Compliance & Regulation

As a result of certain court decisions, government agencies like the Federal Housing Administration have even more latitude in pursuing these claims against lenders.

Royal Bank of Scotland Group could pay a fine to settle claims of misconduct in its handling of U.S. mortgage securities as early as this quarter, a person with knowledge of the matter said.

SunTrust Banks will provision $145 million in its fourth quarter results for legal expenses related to previously disclosed mortgage issues, the company said in a regulatory filing Monday.

The CFPB’s rapid pace is likely to continue this year as it tackles some of its trickiest areas yet, including payday loans, debt collection and overdraft protection, which are likely to have a significant impact on the financial services arena.

Kenneth Phelan was hired by the U.S. Treasury Department for the newly created position of chief risk officer, a role he previously took at Royal Bank of Scotland Group and Fannie Mae in the aftermath of the financial crisis.

Royal Bank of Scotland Group fell after the Times reported in London that the U.K. lender could pay at least $7.7 billion to resolve claims of misconduct in its handling of U.S. mortgage securities.

Golden First Mortgage Corp. agreed to a $36 million settlement of claims that the company — which allegedly saw 60% of its government underwritten loans go into default since 2002 — defrauded a federal mortgage program.

Take a look back at National Mortgage News' top stories of 2014.

Bank servicers have a compliance dilemma: they need to quickly shed mortgage-servicing rights ahead of Basel III at a time when regulators are keeping a close watch on the manner in which transfers are handled.

Ocwen Financial's settlement with New York regulators could have a negative impact on the cash flows of mortgage bonds heavily exposed to loans serviced by Ocwen in that state, according to Moody's Investors Service.