Compliance

As the mortgage industry contemplates its future, it is time to also consult with housing counselors.

Since the economic downturn mortgage fraud has been a prevalent issue plaguing the housing industry for several years.

A dispute between a REIT, a healthcare corporation, two nonprofits and the Tennessee attorney general has been resolved resulting in approximately $40 million for charitable purposes within the state.

JPMorgan Chase, Washington Mutual and Citigroup were sued by Integer Program LLC over $301 million in losses from mortgage loans.

Morgan Stanley and WMC Mortgage Corp. were sued by Seagull Point LLC over $476 million in losses from securitized mortgage loans.

Worries over fraud, as well as the Consumer Financial Protection Bureau holding lenders responsible for the actions of the third parties they use, is what is behind programs to vet title agents.

In Mary Armstrong’s plea, she admitted that the straw buyers defaulted on the loans, resulting in lenders and secondary purchasers such as Fannie Mae and Freddie Mac to suffer losses of up to $20 million.

A Maryland mortgage broker pleaded guilty to conspiring to commit wire fraud in connection with two separate schemes that resulted in lenders losing over $2 million.

Major servicers sent a third wave of checks on Friday to borrowers who were harmed during the foreclosure process.

The Department of Housing and Urban Development has approved a $1.7 billion investment plan designed to assist Hurricane Sandy victims in New York State.

There are at least 50 different credit score models around.

Mortgage Guaranty Insurance Corp. has entered into separate settlement agreements with Bank of America and Countrywide Home Loans that settle the dispute over its rescission and denial policies.

Citigroup hopes to capture a larger share of the home loan market by helping borrowers pay off their mortgages faster.

New York Gov. Andrew Cuomo is calling on the credit scoring and reporting agencies “to stop the lowering of credit scores” for Hurricane Sandy victims.

As housing markets continue to stabilize across the country with rising home prices and inventories shrinking in these cities, this ultimately leads to the possibility for a higher potential of mortgage fraud.

Aligning key mortgage servicing indicators and best practices with the Customer Financial Protection Bureau guidelines is a win-win for servicers.

Just like your mortgage payment and real estate taxes, condo charges must be paid.

A new advertising campaign is targeting New York’s struggling homeowners who may be unaware of the $60 million available to provide them free counseling and legal assistance.

Often ignored is what the cost of additional oversight under the Consumer Financial Protection Bureau means to the consumer.