Compliance

Residential Capital LLC won court approval to sell its mortgage-servicing unit to Ocwen Financial for $3 billion after putting off a fight with loan investors and resolving other objections.

A thorough, complete, integrated quality control / risk management program consists of three components: pre-funding quality control/fraud prevention; post funding quality control; and quality control using a targeted sample.

The CFPB is open about what it looks for when it examines mortgage firms.

No, FHA isn't broke, not yet at least, but it may need to delay writing some claim checks to avoid tapping Uncle Sam.

Not only is FHA hiking premiums, but it will prevent all new mortgagors (going forward) to cancel their MI policy even if the loan-to-value ratio improves during the life of the loan.

The Department of Housing and Urban Development declared that it will announce “a series of changes” Friday that are “designed” to put the FHA fund back in a positive position “within the year.”

After hearing, lawyer found guilty of professional misconduct involving distressed borrowers.

With construction activity, sales and home prices still well below pre-crisis levels, a revival of the U.S. housing sector still faces significant challenges and the benefits remain quite uneven.

While Automated Valuation Models are industry tools used in the traditional property valuation process, they lead to flawed results for determining an accurate value for a specific property.

“We cannot continually buy more securities and create more bank reserves without jeopardizing our inflation goal,” said Federal Reserve Bank president Jeffrey Lacker.

Most of the relief Bank of America provided to mortgagors continues to come in the form of short sales.

“I think it’s reasonable to expect that premiums will rise,” said one Washington-based consultant close to the issue.

Lenders on the deal include First Republic, Fremont, Prime Lending, Flagstar, WL Bradley and Cornerstone Mortgage.

Alfred Pollard said $1 trillion of household debt delinquent in the second quarter of 2012 support his case that are a housing crisis still lingers.

Lawsuits that charge Goldman Sachs and Deutsche Bank with misleading mortgage investors may proceed.

The total structural damages from the hurricane may be twice as high as the amount insurance covers, and insurance rates will likely increase.

Joseph A. Smith is encouraging service members and their advocates to report mortgage-servicing complaints by using two online forms provided on the settlement monitor’s website.

Walter Morales and his firm Commonwealth Advisors Inc., based in Baton Rouge, La., sold mortgage-backed securities to hedge funds they managed at the lowest and riskiest prices, the SEC alleges.

American International Group, which stands to join a list of financial institutions deemed too-big-to-fail, may be looking to unload its thrift unit.