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Compliance

Castro Cites Agency Collaboration as Link to Solving Housing Issues

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U.S. Department of Housing & Urban Development (HUD) Secretary Julián Castro joined key leaders and experts at a national conference focused on utilizing innovative housing solutions as a platform to improve the quality of life for individuals, families and communities. The day-long event was hosted by the National Building Museum, in partnership with the John D. and Catherine T. MacArthur Foundation, the Office of Policy Development and Research, the U.S. Department of Housing and Urban Development, and the National Housing Conference.Click to continue

Colorado Man Sentenced to Six Years in Prison for Mortgage Fraud Scheme

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Chaval Williams of Centennial, Colo. Has been sentenced by U.S. District Court Judge William J. Martinez to serve 74 months in federal prison for wire fraud, identity theft and money laundering federal authorities have announced. Following his prison sentence, Williams was ordered to serve three years on supervised release. Williams was also ordered by Judge Martinez to pay $766,800.81 in restitution. He was ordered to report to a Bureau of Prisons facility once one is designated.Click to continue

Community Banks Struggle Against Regulatory Burdens

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Community banks did not cause the housing bubble, but they were nonetheless grouped with all lenders into absorbing the post-2008 regulatory burden placed on financial institutions by the Dodd-Frank Act and the Consumer Financial Protection Bureau (CFPB). And while the compliance requirements have taken a financial toll on these smaller institutions, they nonetheless persevere in pursuit of residential mortgage originations.Click to continue

FHFA Single Security Proposal Could Save Taxpayers Hundreds of Millions Annually

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In a letter sent to the Federal Housing Finance Agency (FHFA), the Financial Services Roundtable’s (FSR) Housing Policy Council (HPC) voiced its support for the agency’s proposal to create a single security to be issued and guaranteed by Fannie Mae and Freddie Mac.Click to continue

Fay Servicing Named Approved Fannie Mae Servicer and Ginnie Mae Issuer

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Fay Servicing has received approvals as a Ginnie Mae issuer and Fannie Mae servicer, enabling the company to expand into additional business lines within originations, servicing and sub-servicing. Receiving both Fannie Mae and Ginnie Mae approvals is a positive validation of the firm’s servicing expertise, compliance regime and financial strength.Click to continue

HAMP Hacker Sentenced for Fannie Mae Data Breach

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Office of the Special Inspector General for the Troubled Asset Relief Program (SIGTARP) has announced that Sathish Kumar Chandhun Rajendran of Sterling, Va., has been sentenced for engaging in unauthorized access to government servers that hosted a Fannie Mae Web site used to support federal mortgage loan modification programs, including the Home Affordable Modification Program (HAMP). U.S. District Judge T.S. Ellis III presided over the hearing, which took place in federal court in Alexandria, Va.Click to continue