Compliance & Regulation

HUD secretary Shaun Donovan in a conference call pushed for quick approval of a trio of legislative proposals backed by the president that are aimed at further expansion of refinancing opportunities to underwater borrowers with clean payment histories.

While the Federal Deposit Insurance Corp. made significant progress Wednesday toward building its new resolution regime, it left a key component still on the table.

When the CFPB’s loan officer compensation proposal came out late Wednesday night nonbank mortgage lenders and loan brokers hit the roof. Some trade group officials thought the young agency actually understood the mortgage market, thinking it would do what is best for consumers – which brokers believe would benefit them.

Community lenders this week asked lawmakers to grant some regulatory relief, arguing the Dodd-Frank Act and other supervisory actions are pushing them to the brink of extinction.

If the amendment were to become law, it would impact the posture of the Justice Department in any future negotiations with smaller mortgage servicers that did not participate in the recent settlement with the five largest servicers.

James Delbert McConville, a Fremont man, was sentenced to nearly eight years in prison and must pay more than $7 million in restitution after being convicted of conspiring to commit mail and wire fraud, federal prosecutors said.

One of the nation’s largest nontraded real estate investment trusts, Inland American Real Estate Trust Inc., is under investigation by the Securities and Exchange Commission for potential violations of securities laws regarding its fees and administration.

Carrington Holding Co. hired Bill King as its chief investment officer and head of asset and risk management.

A state appeals court affirmed a lower court ruling allowing NCUA to foreclose on 17 homes funded by the failed Michigan credit union Huron River Area FCU in two South Florida developments financed through a get-rich-quick scheme known as "Millionaire University."

Once again the government is taking out the mortgage crisis on nonbanks, their loan officers and mortgage brokers. On Monday National Mortgage News will publish a more detailed story about the mess, but suffice to say there are many things that rankle nonbanks concerning the Consumer Financial Protection Bureau’s new mortgage compensation rule.