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Compliance

FHFA to Take Part in Atlanta HARP Outreach Event

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The Federal Housing Finance Agency (FHFA) has announced an outreach event to reach remaining homeowners who could benefit from the Home Affordable Refinance Program (HARP). FHFA Director Mel Watt will join housing experts and community leaders in a town hall-style meeting at Ebenezer Baptist Church in Atlanta on Thursday, Aug. 14. The event will highlight the benefits of HARP and provide tools to help community leaders encourage the more than 34,000 Atlanta area residents still eligible to participate to take advantage of HARP.Click to continue

CFPB Launches Consumer Financial Education Initiative

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The Consumer Financial Protection Bureau (CFPB) has announced that it is partnering with national and local organizations across the country to train social services staff to provide financial education and tools to clients with low-to-moderate incomes.Click to continue

FHFA Extends Deadline for Comments on G-Fees

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The Federal Housing Finance Agency (FHFA) announced that it is extending the deadline for its Request for Input on the guarantee fees (g-fees) that Fannie Mae and Freddie Mac charge lenders to Monday, Sept. 8, 2014. The previous deadline to submit input to the FHFA was Aug. 4, 2014.

FHFA is extending the deadline for g-fee input to coincide with the deadline for FHFA's Request for Input on draft private mortgage insurer eligibility requirements, also due September 8, 2014. Input on each topic must be submitted separately.Click to continue

Castro Sworn in as New HUD Secretary

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Julián Castro has been sworn in as the 16th Secretary of the U.S. Department of Housing & Urban Development (HUD). In this role, Castro will oversee 8,000 employees and a budget of $46 billion, using a performance-driven approach to achieve HUD's mission of expanding opportunity for all Americans.Click to continue

ICBA Launches Petition to Defend Community Banks From Onerous Reporting Requirements

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As part of the Independent Community Bankers of America’s (ICBA) war on community bank regulatory burden, the association has launched a petition calling for relief from increasingly onerous quarterly reporting requirements.Click to continue

SSI and Lloyd's of London Will Now Offer Lenders Coverage for Consumer Data Theft by Agents

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Secure Settlements Inc. (SSI) has announced a new program enhancement in association with RFIB Group Ltd. and certain underwriters at Lloyd’s of London for Mortgage Settlement Insurance (MSI), an insurance policy that covers lenders utilizing SSI’s ClosingGuard service against losses arising at the closing table.Click to continue

AllRegs Launches Mortgage Training Package for Depositories

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AllRegs has launched a mortgage training package designed to address the state and federal training needs now facing depositories.

Clarifications in Reg G placed new emphasis on the education of registered mortgage loan officers as it relates to both federal and state laws. The guidance suggests that not only must training be ongoing; it must now match the specific origination activities of mortgage employees.Click to continue

SIGTARP Busts Bogus California Loan Mod Biz

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The Office of the Special Inspector General for the Troubled Asset Relief Program (SIGTARP) has announced that federal agents arrested three defendants who worked at Orange County, Calif., businesses that allegedly offered bogus loan modification programs to financially distressed homeowners. As a result of the fraudulent scheme allegedly run as U.S. Homeowners Relief and several related entities, hundreds of financially distressed homeowners across the United States lost millions of dollars, and many victims also lost their homes in subsequent foreclosure proceedings.Click to continue

Litvak Sentenced to Two Years in Jail for RBMS Fraud

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Christy Romero, Special Inspector General for the Troubled Asset Relief Program (SIGTARP); Deirdre M. Daly, United States Attorney for the District of Connecticut; and Patricia M. Ferrick, Special Agent in Charge of the New Haven Division of the Federal Bureau of Investigation (FBI), announced that Jesse C. Litvak, a registered broker-dealer and former managing director at New York investment bank Jefferies & Co., Inc. (Jefferies), was sentenced by Chief U.S. District Judge Janet C.Click to continue