The Office of the Comptroller of the Currency is warning national banks that they can face "substantial penalties" for participating in "sham" business arrangements with title companies, real estate brokers and other settlement service providers.An OCC bulletin advises national banks to "carefully review" the Department of Housing and Urban Development's policy statement on affiliated business arrangements so that they don't violate the Real Estate Settlement Procedures Act's prohibitions on referral fees. "The policy statement provides guidance for assessing whether payments to a third party are for services rendered and yield an acceptable return on ownership interest, or are for an illegal payment for the referral of settlement service business," the OCC bulletin says. HUD has become more aggressive in going after sham affiliations in the past few years.
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The transaction combines independent mortgage companies which are based in Strongsville, Ohio (East Coast) and Folsom, California (West Coast).
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Housing finance firms have anticipated a 25 basis point move, so what could move the needle is less that outcome than actions that go beyond or differ from it.
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A federal judge in Colorado ruled that the appraisal discrimination case raised by the government against both Rocket and Solidifi will move forward.
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New-home loan activity rose 1% in August year over year, but applications fell 6% from July.
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A group of Democratic Senators led by Elizabeth Warren, D-Mass., urged regulators to keep the 2023 Community Reinvestment Act overhaul, saying the rule was carefully crafted with bipartisan input.
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Vieaux, currently president of Finlocker, will be stepping into the role at the Mortgage Industry Standards Maintenance Organization on Oct. 16.
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