Compliance & Regulation

A federal judge said Deutsche Bank AG and a unit of BNP Paribas SA can proceed with legal claims against Bank of America, according to a report by Dow Jones.

The Department of Housing and Urban Development late last week issued RESPA guidance to help lenders and settlement service providers fill out the 'Good Faith Estimate' when the Federal Reserve's loan officer compensation rule goes into effect later this week.

As Neil Barofsky leaves office, he isn't so much burning bridges as blowing them to smithereens.

Mortgage fraud risk is highest in areas with the greatest amount of foreclosures, according to the annual mortgage fraud risk report developed by Interthinx.

Four states are considering legislation that would prohibit or restrict appraisers from using distressed sales, such as those of foreclosed properties, as comparable sales when assessing the value of a home.

Fidelity National Information Services Inc., a provider of banking and payments technology, has installed the FICO Falcon Fraud Manager 6 platform as part of its fraud alert management system.

Starting in April, mortgage lenders will be able to use a new product that will prevent short sale fraud and accelerate transaction times.

Starting this year and following, you must issue 1099’s to anyone you pay over $600 cumulatively during the year. Previously this did not apply to corporations. Now it does. If you pay your office supply company, your business landlord rent, any and all vendors paid over $600, then at year-end you must send them and file the appropriate 1099.

Not only are state attorneys general pushing the nation's megabanks to sign a servicing settlement tied to faulty foreclosure practices, but they want these institutions to sign a regulatory consent order, holding their boards' responsible for correcting deficiencies.

Although bankers are likely to have significant concerns about the risk retention proposal due next week, they appear to have won at least one victory already: a choice over how to structure risk that must be retained.