Compliance

Aklero Risk Analytics will offer discounted pricing, as well as enhanced delivery options, technology and support, to the member banks of the American Bankers Association’s Business Solutions subsidiary, under a preferred vendor agreement between Fort Washington, Pa.-based Aklero and the Washington-based ABA.

Ohio attorney general Mike DeWine has filed a lawsuit against a foreclosure rescue company, its affiliates and owner for violating multiple state consumer laws.

The Pennsylvania Department of Banking’s Bureau of Compliance, Investigation and Licensing has cracked down on illegal activity within the state in 2Q 2011 compared to the previous quarter.

On June 4, a San Francisco judge (U.S. District Court Judge William Alsup) told Securities and Exchange Commission attorneys that the Dodd-Frank Wall Street Reform and Consumer Protection Act will not be applied retroactively and thereupon dismissed a couple of Securities and Exchange Commission claims against former financial executives.

Short sale timelines and completions are improving, but servicing executives also know their industry can have better results in the government-backed Home Affordable Foreclosure Alternatives program, according to panelists at this week’s Best Practices in Loss Mitigation Conference in Dallas, sponsored by National Mortgage News.

Six Federal Home Loan banks have launched a salvo against Bank of America Corp.'s proposed $8.5 billion mortgage bondholder settlement, suggesting the payout may need to be triple that amount.

The Federal Trade Commission is mailing over 450,000 checks to former customers of Countrywide Home Loans as part of a $108 million settlement involving allegations that CHL took advantage of delinquent borrowers and charged excessive servicing fees.

The loan modification process needs a reboot that uses technology to help borrowers understand the process and provide faster resolution to loan files, according to panelists speaking at the Best Practices in Loss Mitigation Conference that National Mortgage News' parent company SourceMedia sponsored this week in Dallas.

After targeting two branch offices of Prospect Mortgage for an audit, the HUD Office of Inspector General is urging the Federal Housing Administration to conduct full underwriting reviews to protect the agency from paying potential claims on 166 delinquent FHA-insured loans.

The National Credit Union Administration late Monday filed its third lawsuit alleging violations of federal and state laws related to misrepresentations in the sale of MBS to now defunct corporate credit unions.

The law firm Hagens Berman is conducting an investigation whether several real estate investment trusts made false and misleading statements to investors.

A Washington state man has been sentenced to 25 months in prison for orchestrating a foreclosure rescue scheme that defrauded distressed homeowners more than $55 million.

For purposes of this rule, payments made by creditors to loan originators are not payments made directly by the consumer, regardless of how they might be disclosed under HUD's Regulation X, which implements the Real Estate Settlement Procedures Act.

Equifax subsidiary The Work Number will begin providing mortgage lenders and other consumer credit underwriters verifications of employment and income for self-employed individuals.

Prospect Mortgage LLC, Sherman Oaks, Calif., has agreed to pay the Department of Housing and Urban Development $3.1 million to settle charges that it created sham affiliated business arrangements as part of a scheme to share in “kickbacks” paid to these joint ventures.

Fidelity National Financial, Jacksonville, Fla., has agreed to pay the Department of Housing and Urban Development $4.5 million to settle allegations of the anti-kickback provision of the Real Estate Settlement Procedures Act.

Ambac Financial Group, the bankrupt holding company for bond insurer Ambac Assurance Corp., filed a plan of reorganization in bankruptcy court this week, but quickly came under criticism from the Wisconsin regulator in charge of overseeing Ambac Assurance.

Ever look at the word analogy? It’s an interesting word that isn’t directly used all that often but its meaning is a mainstay of American chat and storytelling.

Brett Matheson, a Phoenix real estate investor, has pleaded guilty to conspiracy to commit wire fraud in relation to a $50 million mortgage fraud scheme.

A group of real estate investors have been caught by the Department of Justice for their attempt to rig bids and commit mail fraud at public real estate foreclosure auctions in California.