Compliance & Regulation

Clarity Services has released its new Clear Subprime ID Fraud solution designed to prevent mortgage fraud for lenders in the subprime market.

U.S. District Judge Liam O'Grady has sentenced a man to two years in prison, followed by 24 months of supervised release, for using his professional experience as a loan officer to commit mortgage fraud.

Effective Jan. 1, 2012 the California Real Estate Commissioner may issue citations to unlicensed persons the commissioner believes to be engaging in activities for which a real estate license is required or to licensees who are in violation of any provision of the Real Estate Law or any rule or order thereunder.

Lawyers have opened a new front in mortgage securities litigation by suing BNY Mellon and U.S. Bank over an alleged failure to properly handle the storage and recordkeeping of mortgage documents. But observers and participants in more established mortgage repurchase litigation question whether suing over trust and document custody errors is a promising fight.

Federal Reserve Board Vice Chairman Janet Yellen said Friday the central bank will soon issue a long-awaited package of proposed rules implementing the Dodd-Frank Act.

House and Senate conferees will not restore the $729,750 maximum loan limit on GSE-backed mortgages in high cost areas, sources told National Mortgage News this weekend -- but they have agreed to bump up the limit on Federal Housing Administration loans in lower cost areas.

Not only is the government suing Allied Home Mortgage for FHA fraud, its lawsuit calls into question how company founder and CEO Jim Hodge handled complaints by insiders about its net branch arrangements.

Bank of America's residential servicing department Friday entered into a settlement with the Department of Justice to reimburse members of the military whose homes were foreclosed on while they were on active duty.

The Securities and Exchange Commission could hurt the housing recovery if it imposes tighter restrictions on real estate investment trusts that purchase and securitize mortgages, according to industry comments filed with the agency.

The numerous agencies involved in financial regulation should find better ways to coordinate with each other as they seek to implement the massive Dodd-Frank Act, according to a government watchdog report released Thursday.