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
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
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
In the June 2013 issue of National Mortgage Professional Magazine, I penned an article entitled “FHA Continues to Bail Itself Out on the Shoulders of New Borrowers.” In this piece, I discussed the fact that FHA’s decision at that time to raise mortgage insurance premiums (MIPs) was effectively forcing new FHA borrowers to bail FHA out from the poor loans of years past.Click to continue
A few columns ago, I discussed how the initial negative reaction to vendor management and independent vetting of title agents was short-sighted. That vetting established a form of new credential that agents could use to set themselves apart from the pack.
At that time, I commented about how the major underwriters seemed to be growing their direct-managed offices, perhaps to reduce their reliance on contract agents to increase revenue and reduce risk.Click to continue
Four Dallas-area individuals, along with a defendant from Georgia, who were convicted for their roles in a mortgage fraud scheme that caused more than $3 million in losses to lenders, have been sentenced, announced U.S. Attorney Sarah R. Saldaña of the Northern District of Texas. Jarrod Jamiel Williams, most recently of McKinney, Texas, was sentenced by U.S. District Judge Barbara M. G. Lynn to 87 months in federal prison and ordered to pay approximately $3.6 million in restitution.Click to continue
The MISMO Residential Standards Governance Committee has announced the schedule for the next two releases of the MISMO Residential Data Standard. Updates to the Standard, which supports data exchange transactions and corporate data models across the residential mortgage lifecycle, are expected to be released for Public Comment in November 2014 and July 2015, respectively. Click to continue
The Financial Services Roundtable (FSR) has launched a multimedia campaign highlighting a Consumer Financial Protection Bureau (CFPB) plan that may misinform consumers by posting unverified, anonymous and potentially inaccurate complaints about financial services companies on a government Web site.
"The CFPB's plan will feature only one side of the story, and such one-sided accounts will not advance the CFPB's mission of better informing and helping consumers,” said FSR President and CEO Tim Pawlenty.Click to continue