Compliance

The former treasurer of Taylor, Bean & Whitaker, Ocala, Fla., pleaded guilty to criminal charges involving her role in selling "fictitious" mortgages to Colonial Bank, contributing to that institution's failure.

Michael McGrath, the disgraced former president of U.S. Mortgage Corp. and its CU National Mortgage unit, was sentenced late Thursday to 14 years behind bars for a massive fraud in which he sold $140 million of CU mortgages his company was servicing to Fannie Mae and kept the proceeds.

Freddie Mac late Thursday said Donald J. Bisenius, executive vice president of its single-family credit guarantee business, received a 'Wells Notice,' which means the Securities and Exchange Commission is considering filing civil charges against him.

Quicken Loans Inc., one of the top mortgage lenders in the country, is currently defending its 25-year reputation regarding the company’s business strategies in a federal court case in Detroit.

Despite the national fraud risk index remaining flat from both the previous quarter and last year, increases in localized ZIP codes can affect the ranking of a state, according to the latest Mortgage Fraud Risk Report developed by Interthinx.

A California con man has been sentenced to 22 years in prison for two independent fraud schemes targeting the Latino community.

A convicted financial crime felon, whose conviction has been widely reported in the press and which is known to every person working on the NMLS, submits an MU form and applies for a state MLO license.

After two and a half years of failures nearly every Friday, and a pile of about 350 collapsed banks, one former management team of a shuttered thrift has decided to fight back.

The Federal Deposit Insurance Corp. has sent letters to former executives of the failed Washington Mutual Bank, Seattle, warning of possible legal action, according to a report by Dow Jones, quoting a source familiar with the situation.

Federal prosecutors have ended their criminal investigation of former Countrywide Financial chairman and CEO Angelo Mozilo, after deciding that his actions managing the nation's largest lender did not constitute criminal behavior, according to a report in The Los Angeles Times.

Wells Fargo & Co. on Friday agreed to refund up to $10 million of mortgage fees to eligible military veterans who refinanced their residential loans with the bank or its affiliates.

Stewart Information Services Corp., Houston, earned $10 million in the fourth quarter as operational efficiencies in its core title business helped to drive an increase in pretax profits over the same period in 2009.

The House Committee on Oversight and Government Reform late Wednesday issued a subpoena, asking Bank of America to hand over all documents related to Countrywide Financial's 'Friends of Angelo' program by March 7.

Federal regulators and state Attorneys General may be close to a settlement with several major mortgage servicers over foreclosure processing violations, according to Federal Housing Commissioner David Stevens.

Alarmed by significant deficiencies uncovered as part of a regulatory review of residential servicing practices, federal banking agencies are preparing formal enforcement actions against the largest players in the receivables market that they hope will set de facto standards across the industry, according to sources familiar with the situation.

A pair of rulings from federal bankruptcy judges last week is adding a new wrinkle to the role of MERSCorp Inc. in state foreclosure proceedings.

Richard Northcutt, a California real estate executive, pleaded guilty in U.S. District Court in Sacramento, Calif., to a conspiracy to rig bids and commit mail fraud at public real estate foreclosure auctions held in San Joaquin County.

Mortgage Dashboard, an Austin, Texas-based software-as-a-service company that provides on-demand solutions for the mortgage industry working with lenders, credit unions and banks, has added compliance alerts to its cloud-based loan origination system.

Bad: When a newspaper ridicules your CEO for wrongful foreclosures.Worse: When the foreclosure was initiated by another company.

A former Rhode Island state senator and North Providence real estate attorney has been sentenced to 27 months in federal prison for bank fraud.