Compliance & Regulation

The Federal Trade Commission has mailed 1,410 refund checks totaling an estimated $2.3 million to consumers allegedly defrauded by Home Assure LLC, a so-called mortgage foreclosure rescue service.

A developer is suing Bank of Utah for allegedly participating in a fraudulent scheme relating to a $5 million construction loan.

For the fifth time in the past four weeks, Shaffer & Gaier LLC forced the dismissal of a foreclosure action that was recently filed by a major lender.

A Hartford, Conn., jury has found four more individuals guilty of multiple federal offenses related to their participation in an extensive mortgage conspiracy that defrauded lenders of more than $3.2 million.

The National Association of Independent Housing Professionals is giving up — for now — in its court battle against the Federal Reserve Board to block the agency's just implemented loan officer compensation rule.

Lawmakers from both political parties sharply criticized the banking regulators on Thursday for their risk-retention proposal, arguing it will lead to a credit crunch.

On April 8, FIRST AMERICAN MORTGAGE TRUST OF BROOKLINE, MASS., and the Federal Housing Administration's Mortgagee Review Board announced a settlement agreement for failing to fully verify whether borrowers could sustain their mortgage payments prior to refinancing their loans.

If Fannie Mae and Freddie Mac are going to be prohibited from purchasing mortgages tied to properties with private transfer fees, then the GSEs should create a database of these "hidden fees" fees to better protect lenders and consumers, according to the Consumer Mortgage Coalition.

I have been in the real estate finance industry for over 25 years and my company has been active in the commercial mortgage-backed securities arena as an investor, lender, issuer of securities, servicer and special servicer. We’ve also been an active Fannie Mae, Freddie Mac and FHA multifamily lender and servicer.

A mortgage that is more than 60 days late might seem like an automatic disqualification for inclusion into a government-backed security. However, until last week, servicers were able to pool such loans into securities backed by the Government National Mortgage Association.