Compliance & Regulation

The National Credit Union Administration this week said CUs must accept alternative, non-traditional credit reports at a member's request when deciding on the borrower's creditworthiness. (In credit union parlance, customers of an institution are referred to as 'members.')

The White House wants the Federal Housing Administration to enter the business of co-insuring small loans to finance energy-saving home improvements.

The Federal Deposit Insurance Corp. is abandoning its current assessment system of charging premiums based on an insured-institution's deposits, moving toward a system based on asset size.

Mortgage insurer Genworth Financial said it is now accepting FHA appraisals as part of its conventional mortgage underwriting process, a move designed to save borrowers — and lenders — time and money.

The government is proceeding with a vengeance in this attorney's opinion to prosecute fraud and to recover money where failed banks still had loans in their portfolio at the time of the failure. The FDIC “letters of inquiry,” subpoenas and lawsuits are just starting and I believe will escalate. The reason for this belief? The government is using private law firms for the most part in chasing the problems. You will note the letters indicate the delegation of authority if you have received one.

A Grapevine user discusses a particular loan scenario where a mother wants to save her daughter from going into foreclosure. Find out more here.…

A New Jersey woman has pleaded guilty to conspiracy to commit wire fraud in connection with her operation of a $45 million Ponzi scheme that fraudulently solicited investments in real estate from more than 20 New York and New Jersey investors, according to Preet Bharara, U.S. attorney for the Southern District of New York.

Three people, including a local attorney, have been indicted for allegedly operating a foreclosure rescue scam in Las Vegas during 2008 and 2009.

Selling any big-ticket item involves three steps: getting prospects to hear a pitch, demonstrating the item’s attractiveness and making the argument that it’s worth the price—even when the product is an antibank lawsuit.

The Rural Housing Service late last week re-opened its single-family loan program and it is guaranteeing new mortgages once again.