The Office of the Special Inspector General for the Troubled Asset Relief Program (SIGTARP) has announced that Delio Coutinho of Colonia, N.J., pleaded guilty before U.S. District Judge Susan D. Wigenton in Newark, N.J., federal court to an information charging him with conspiracy to commit wire fraud. Through the plea, Coutinho admitted his role in a large-scale mortgage fraud scheme that caused millions of dollars in losses.
According to documents filed in this case and statements made in court:Click to continue
Every company has to have a strategy for managing regulatory compliance training. Many of our customers are already providing training for their employees through a Learning Management System (LMS). Your LMS is a great vehicle to deliver and track training, but you must also ensure that you are providing the right training with the right content to the right employees.
Here is why you need customized training:Click to continue
Question: There has been a lot of litigation and concerns involving referral fees. One of the areas of confusion relates to what is the so-called “agreement” or “understanding” involving a referral of business. So, what do these terms mean?
Answer: RESPA defines a “referral” to a settlement service provider in two ways:Click to continue
The Consumer Financial Protection Bureau (CFPB) has published a report which finds that many consumers are frustrated by the short amount of time they have to review a large stack of complex closing documents when finalizing a mortgage. The bureau also released guidelines for an upcoming eClosing pilot project to assess how electronic closings can benefit consumers as they navigate the mortgage closing process.Click to continue
The Competitive Enterprise Institute (CEI), in a coalition of 26 public policy leaders, sent a letter to members of the Senate Banking Committee urging them to reject the latest effort to overhaul the U.S. housing-finance system, which would expand government involvement in the housing market.Click to continue
Kroll Bond Rating Agency (KBRA) announced the release of its methodology for assessing non-Qualified Mortgage (non-QM) risk in U.S. residential mortgage-backed securities (RMBS). The report, Assessing Non-QM Risk in U.S. RMBS, provides insight into KBRA’s proposed analytic approach for rating RMBS backed by non-QM loans. The methodology relies on KBRA’s fundamental analysis of mortgage risk, augmented by stressed assumptions regarding a borrower’s propensity to engage in litigation against an originator, and potential losses resulting from a successful borrower claim.Click to continue
Don’t we have enough government agencies to worry about when it comes to shady surveillance and information collection?Click to continue
The Consumer Financial Protection Bureau (CFPB) Student Loan Ombudsman has released a report highlighting complaints of “auto-defaults” in private student lending. Borrowers report that some lenders demand immediate full repayment upon the death or bankruptcy of their loan co-signer, even when the loan is current and being paid on time. Borrowers also describe facing bureaucratic barriers to releasing co-signers from their loans, a commonly advertised benefit that could help avoid auto-defaults.Click to continue
The Community Mortgage Lenders of America (CMLA) has announced an accelerated strategy to preserve equal access to the secondary mortgage market for community based mortgage lenders, naming its first executive director to be based in Washington, D.C.Click to continue
Council for Citizens Against Government Waste (CCAGW) President Tom Schatz sent a letter to the Senate strongly urging members to oppose a new draft bill unveiled on March 17, 2014 by Sens. Tim Johnson (D-SD) and Mike Crapo (R-ID) addressing the disposition of government-sponsored enterprises (GSEs), Fannie Mae and Freddie Mac. The letter reads as follows:Click to continue