Compliance

The Consumer Financial Protection Bureau outlined procedures Thursday for notifying nonbanks that they may be subject to supervision if they pose a risk to consumers.

Up to 90% of the borrowers underwater are current and continue to pay their mortgage on time.

New regulations have, and are expected to continue to impact the commercial real estate mortgage servicing industry, while process redesign and technology implementations are helping organizations improve efficiency, expand offerings and in many cases, retain staff.

WarehouseOne of Trenton, N.J., which has been in business since 1998, is demanding that a troubled lender with a similar-sounding name stop using that name.

Recently announced prepayments pending on certain Freddie Mac securities stem from what the lender involved said is a resolved technical error that caused a buyback of $330 million in mostly current loans.

WASHINGTON–The heads of the U.S. government’s two financial-market watchdogs did not learn of trades that led to sharp losses at JPMorgan Chase until they heard media reports about it, the agency chiefs told Congress on Tuesday.

The Financial Industry Regulatory Authority on Tuesday fined Citigroup Global Markets Inc. $3.5 million in a settlement related to charges of nonconforming residential mortgage-backed securities violations that Citi neither admitted to nor denied.

A federal judge this week dismissed portions of the Securities and Exchange Commission's case against two former executives of IndyMac Bank, the now-defunct alt-A giant that was initially started by Countrywide Financial Corp.

The Federal Deposit Insurance Corp. has sued Bank of America, Citigroup, JPMorgan Chase and other banks for a cumulative $92 million in damages on mortgage-backed securities, alleging that shoddy appraisals and other underwriting defects tainted their sale.

Bank servicers are doing what they can to avoid depressing home prices, by focusing on reducing foreclosures rather than flooding the market with their backlog of properties.

Declines in the mortgage delinquency rates on all one-to-four unit residential loans outstanding during the first quarter add another layer of affirmation to previous data that suggest some level of market stabilization.

A top reason why borrowers continue to be intimidated by the prospect of facing their lender-servicers is fear they will be taken advantage of.

Frederic Gladle pleaded guilty in January to one count of bankruptcy fraud and one count of aggravated identity theft for charging distressed homeowners fees in exchange for fraudulently delaying foreclosure sales.

Documenting and verifying a borrower’s income is one of the most basic tasks for an underwriter. While this appears to be relatively simple, validating income has become increasingly complex and susceptible to borrower fraud.

At least 25 community banks and thrifts have announced in recent weeks that they would stop filing financial reports with the Securities and Exchange Commission in response to a new law aimed at reducing red tape for small companies.

Looking to expand its risk, fraud and compliance management offerings, FIS recently acquired ICS Risk Advisors and Memento. Terms of the deal were not announced.

New York's Department of Financial Services hammered banks over their relationships with force-placed insurers in a Friday hearing, challenging JPMorgan Chase officials on lucrative reinsurance arrangements that the Department suggested are tantamount to kickbacks.

The National Credit Union Administration has barred the former CEOs of U.S. Central FCU and Members United Corporate FCU from working for, or with any corporate credit union for their roles in two of the biggest credit union failures.

Efforts to bring back a private-label residential mortgage-backed securities market have not been quick, nor—dare I say—wholly successful at this point.

The National Flood Insurance Program is due to expire at the end of this month and the Senate still can’t seem to find a way to pass a short-term extension or move ahead with a comprehensive reform bill that re-authorizes the program for five years.