Compliance & Regulation

In expanding its note sale pilot program, the Department of Housing and Urban Development is imposing new certification requirements on servicers that are willing to assign defaulted FHA loans for the upcoming sales.

I recently chaired a successful webinar on CFPB examinations. So successful in fact we will be doing another regulatory compliance webinar on Sept. 27.

Out of the 92 actions filed by Pennsylvania's Bureau of Compliance, 90 orders were against companies for statutory violations, resulting in fines of $277,525.

Regulators in Georgia closed the $217-million-asset Jasper Banking, which became the industry's 39th bank to fail this year.

Chicago is the latest city to pass a resolution to hold hearings on whether to use eminent domain to seize underwater mortgages from private investors.

If the CFPB makes brokering impossible, how many brokerage shops can afford to convert into a mortgage banking firm? The capital requirement is currently $2.5 million, while rumors persist that it may be hiked to $3.5 million over the next few years. The net worth requirement is set by Fannie Mae, Freddie Mac, and GNMA/FHA…

In total, more than $10 million in fraudulent mortgages on more than 40 properties were obtained during the conspiracy.

Several large and regional banks have disclosed what their capital ratios would look like if Basel III were in effect now and early results show that First Horizon National, Huntington Bancshares, SunTrust Banks and TCF Financial would take the biggest capital hits if they do not take steps to change their asset mix.

The Consumer Financial Protection Bureau has formalized a trend toward regulators holding the industry increasingly responsible for having a mechanism in place to police their own compliance, and they are nearing the point at which they might be starting to make sure the industry is in fact doing this.

Distressed homeowners have received only 10% of nearly $46 billion in federal aid since the money was allocated in 2009 under the Troubled Asset Relief Program.