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Compliance

FHA's Mutual Mortgage Insurance Fund Exhibits $21 Billion in Growth Over Two Years

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The U.S. Department of Housing & Urban Development (HUD) has released its annual report to Congress on the financial condition of the Federal Housing Administration (FHA) Mutual Mortgage Insurance (MMI) Fund. The independent actuarial report shows that FHA’s Mutual Mortgage Insurance Fund (MMIF) has improved going from a negative value to a growth of $21 billion within two years.Click to continue

Supreme Court to Consider Underwater Lien Cases

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The U.S. Supreme Court agreed to hear a pair of appeals filed by Bank of America Corporation that relate to how lenders can deal with homeowners that file bankruptcy.Click to continue

MISMO Announces Comment Period for Version 3.3.1 Reference Model

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Mortgage Industry Standards Maintenance Organization (MISMO) has announced the release of version 3.3.1 of the MISMO Residential Reference Model for public comment. The comment period will remain open for 30 days through Dec.Click to continue

New LIBOR Fees to be Waived for Most Community Banks

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The Independent Community Bankers of America (ICBA) said a new fee schedule released by the Intercontinental Exchange (ICE) will waive or sharply reduce fees for 99 percent of community banks that use or reference the London Interbank OfferedClick to continue

NCUA Files Suit Against Deutsche Bank Over Bad RMBS

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The National Credit Union Administration (NCUA) has filed suit in federal court against Deutsche Bank National Trust Company, alleging the bank violated state and federal laws by failing to fulfill its duties as trustee for 121 residential mortgage-backed securities (RMBS) trusts. The agency’s suit seeks damages to be determined at trial.Click to continue

Warren Repeats Call to Break Up Major Banks

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Sen. Elizabeth Warren (D-MA), the architect of the Consumer Financial Protection Bureau (CFPB), has openly challenged both the Obama Administration and the newly-elected Republican majority that will control the next Congress to avoid the lure of lobbyists and special interest groups and concentrate on “breaking up the financial institutions that continue to threaten our economy.”Click to continue

USA Patriot Act: Information Sharing and Disclosure

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Question: As a non-bank residential mortgage lender and originator, I know that our company is now required to file SARs with FinCEN, but are we also subject to the information sharing and disclosure provisions of Sections 314(a) and (b) of the USA PATRIOT Act? 

Answer ...
Yes as to both 314(a) and (b). Click to continue

GSEs Rake in Billions in Q3 Profits

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If the financial health of the government-sponsored enterprises (GSEs) could be summarized in a single word, it could easily be “Ka-Ching!” According to new data issued today, both Fannie Mae and Freddie Mac generated billions of dollars during the third quarter of 2014.Click to continue

VA to Implement CoreLogic's Appraisal Tool for Quality Control

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CoreLogic has announced that its LoanSafe Appraisal Manager product has been chosen by the U.S. Department of Veterans Affairs (VA) to help ensure that real estate appraisals meet established VA requirements and standards. LoanSafe Appraisal Manager will be integrated into the VA’s WebLGY system, which manages multiple aspects of the VA’s review process when guaranteeing mortgages.Click to continue