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Compliance

FHFA Sets Goals For GSE's Next Few Years

Rules and regulations books on a shelf

The Federal Housing Finance Agency (FHFA) proposed a rule that would establish housing goals for Fannie Mae and Freddie Mac (the Enterprises) for 2015 through 2017. FHFA is requesting comment on all aspects of the proposed rule. The Housing and Economic Recovery Act of 2008 requires FHFA to establish annual housing goals for both Enterprises, and FHFA’s current housing goals rule is effective through the end of 2014.Click to continue

Credit Reports: RMCR versus Tri-Merge

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Question: Upon reviewing and updating our Post-Closing Quality Control Plan, we noticed that it says we must obtain Residential Mortgage Credit Reports (RMCRs) when auditing our files. Is this correct or can we use Tri-Merge Credit Reports?

Answer
Yes, you may obtain Tri-merge Credit Reports instead of RMCRs as part of your Post-Closing Quality Control Program. The following are the requirements per HUD, Freddie Mac, Fannie Mae and VA.Click to continue

Secure Settlements Vetting Program Embraced by Closeline Settlements

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Secure Settlements, Inc. (SSI) announced that it has completed the vetting of the respected national title company Closeline Settlements (Closeline) of Rockville, Maryland. The company approached SSI to submit their ownership and key staff to the SSI vetting process voluntarily, without a lender requirement, because they viewed the vetting standard as a supplement to best practices and a credential to help grow their businesses.Click to continue

New York AG Files Suit Against Florida and New York Loan Mod Firms

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Attorney General Eric T. Schneiderman filed a lawsuit in New York County Supreme Court against four interrelated companies and their principals for operating a fraudulent loan modification scam. The lawsuits were filed against Home Affordable Direct, Inc. (Farmingdale, NY), Home Affordable Solutions, Inc. (Farmingdale, NY), JR Holding Group Corp (Babylon, NY), Clear Solutions and Settlements, Inc. (Tampa, FL) and their principals, Javier Gutierrez and Shadi Soumekh.Click to continue

Appraisal Institute Issues Standards of Valuation Practice

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The Appraisal Institute has announced to global users of real estate valuation services the availability of its Standards of Valuation Practice. The Standards can serve as an alternative for valuation professionals where national or other standards are not required.Click to continue

Judge Rules Force-Placed Insurance Refunds for 400,000-Plus Borrowers

Black Gavel Pic/Credit: Brand X Pictures

Judge David Hurd of the U.S. District Court for the Northern District of New York has granted final approval of a nationwide class action settlement in a pair of consolidated federal cases, Casey v. Citigroup, Inc., No. 12-cv-820 (N.D.N.Y.) and Coonan v. Citibank, N.A., No. 13-cv-353 (N.D.N.Y.), involving force-placed insurance. The law firms appointed to represent the plaintiffs and the classes, Berger & Montague, P.C.Click to continue

SSI Enters Multi-Year Agreement With Maverick

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Secure Settlements Inc. (SSI) announced that it had entered into a multi-year exclusive agreement with Maverick Funding Corp. (Maverick Funding) for the SSI Closing Guard and Vendor Check vendor management and risk monitoring products and services. Maverick Funding, headquartered in Parsippany, New Jersey, is recognized as an industry leader in mortgage services throughout the United States.Click to continue

FHFA Reaches $3.15 Billion MBS Settlement With Goldman Sachs

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The Federal Housing Finance Agency (FHFA), as conservator of Fannie Mae and Freddie Mac, has announced it has reached a settlement with Goldman Sachs, related companies and certain named individuals. The settlement addresses claims alleging violations of federal and state securities laws in connection with private-label mortgage-backed securities (PLS) purchased by Fannie Mae and Freddie Mac between 2005 and 2007.Click to continue

CFPB Fines Texas-Based Firm for FCRA Violations

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The Consumer Financial Protection Bureau (CFPB) has taken action against an auto finance company that distorted consumer credit records for years. Texas-based First Investors Financial Services Group Inc., which lends primarily to sub-prime borrowers, failed to fix known flaws in a computer system that was providing inaccurate information to credit reporting agencies. This potentially harmed tens of thousands of its customers.Click to continue