Compliance & Regulation

On top of the regulations imposed by the CFPB, by Aug. 13, all mortgage banks will need to become compliant with Federal Anti-Money Laundering ("AML") regulations. "FinCEN," the Financial Crimes Enforcement Network, created through the Patriot Act in response to the Sept. 11, 2011 attacks, requires lenders (including non-depository institutions) to comply with AML regulations.

Nonbank trade groups are calling on the Consumer Financial Protection Bureau to narrow the definitions it will use to determine which nonbanks will be subject to federal supervision.

Annaly Capital Management Inc.generated a GAAP gain over the previous and year-ago quarters, and relatively stable earnings outside of unrealized gains or losses on financial instruments.

A new Federal Housing Finance Agency initiative will require the government-sponsored enterprise to create a common data standard and new servicing form under the Uniform Mortgage Data Program.

It’s not easy being president. Just ask George W. Bush or Jimmy Carter. As for the current inhabitant of the White House, he was a bit late to the game when it came to tackling the housing and mortgage crisis. He wants to fix the housing/mortgage mess and he controls (sort of) three entities that can aid in that recovery: Fannie Mae, Freddie Mac and HUD/FHA

House Republicans are wading back into the debate over whether to allow principal reductions on Fannie Mae and Freddie Mac mortgages.

The Federal Reserve Board on Wednesday disclosed details of a private meeting held with chief executives of several major U.S. banks on efforts to overhaul the financial system.

From time to time I hear appraisers talk about the fact that they feel undervalued, and that the business they’re in is becoming increasingly difficult. Some feel it’s a downright hostile environment for appraisers today.

The Federal Housing Finance Agency revealed that it gave Fannie Mae the green light to conduct a pilot program with Wells Fargo in March 2010 to test principal reduction modifications.

Wells Fargo plans to give its underwriters more control in approving mortgages that it retains in its own portfolio, as the bank tries to add high-quality assets to its balance sheet.