Compliance

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.

A Northern District of California federal jury convicted Doris Anyanwu and Hyacinth Udeh of conspiracy to commit wire fraud and using false claims of U.S. citizenship.

On March 9, 2011 a 14-count mortgage fraud indictment was unsealed accusing JOAN C. TEETERS AND JONATHAN MARC NATTIER, RESIDENTS OF FOLEY, ALA., with conspiracy to commit wire fraud, mail fraud and bank fraud, and they both face a maximum sentence of 20 years as to that count. Teeters was charged in all 14 counts of the indictment.

The Securities and Exchange Commission late Wednesday filed civil charges against a former operations chief at the now defunct Colonial Bank, accusing her of playing a key role in $1.5 billion warehouse lending related scam.

Former Freddie Mac chairman and CEO Richard Syron recently received a 'Wells Notice' from the Securities and Exchange Commission, which means the agency is considering filing civil charges against him related to his management of company.

Meredian Financial Corp., a Costa Mesa, Calif.-based mortgage lender and broker, is being sued by Minnesota attorney general Lori Swanson for charging state homeowners thousands of dollars to refinance their mortgages without actually providing consumers the promised services.

The online hacker group Anonymous has released internal emails from a former employee of a former Bank of America Corp. unit, allegedly showing how the unit tried to hide residential foreclosure information.

Far more than any trader's profane e-mails, due diligence reports from the securitization boom could worsen the financial industry's litigation headaches — and conceivably expose some firms and individuals to criminal charges.

Former Fannie Mae CEO Daniel Mudd, who oversaw the GSE's huge expansion into nonprime investing and securitization, late last week received a "Wells Notice" from the Securities and Exchange Commission, indicating that he may face civil charges for allegedly misleading investors about the company's financial condition.

As part of national consumer protection week, the Lawyers’ Committee for Civil Rights Under Law and pro-bono counsel Davis Polk & Wardwell LLP filed a lawsuit on March 9 against for-profit loan modification companies who targeted vulnerable New York State homeowners.

AB 406- This bill would PROHIBIT BALLOON PAYMENTS from being included in the terms of an adjustable rate loan, as defined, for real property containing one to four residential units secured by a mortgage or deed of trust on real property.