Compliance & Regulation

The Department of Housing and Urban Development is charging a Chicago couple, their real estate agent and a real estate broker with refusing to sell a home listed for $1.8 million to a couple because of their race, in violation of the Fair Housing Act.

SMART Servicing, LLC, an affiliate of Steel Mountain Capital Management, is offering new software that provides the residential mortgage loan market with loan level information designed to help users control loss severity.

Bank of America said it completed nearly 4,100 permanent HAMP modifications in July, bringing the total number of B of A customers that have received modifications under the government program to 76,300.

Small banks and credit unions that rely on table funding to originate mortgages will be treated just like "mortgage brokers" under the new compensation rule issued by the Federal Reserve Board.

On Aug. 9, 2010 in San Francisco, Wells Fargo & Co. agreed to pay $20 million to settle a nationwide lawsuit brought by mortgage consultants who alleged they were misclassified as exempt by the bank so they would not have to be paid overtime.

The Federal Reserve Board has issued a final rule regarding consumer notification when a homeowner's mortgage is sold or transferred.

In a surprise move, the Federal Reserve Board has issued a final rule that imposes restrictions on loan officer and mortgage broker compensation that is very similar to compensation language in the recently passed Dodd-Frank Wall Street Reform and Consumer Protection Act.

John Walsh, the former chief of staff to the Comptroller of the Currency, is now the acting Comptroller of the agency that supervises national banks.

Tustin, Calif.-based Veri-tax LLC, which provides tax verification and fraud management solutions, has been acquired by private investment firm Blue Horizon Capital for an undisclosed sum. The acquisition will provide additional capital and resources to support Veri-tax's growth initiatives.

WASHINGTON—In the wake of President Obama signing the massive regulatory reform bill, the Federal Reserve Board at press time last month was in a tentative position regarding pending rules on loan broker compensation—and giving no hints about which way it will go.