Certifications and licensing

Two groups representing small and mid-size lenders say new proposed state mortgage servicing standards for nonbanks will add an unnecessary layer of regulatory burden, especially for firms servicing Fannie Mae and Freddie Mac loans.

A U.S. District Judge sentenced a New Jersey man for his role in a $15 million mortgage fraud scam.

Ocwen Financial's sale of mortgage-servicing rights should generate sufficient liquidity for the Atlanta company to meet its debt-payment obligations, Moody's Investors Service said.

The Louisiana Real Estate Appraisers Board said Coester Appraisal Management Group did not violate state law for failing to pay appraisers "customary and reasonable" fees, and that its executive director "misspoke" about a stipulation and order with the AMC.

The regulatory burden for originators has not only been the main driver of acquisition activity in mortgages but also influences deal structures. Acquirers are looking to craft transactions so they don't get burned by targets' compliance lapses.

Benjamin Lawsky, the New York regulator known for aggressive investigations and headline-grabbing fines against financial firms, is stepping down, and he reportedly plans to make a living offering banks and other companies advice.

With older appraisers retiring and fewer and fewer college graduates entering the profession, industry observers say that, in five to 10 years, there won't be enough appraisers to handle the volume of home sales. For lenders, that could mean higher appraisal fees and long delays in closing loans — at a time when technology could be speeding up the process.

Benjamin Lawsky will step down next month as New York's top bank regulator after four years, during which he threatened to take away the U.S. charters of some of the world's biggest banks and collected billions of dollars in penalties by being the squeaky wheel in global bank settlements.

Implementing minimum requirements for appraisal management companies raise opportunities for varied and potentially inconsistent requirements state-by-state.

The Federal Housing Administration Single Family Housing Policy Handbook will now come into effect on Sept. 14, the Department of Housing and Urban Development announced Friday.

WASHINGTON — Federal banking regulators are putting pressure on a dozen or more states to begin regulating appraisal management companies within their borders.

The SAFE Transitional License Act would allow registered lending officers to work at independent mortgage banks for 120 days while they complete state testing and licensing requirements.

Cornerstone Home Lending surrendered its state mortgage license in Georgia and will pay $33,500 under the terms of a consent order reached with state banking regulators.

NewDay Financial found itself embroiled in another regulatory order, this time stemming from allegations of rampant cheating on mortgage licensing examinations by company employees, including its chief operating officer.

The chance to earn higher compensation and the ability to offer more mortgage products is causing a growing number of loan officers to go out on their own.

The recent delay of new HECM rules is a reprieve for lenders scrambling to implement training and systems updates ahead of the original deadline. But it's also prompted questions about a key technology used by the reverse mortgage industry.

In yet another revision of its mortgage rules, the Consumer Financial Protection Bureau proposed making it easier for small and rural lenders to make "qualified mortgages." Industry representatives said the changes are poised to make a big difference.

The Fix-It Award recognizes technology that provides an effective and permanent solution to a specific industry problem, need or channel. Learn about this year's finalists and see who won the 2014 MT Award.

Aaron Seltzer, an attorney from the eastern shore of Maryland, pled guilty earlier this week to wire fraud connected to a real estate investment scheme.

Appraisers are often the only party involved in a real estate transaction that has no "skin in the game," unlike mortgage originators and real estate agents.