Compliance & Regulation

Ten people were charged with a $40 million fraud relying on phony documents and straw buyers to bilk mortgage lenders for properties at the New Jersey Shore and resorts in South Carolina and Georgia, prosecutors said.

The California Association of Mortgage Professionals annual convention is a gathering of survivors, and the message at the opening session was that there are more cuts ahead.

In making lenders responsible for servicers’ compliance controls, the Consumer Financial Protection Bureau further expands lenders' responsibility for borrowers.

The Consumer Financial Protection Agency Friday issued two proposed rules designed to make mortgage servicing more consumer friendly, giving borrowers advanced notice of interest rate adjustments and how to avoid costly forced-placed insurance.

The president of the California Association of Mortgage Professionals is warning that the eminent domain proposal being considered by San Bernardino County and the cities of Ventura and Ontario could curtail new mortgage lending in those municipalities.

Federal regulators handed community banks a small but crucial victory on Wednesday, giving them more time to voice concerns over Basel III.

Standard & Poor’s Thursday said it has released revised criteria for monitoring the performance of existing U.S. RMBS and will be using it to rate deals with collateral originated before 2009.

After reaching its lowest mark in almost three years in the first three months of 2012, Interthinx’s national mortgage fraud risk index trended up again in the second quarter.

The Federal Housing Finance Agency threatened Wednesday that it would take action against municipalities that attempt to use eminent domain to refinance underwater mortgages.

Rep. Scott Garrett (R-NJ), Chairman of the Financial Services Subcommittee on Capital Markets and Government-Sponsored Enterprises, will be the keynote speaker at National Mortgage News’ 2nd annual Mortgage Regulatory Forum on Thursday, Sept. 13 in Arlington, Va.