Compliance

The National Association of Independent Housing Professionals said it has a meeting scheduled for Tuesday with the Federal Deposit Insurance Corp. to discuss the issue of loan buyback claims being forced upon mortgage brokers.

Fannie Mae, in a new quarterly filing, says it is receiving "higher amounts" from lenders on loan repurchase requests while its pipeline of buyback claims on defaulted mortgages continues to grow.

In the mortgage industry, lenders and servicers are not the only parties who have to comply with federal rules and regulations. Title agents and brokers have to follow the rules, and if they don't adhere to the laws, their new home is going to be inside a prison.

A title company owner in Baltimore has been sentenced to serve four years in jail for scamming lenders and homeowners of more than $2.2 million.

The Securities Investor Protection Corp. urges consumers to be aware of a "phishing" scam where individuals are pretending to be SIPC agents in order to collect money from investors.

Michele SimmsParris sued Countrywide Financial Corp. and Countrywide Home Loans under the Fair Credit Reporting Act to recover for the reporting of what she asserts was false information about her mortgage repayments.

Wipro Gallagher Solutions added an integration to Fannie Mae’s EarlyCheck, a tool that allows lenders to run pre-closing quality control checks on mortgage applications, to its NetOxygen loan origination system.

CMBS delinquencies in the U.S. have reached a new record high as a result of a slew of new late-pays along with below-average loan resolutions last month, Fitch Ratings analysts said.

American International Group plans to sue Bank of America along with a host of other prominent financial institutions as the insurer seeks to recover losses on mortgage backed securities, according to a report in The New York Times.

A bipartisan group of lawmakers, aided by banking and housing groups, are beginning a strong lobbying push to forestall a scheduled drop in the maximum sizes of mortgages backed by the government-sponsored enterprises.

Although Bank of America entered into a $2.8 billion buyback settlement with Fannie Mae and Freddie Mac late last year, it is looking at additional repurchase claims regarding the two GSEs, according to a new filing with the Securities and Exchange Commission.

As mortgage fraud activity continues to be a persistent problem throughout the country, information and data companies have developed new tools in order to monitor fraudsters and prevent them from stealing not only money from borrowers, but their identity, too.

Wells Fargo & Co. has reached a $590 million agreement to settle civil claims with disgruntled investors in Wachovia-issued securities that were sold between 2006 and 2008, according to a securities filing Friday.

The founder and part owner of appraisal management vendor AppraiserLoft resigned as CEO this week, saying he wants to pursue new business ventures in mobile technology application development.

The National Association of Independent Housing Professionals plans to set up a legal fund to help residential loan brokers defend against buyback claims being filed against them by the Federal Deposit Insurance Corp.

New York Attorney General Eric Schneiderman has petitioned to intervene in the proposed $8.5 billion Bank of America Corp. private label MBS settlement.

Atlanta real estate developer Shi Shailendra is facing several lawsuits in which he allegedly influenced five Georgia banks, four collapsed state banks, and 12 current and former senior banking executives to collude with him in a $100 million Ponzi scheme.

In one of the first actions of its kind, the National Credit Union Administration late last week filed a civil claim against a local real estate appraiser in Salt Lake City, saying he provided a faulty appraisal for a loan that caused roughly $400,000 in losses at the defunct Utah Central Credit Union.

Equifax announced its acquisition of back-office processing, closing and post-closing service and technology provider DataVision Resources Tuesday.

During these difficult financial times, title agents have created schemes that attempt to steal money from borrowers and financial institutions for their own benefit.