Compliance

Three former employees of now defunct Pierce Commercial Bank were sentenced to prison for their roles in a mortgage fraud scheme that contributed to the collapse of the financial institution.

As the deadline for consumers to file a claim under the national mortgage settlement draws closer, they will increasingly turn to nonprofit counseling agencies for advice.

Many professionals are fleeing the REO industry, everyone from servicing shop executives, to specialty providers, to real estate agents.

The Federal Trade Commission has updated its guidelines for anti-identity theft programs.

With 3,500 registered attendees and countless "unofficial" ones walking the halls of the Hyatt Regency, the 2012 Mortgage Bankers Association annual convention had a positive vibe not seen in several years. The theme was "Investing in the American Dream." There were many references to the presidential election, including multiple cutouts of candidates Barack Obama and Mitt Romney in the trade show.

The New York Department of Financial Services will require Ocwen Financial to hire a monitor to ensure it complies with an agreement to reform its mortgage servicing practices.

As homeownership rates remain flat and rental units continue to increase in popularity among consumers, more firms are starting to focus their business strategies toward the rental market.

Home loan closings were impacted as re-examinations and other forms of inspections needed to take place.

Talent, location and good weather brings Specialized Loan Servicing, an independent third-party servicer based in Highlands Ranch, Colo., to open shop in Tempe, Ariz.

In their lawsuit, the funds claimed that the ratings agencies had misrepresented their independence from the banks that sold the mortgage backed securities.

A Florida judge has rejected one of CitiMortgage’s motions to dismiss legal complaints by a borrower related to force-placed insurance coverage.

Mortgage fraud is still existent during the “quiet period” between when an original credit file is pulled and the closing of a loan.

The acquisition will add more than 1,500 mortgage risk specialists to service provider MphasiS and help the company provide more intense mortgage risk analysis.

Federal Reserve Bank of New York president William C. Dudley said the widened yield differential between mortgage-backed securities and primary home-loan rates poses an “impediment” to monetary stimulus.

The residential finance industry is facing implementation of a whole new regulatory regime.

Lawsuits by the Federal Housing Finance Agency that charge Bank of America, Citigroup, HSBC and Credit Suisse with wrongdoing in the sale of securities backed by residential mortgages may advance.

The REO market has seen its share of scams throughout the recent years, including a current one affecting renters looking for a great deal on the internet.

Review your advertising in all media, including social media now, or you could receive this letter.

It’s at least the second time in less than four months that the Securities and Exchange Commission has dropped an investigation into the marketing of mortgage-backed securities by a large U.S. bank.