Compliance

The mortgage industry can better manage disparate regulatory requirements with a comprehensive approach that streamlines compliance.

Bank of America and nine other banks have agreed to pay about $63 million to settle claims they misled the state of Virginia into buying faulty residential mortgage-backed securities.

Sun Bancorp in Mount Laurel, N.J., has agreed to pay $25,000 to resolve issues connected to the company’s former Sun Home Loans division.

A New Jersey man has been sentenced to six years in prison for running a scam that victimized distressed homeowners and private investors.

Credit unions and banks are worried that the rule will eventually force smaller institutions to use costly modeling programs to comply.

The Federal Housing Finance Agency may face legislation or a lawsuit in the near future as it tries to force captive insurance companies to exit the Federal Home Loan Bank System.

Credit unions' share of the mortgage origination market has climbed steadily since the financial crisis. The sector expects to build on that momentum in 2016, even as significant headwinds loom.

Ocwen Financial Corp. will pay $2 million to settle charges that it misstated its financial results in valuing complex mortgage assets, said the Securities and Exchange Commission.

It took an average of 49 days to close a residential mortgage loan in December, a week longer than it took one year prior, according to Ellie Mae. This was unchanged from November.

Overlapping missions and jurisdictions are fueling competition between the Consumer Financial Protection Bureau and the Federal Trade Commission, according to former officials at both agencies.