Compliance & Regulation

A Minneapolis mortgage broker was convicted last week of orchestrating a loan fraud that cost local lenders, including Anoka Hennepin Credit Union, losses of more than $4.6 million.

Two federal lawsuits against appraisal management companies could become weapons for mortgage-backed securities investors seeking to make lenders buy back soured loans.

The Consumer Financial Protection Bureau has received more than 14,500 individual comments on its model mortgage disclosure forms.

The Georgia Department of Banking and Finance early this week slapped Kondaur Capital, Orange, Calif., with a final consent order, prohibiting it from lending or buying any loans in the state.

The Homeownership Preservation Foundation has found that nearly half the victims of mortgage loan modification scams were either of African-American, Hispanic or Asian background.

The six regulatory agencies working on the risk retention rule are considering a proposal to extend the comment period until August 1, according to industry officials.

Interthinx revealed in its latest Mortgage Fraud Risk Report that occupancy and employment fraud continue to be a major problem nationwide.

The Federal Reserve published for public comment a proposed rule amending Regulation Z (Truth in Lending) to implement amendments made by the Dodd-Frank Wall Street Reform and Consumer Protection Act.

A Minneapolis federal jury recently convicted a man who was part of a conspiracy to swindle mortgage lenders out of more than $43 million.

The Basel Committee on Banking Supervision finalized its review of the Basel III standard for capital treatment for counterparty credit risk in bilateral trades and plans to modify the risk weighting of credit valuation adjustment (CVA), which is the risk of loss caused by changes in the credit spread of a counterparty due to changes in its credit quality.