Compliance & Regulation

The Obama Administration’s white paper on the future of the government-sponsored enterprises may have muddied the issue as much as it clarified it.

The Federal Home Loan banks and their members are urging the Federal Housing Finance Agency to scrap a proposal that would make it tougher to join — and stay a part of — the cooperative system. The banks and their allies argue the plan is too restrictive and could both harm the economy and jeopardize the future of the Home Loan Bank System.

The only bank that has been penalized for mortgage servicing lapses got slapped for doing the opposite of what state attorneys general have been demanding.

The Consumer Financial Protection Bureau is working on simplifying the mortgage disclosure process and industry groups are just as busy—drafting their own disclosures to influence the new agency.

A class action suit has been filed against Saxon Mortgage, a servicing division of Morgan Stanley, claiming that the company uses the Home Affordable Modification Program to lure customers into making "trial" payments on loans it has no intention to modify on a permanent basis.

The Consumer Financial Protection Bureau's chief of bank supervision says he will be ready on July 21 to start examining the nation's 110 largest banks.

First American Mortgage Trust has agreed to a settlement today with the Federal Housing Administration’s Mortgagee Review Board for allegedly violating the agency’s program requirements.

A former branch manager at Nickleoid Employees Credit Union, LaSalle, Ind., has pleaded guilty to embezzling tens of thousands of dollars by adding numbers to her own home equity loan to obtain an additional credit of $163,585.

Provisions of the Dodd-Frank financial reform legislation that will be enforced by the new Consumer Financial Protection Bureau will change many mortgage servicer practices, according to a panel of compliance attorneys speaking on the closing day of the SourceMedia Mortgage Servicing Conference in Dallas.

To maintain an important inducement for mortgage putbacks, Freddie Mac has warned its seller-servicers to stop cutting side deals with mortgage insurers.