Compliance

The Consumer Financial Protection Bureau's crackdown on Castle & Cooke Mortgage is the first in what could be a string of enforcement actions against mortgage originators for allegedly failing to follow new loan officer compensation rules.

Fortress Investment Group has closed its Fortress MSR Opportunities Fund II at $1.1 billion on grounds of substantial future opportunities in the residential mortgage servicing rights market.

Mortgage Network was able to pare down redundant systems used in the origination process.

Kroll Factual Data found possible fraudulent activity in loan applications increased 1.06% on average between the first quarter of this year and the fourth quarter of last year.

The conspirators supposedly operated a fraudulent timeshare resale scheme in Green Bay that resulted in at least 1,000 victims in 20 states and Canada being defrauded of over $2.3 million.

We're hearing that the Senate is bracing for a fight over the confirmation of Rep. Mel Watt to be the new GSE regulator.

Renewed agency reform and rate increases, as well as agency mortgage-backed securities volatility, increase the need to illuminate repo funding risks.

New York City Comptroller John Liu called on the New York City Housing Authority to reject a plan to raise $750 million in a new bond issue.

The American Land Title Association has created assessment procedures to help mortgage originators to determine if a title professional meets the seven pillars of its best practices statement.

A Fitch survey revealed that Carrington Mortgage Services has approximately $300 million in principal forbearances that have not been reported as losses.

One credit union expert told Congress that credit unions should have a major role in creating and overseeing a proposed federally backed secondary mortgage market agency in the case of a wind-down of Fannie Mae and Freddie Mac.

Michigan Legal Services and five African-American homeowners in Detroit claimed to be victims of Morgan Stanley’s practice of purchasing and financing predatory mortgages, which were later bundled into mortgage-backed securities.

For investors who have thrown big wads of cash toward the “safety” of long-term bonds, the end of low interest rates will not be a welcome one.

UBS agreed to pay $885 million to Fannie Mae and Freddie Mac to settle claims that it improperly sold them mortgage-backed securities during the housing bubble.

Freddie Mac may seek credit ratings in the next offering of the firm’s new securities sharing its mortgage-default risks with investors.

With the recent uptick, banks are rushing to either reinvigorate their construction funding desks or establish new construction lending units.

We're hearing from the great state of Minnesota where a court last week issued a decision involving a claim for money damages and rescission of a mortgage loan based on the alleged failure of the lender to provide a Truth in Lending Act form to the buyers at closing.

While First American saw a decline in 2Q13 net earnings on a year-over-year basis, rivals Old Republic International and Stewart Information Service both reported increases.

Castle & Cooke Mortgage claims it did not make illegal incentive payments to its loan officers, as alleged by the Consumer Financial Protection Bureau.

Freddie Mac’s $500 million of risk-sharing debt sold recently may not give the firm as much protection against homeowner defaults as policy makers seek.