Compliance & Regulation

Four federal financial regulatory agencies on Tuesday reiterated supervisory guidance related to allowance for loan and lease loss estimates associated with junior liens on home mortgages, suggesting renewed scrutiny in this area.

Federal banking regulators Tuesday issued new guidance to ensure that depositories are properly estimating potential losses on second mortgages and home equity lines of credit.

While the topic is old and familiar, the search for best strategies and a "new world order" in single point of contact borrower management continues.

The Consumer Financial Protection Bureau still has to make a key decision before it can finalize a regulation that will determine what kind of loans -- and features -- mortgage bankers can offer consumers without facing potential legal liability of up to $100,000 per unit.

Ally Financial Inc. disclosed Tuesday that it will incur a $270 million charge in the fourth quarter - and an overall loss for the entire firm - due to what it calls "penalties" imposed by regulators and the states tied to "foreclosure related matters."

If someone fell asleep in 1980 and woke up today, that person would be astounded at the progress the last three decades have brought. However, if someone fell asleep in the appraisal industry in 1980, and woke up in the appraisal industry of today, that person might barely notice a difference.

Lender Processing Services has filed a motion to dismiss charges made by Nevada Attorney General Catherine Cortez Masto against the company and two subsidiaries for fraudulent business practices.

The Consumer Financial Protection Bureau released its first semi-annual report to Congress Monday, outlining the steps it has taken to get the bureau off the ground in its first six months.

The expansion of the Home Affordable Modification Program is getting a lot of applause even though judging from past performance it may not get a standing ovation when the new deadline expires in December 2013.

On Jan. 17, Raymond Foakes, a former leader of a Hells Angels chapter in Sonoma County, Calif., was sentenced to nearly 70 months in prison for his role in a $10 million mortgage fraud scheme. He was ordered to pay more than $1 million in restitution.