Compliance & Regulation

In reaction to the mortgage industry’s woes, and in some cases in spite of them, technology has marched on giving us new tools, techniques, and tactics that enhance our ability to be vigilant.

Since agreeing to a consent order with federal regulators last year, Wells Fargo has embarked on an aggressive plan to implement new loss mitigation strategies and improve upon existing practices.

Fannie and Freddie are developing enhanced and aligned strategies for facilitating short sales and deeds-in-lieu of foreclosure and deeds-for-lease in order to help more homeowners avoid foreclosure

With the numerous program guidelines, strategies and other challenges facing mortgage servicers, the ability to rapidly develop and deploy technology is crucial for current and future loss mitigation efforts, according to a panel at the National Mortgage News “Best Practices in Loss Mitigation” Conference in Dallas.

Most lenders have either developed an anti-money laundering policy or are in the process of doing so. What many have not thought about are some of the practical implications of AML compliance as it pertains to the actual business of selling loans to investors.

We all know that the Consumer Financial Protection Bureau is in business to help the little guy (the borrower, that is) but why isn’t it taking a close look at underwriting guideline ‘overlays’ being hoisted upon the industry by the megabanks?

Patterns in the private student-lending industry are dangerously similar to those seen in the housing market prior to its collapse, according to a new study from the Consumer Financial Protection Bureau.

San Bernardino County's proposal to use eminent domain to seize, and then restructure, underwater private-label mortgages could hurt Fannie Mae, Freddie Mac and the Federal Home Loan Banks.

On July 17, a 26-count indictment was unsealed charging Eliseo Jara Jr., Sergio Jara, Antonio Perez Marcial, Lucia Yolanda Chavez, Arlene Jeanette Jara, Candace Shantel Gonzales, Joseph Shawn Chavez Jr., Melissa Rochelle Jara and Ricardo Fabian Salinas in a mortgage fraud conspiracy. The indictment was returned on July 12 by a federal grand jury in Fresno and the defendants were arrested at their residences on July 17.

The Securities Industry and Financial Markets Association has reached a consensus on the issue of cities using their power of eminent domain to refinance underwater mortgages that reside in private-label MBS, saying it will foul up the securitization process.