Compliance & Regulation

Ally Financial Inc. indicated in a Wednesday SEC filing that it has received subpoenas from two regulatory entities in June that included requests for documentation related to certain mortgage activities.

Bank of America Corp.'s proposed settlement of mortgage-backed securities claims against its Countrywide unit would force private-label investors in 530 Countrywide trusts to accept the bank's $8.5 billion offer, B of A officials said Wednesday.

Bank of America's pending settlement related to hundreds of billions of dollars worth of Countrywide-issued first-lien RMBS released Wednesday would include not only an $8.5 billion cash payment to trusts involved but also about $400 million of servicing changes and improvements, according to an investor law firm involved.

Add Tennessee to the long list of states that have banned private transfer fees.

Suspicious activity report filings involving mortgage fraud rose by 31% in the first quarter, largely as a result of the large number of repurchase demands by investors.

The Consumer Financial Protection Bureau has posted newly revised prototypes of a two-page "Loan Estimate" disclosure on its website for a second round of input on the way closing costs are presented.

A state appellate court in New York rejected the shield of the federal tax exemption for federally chartered credit unions and upheld a lower court ruling that Hudson Valley FCU and all of the state's federally chartered credit unions are liable for millions of dollars in New York State mortgage recording taxes.

A Dallas homebuilder pleaded guilty last week in the U.S. District Court for the Eastern District of Texas to a mortgage fraud scheme against homebuyers.

Freddie Mac has entered into a proposed settlement with creditors of the Taylor, Bean & Whitaker Mortgage Corp. bankruptcy that will allow the GSE to gain control of TBW-related mortgage servicing rights and $54 million in loan receipts in TBW deposits.

There are a number of new rules and regulations relating to mortgage lending that credit unions must track closely, or risk penalties, fines, or even civil or criminal liability.