Compliance & Regulation

Credit union executives urged Congress this morning to step in and alleviate a rapidly growing list of new regulations affecting credit unions and banks.

Bank of America, JPMorgan Chase, and three other residential servicers agreed to pay $25 million to New York State to resolve certain monetary claims over the use of the MERS database after reaching a $25 billion national settlement on robo-signing charges.

Remember the good old days when mortgage bankers were considered the "good guys," the ones who put people in houses? And remember when it appeared that plenty of outside capital was itching to get into this industry?

The Obama administration's latest "housing scorecard" suggests there is some progress when it comes to servicers' ability to fulfill the aims of regulatory programs that encourage mortgage rehabilitation, according to one expert.

The size of the residential loan market over the short-term will be determined by the definition of 'qualified mortgage,' which is more important to the industry than the definition of 'qualified residential mortgage,' declared a top lending executive for BB&T speaking at the Regional Conference of the Mortgage Bankers Association in Atlantic City.

The release of the last few details of the $25 billion mortgage servicing settlement this week revealed a deal that was, overall, not quite as bad for the banks/mega-servicers as many observers and analysts expected.

Finalizing a process that began 13 months ago, the Appraisal Practices Board has adopted new guidance that will help valuation professionals help determine the value of seller concessions in the appraisal process.

The Securities and Exchange Commission Tuesday sued the former top executives of now defunct 'super' jumbo lender Thornburg Mortgage, accusing the trio of hiding the firm's deteriorating financial condition and overstating income by $400 million.

Moving unexpectedly two days ahead of schedule, the Federal Reserve Board released the results of its annual stress test Tuesday afternoon, with certain large banks emerging as the strongest among their competitors.

A lawsuit filed by the county register of deeds in Guilford County, N.C. Tuesday claims mortgage documents in its records were 'robo-signed' in the name of Mortgage Electronic Registration Systems Inc. and wants a court to appoint a "Special Master" to determine which documents are fraudulent and require servicers to refile documents.