Compliance & Regulation

A 10-count federal indictment unsealed in Salt Lake City charges Christopher D. Hales, 29, of Midvale, with mail, wire and bank fraud and with money laundering in connection with an alleged mortgage fraud scheme.

Though much of the attention to the recently enacted regulatory reform law has focused on its creation of a consumer protection bureau, the Dodd-Frank Act also created an Office of Financial Research with an ambitious mandate — one many doubt it can accomplish.

WASHINGTON—Mortgage bankers are bracing for sweeping changes that are coming to the FHA's reverse mortgage program, which could lead to reduced loan volumes, but also a safer product.

President Obama said on Friday that an announcement of a nominee to head the Consumer Financial Protection Bureau is coming "soon."

With the 2010 elections close at hand, Democrats are at risk of losing their No. 2 lawmaker on the House Financial Services Committee.

Mortgage brokers may be flustered by new rules limiting how much they can make on loans, but the restrictions might be a positive for all residential lenders overall.

The HUD Inspector General's office, in a new report, slams Webster Bank, Waterbury, Conn., for some of its FHA underwriting practices, saying the deficiencies could cost the government insurer upwards of $500,000 on six loans.

A new trade group that caters to the 'hard money' segment of the mortgage industry has drafted a code of ethics for its members — lenders that are privately held and cater to borrowers who can't get credit elsewhere.

The Mortgage Bankers Association is asking the Federal Housing Finance Agency to assure lenders that their servicing contracts with the GSEs will not be repudiated in the event of their liquidation by the government.

Steve Archambault, Democratic candidate for Attorney General recently unveiled a six point plan to combat mortgage fraud and protect Rhode Island consumers.