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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Pricey insurance, expensive maintenance, and struggles with financing are all weighing down the condo market, with Florida and Texas feeling it the most.
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The National Credit Union Administration, operating with just one board member, has liquidated two credit unions that were recently put into conservatorship. The failures are the first credit union failures since Democrats on the board were fired, leaving Republican Chair Kyle Hauptman.
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The new integration supports the upcoming Uniform Appraisal Dataset 3.6, which becomes available in September, with mandatory use 14 months later.
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The prime jumbo RMBS transaction is collateralized by 402 residential mortgage loans.
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The conviction of a fraud ring mastermind highlights growing risks in home equity lines of credit as equity-rich borrowers become prime targets.
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The Senate version makes permanent the mortgage interest and mortgage insurance premium reductions, removes the revenge tax but also cuts CFPB funding.
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