Compliance

The Federal Reserve Board does not want to back down on its loan officer compensation rule despite congressional requests and industry lawsuits to delay the April 1 effective date. The FRB has taken a hard line on compliance issues and repeatedly rejected industry proposals that would allow more flexibility.

Montgomery County Employees FCU announced it is now offering members a HarmonyLoan mortgage, which adjusts its interest rate at the member’s call.

Spring is a great time of year to rekindle hope for things gone astray.On a recent trip to Dallas, the sun was shining and signs of springtime were beginning to show.

A former branch manager at Nickleoid Employees Credit Union, LaSalle, Ind., has pleaded guilty to embezzling tens of thousands of dollars by adding numbers to her own home equity loan to obtain an additional credit of $163,585.

Taylor, Bean & Whitaker's former chairman and CEO, Lee Farkas, ordered data sent to its warehouse lender, Colonial Bank, for nonexistent mortgages in an effort to cover up growing deficits, an ex-president testified in court this week.

The former chief executive of Taylor, Bean & Whitaker Mortgage, Paul R. Allen, admitted to his role in what prosecutors say was a $1.9 billion fraud that included attempts to deceive the federal bank bailout program.

Mortgage fraud risk is highest in areas with the greatest amount of foreclosures, according to the annual mortgage fraud risk report developed by Interthinx.

Jo’Mell Thomas pleaded guilty in District of Connecticut Court to conspiracy to commit wire fraud from his participation in a mortgage fraud scheme.

A lawsuit filed Monday in Hennepin County District Court in Minnesota by Attorney General Lori Swanson alleges that Meredian Financial Corp. of Costa Mesa, Calif., pretended to be homeowners' current mortgage company in order to gain their trust, then collected fees for refinancing services that were not delivered.

Clayton Holdings LLC this week announced that it has hired a team of structured finance professionals to run a new independent financial analysis and consulting group focused on providing litigation support and valuation services to players in the residential MBS market.

Based on a recommendation from the Department of Housing and Urban Development, the Office of the Inspector General has audited the underwriting of a $45.6 million mortgage loan that was acquired by Deutsche Bank on behalf of Berkshire Mortgage Inc., to rehabilitate the Wingate Towers and Garden Apartments in Washington.

A federal judge said Deutsche Bank AG and a unit of BNP Paribas SA can proceed with legal claims against Bank of America, according to a report by Dow Jones.

Mortgage fraud risk is highest in areas with the greatest amount of foreclosures, according to the annual mortgage fraud risk report developed by Interthinx.

Fidelity National Information Services Inc., a provider of banking and payments technology, has installed the FICO Falcon Fraud Manager 6 platform as part of its fraud alert management system.

Starting in April, mortgage lenders will be able to use a new product that will prevent short sale fraud and accelerate transaction times.

Starting this year and following, you must issue 1099’s to anyone you pay over $600 cumulatively during the year. Previously this did not apply to corporations. Now it does. If you pay your office supply company, your business landlord rent, any and all vendors paid over $600, then at year-end you must send them and file the appropriate 1099.

Fitch Ratings will not return the title insurance industry's outlook to stable until it sees evidence of a return to sustainable profitability and surplus growth.

Quicken Loans Inc. is feeling good about its recent court victory in an overtime case involving loan officers, but the feeling of elation may not last for long.

Lenox Financial Mortgage LLC, a technology, marketing, branding and workflow management corporation, was issued a cease and desist order by the Georgia Department of Banking and Finance on Monday.

With the persistent aftereffects from the home loan crisis, government agencies and private litigants are increasing the pressure on banks and other lending institutions to provide loan-related information.