at a county office and refused to leave his north Modesto home after it was sold at public auction, according to an arrest warrant affidavit.

MDR Mortgage and its founder and president Robert Luce are facing a lawsuit filed by the Department of Justice for the alleged misrepresentation of Department of Housing and Urban Development-insured loans.

A new report by Amherst Securities Group examines how the recent Bank of America settlement has the potential to significantly impact Countrywide securities that comprise the Covered Trusts. Although the market seems to treat these securities in the same way, Amherst said that the impact will vary from security to security.