Compliance & Regulation

In the new era following the subprime-lending disaster most mortgage lenders are looking more carefully at the implementation of their underwriting and quality control criteria—including the Federal Housing Administration.Citing “serious” underwriting standard violations the FHA Mortgagee Review Board has permanently withdrawn FHA approval of Cambridge Home Capital LLC and is also seeking a monetary penalty of $182,000.

The Department of Housing and Urban Development said it is awarding more than 500 housing counseling organizations with $73 million in grants for 2011, up 22% from this year.

The Federal Housing Finance Agency finalized three rules on Wednesday, including one that requires Fannie Mae and Freddie Mac to reduce the size of their portfolios.

WASHINGTON — If the Federal Deposit Insurance Corp. has its way, federal regulators would not wait for Congress to create national servicing standards, but instead write such rules as part of risk retention guidelines set to be released soon.

A divided Federal Communications Commission approved a measure to begin regulating Internet service providers’ activities, creating a general set of rules designed to promote equal access and openness to the Internet, a concept known as Net neutrality.

Congress has breathed new life into the FHA manufactured housing loan program and now Ginnie Mae is on the verge of approving its first two MH mortgage-backed securities issuers since the 1980s.

The Inspector General's Office of HUD wants WR Starkey Mortgage to reimburse the Federal Housing Administration $360,000 for actual losses on four loans where downpayment assistance was arranged by an entity that was not a registered charitable organization.

The Federal Reserve Board announced its final rule on Aug. 26, 2010 (published in the Federal Register on Sept. 24, 2010) regarding the loan originator compensation components of a proposed rule published in August 2009.

A net branch manager has successfully settled a labor dispute with his employees, but now the parent company won't pay him. Is it time to sue or should he go to the state labor board?

Wells Fargo & Co. on Monday agreed to modify more than $2 billion of risky payment option ARMs from two lenders that the mega bank bought during the last years of the decade: World Savings of Oakland, and Wachovia Corp. of Charlotte.