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FHFA Extends Deadline for Comments on G-Fees


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


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


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


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

AllRegs Logo

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

Black Gavel Pic/Credit: Brand X Pictures

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

Black Gavel Pic/Credit: Brand X Pictures

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

CFPB and FTC Target Fraudulent Mortgage Relief Operations


The Federal Trade Commission (FTC) has taken action against six mortgage relief operations charging that defendants preyed on distressed homeowners by misrepresenting that they typically could lower homeowners' mortgage payments and interest rates or prevent foreclosure, and illegally charging advance fees. In each case, the FTC has sought an order stopping the illegal practices and freezing the defendants' assets pending the outcome of the litigation.Click to continue

Ginnie Mae Goes Electronic


Ginnie Mae has announced that it is moving from a paper-based Issuer application process to an electronic system. Beginning Sept. 1, 2014, applicants will be required to file applications for Ginnie Mae Issuer approval electronically via Ginnie Mae's new Application Connection.  The new Application Connection, which will be located on Ginnie Mae’s Web site, will be available starting Sept. 1, 2014.Click to continue