Compliance & Regulation

Taylor, Bean & Whitaker's former chairman and CEO, Lee Farkas, ordered data sent to its warehouse lender, Colonial Bank, for nonexistent mortgages in an effort to cover up growing deficits, an ex-president testified in court this week.

Although lawmakers were ostensibly supposed to debate ways to overhaul the structure and authority of the Consumer Financial Protection Bureau, a hearing Wednesday in a House Financial Services subcommittee was sidetracked by questions over whether the agency should exist at all.

Many of the nation's largest residential servicers — the subject of an intense federal audit that commenced last fall — have signed consent agreements to take corrective actions with regard to the processing of foreclosures and loan modifications, according to sources familiar with the matter.

National servicing standards "are clearly doable" according to New York Banking superintendent Richard Neiman, but the Empire State's top regulator says a lack of cooperation between the states and federal regulators is hobbling the effort.

A House Financial Services Subcommittee Wednesday approved eight separate bills to reform and downsize Fannie Mae and Freddie Mae.

With the comment period drawing to a close on a federal rule that would all but eliminate private transfer fees, Virginia has become the 24th state to either restrict the controversial levies or ban than outright.

Ending the Making Home Affordable Program would increase avoidable foreclosures and put the fragile housing market in worse shape, the program's director told an audience at the SourceMedia Mortgage Servicing Conference Tuesday.

Richard Neiman believes regulators may step in and provide guidance to mortgage servicers on their use of the Mortgage Electronic Registration Systems.

A U.S. Appeals Court in Washington late Tuesday night lifted a stay halting the Federal Reserve's controversial loan officer compensation rule, saying the plaintiffs in the case – two broker trade groups – did not "satisfy the stringent" requirements required to continue that stay.

A U.S. Appeals Court in Washington late Tuesday night lifted a stay halting the Federal Reserve’s loan officer compensation rule, saying the plaintiffs in the case – two broker trade groups – did not “satisfy the stringent” requirements required to continue that stay.