Compliance & Regulation

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.

The Senate passed a bill directing the Government Accountability Office to conduct a comprehensive study of the National Credit Union Administration's handling of the corporate CU meltdown where many of these wholesale "banks" failed because of bad MBS investments.

The New York Supreme Court last week ruled that MBIA Insurance Corp. did not have any way to discover if GMAC Mortgage intentionally misrepresented the true nature of MBS that MBIA insured.

Two decades of government hand-holding on interest rate risk might be over for thrifts. With the Office of the Comptroller of the Currency slated to absorb the Office of Thrift Supervision next summer, the future of the personalized interest rate risk assessment that the OTS supplied quarterly to thrifts remains undetermined.

The chair of the Federal Deposit Insurance Corp. warned that if left unchecked, government debt could rise to 185% of the country’s gross domestic product by 2035.

Arizona Attorney General Terry Goddard filed a lawsuit against Bank of America Friday morning, alleging that the nation's largest servicer of residential loans committed "widespread consumer fraud" in its handling of loan modifications.

Since publishing its loan officer compensation rule in September, the Federal Reserve Board has been wary of providing written guidance on compliance issues to the industry — but the Mortgage Bankers Association wants to change that.