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Compliance

Feds to Further Tighten Rules Against AMCs

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Six agencies have issued a proposed rule that would implement minimum requirements for state registration and supervision of appraisal management companies (AMCs). An AMC is an entity that serves as an intermediary between appraisers and lenders and provides appraisal management services.Click to continue

FHFA Reaches $885 Million Agreement With Credit Suisse Over MBS

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The Federal Housing Finance Agency (FHFA), as conservator of Fannie Mae and Freddie Mac, announced that it has reached a settlement with Credit Suisse, related companies and specifically named individuals for $885 million. The settlement resolves all claims in the lawsuit FHFA v. Credit Suisse, et al. as well as all claims against the Credit Suisse defendant in FHFA v. Ally Financial Inc., et al. alleging violations of federal and state securities laws in connection with private-label mortgage-backed securities (PLS) purchased by Fannie Mae and Freddie Mac during 2005-2007.Click to continue

CFPB Critic Rep. Duffy Seeks Transparency With New Measure

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Rep. Sean Duffy (R-WI), formerly of MTV’s The Real World, has been a critic of the Consumer Financial Protection Bureau (CFPB) and its lack of transparency for a long time. Back in September, Duffy hammered CFPB Director Richard Cordray to give up the names of banks being monitored by the CFPB.Click to continue

New Yorker Sentenced to Nine Years in Loan Mod Scheme

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Christy Romero, Special Inspector General for the Troubled Asset Relief Program (SIGTARP), and Preet Bharara, U.S. Attorney for the Southern District of New York, announced that Isaak Khafizov, a former owner of American Home Recovery (AHR), a mortgage loan modification business that operated in New York, was sentenced in Manhattan federal court to nine years in federal prison in connection with a scheme to defraud hundreds of struggling homeowners and their lenders.Click to continue

CFPB Issues Report on Debt Collector Harassment

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The Consumer Financial Protection Bureau (CFPB) issued a report on the more than 30,000 consumer complaints it has received about the debt collection market. The report finds that many consumers complain that they are being hounded by debt collectors about debts they do not owe. Top complaints also include debt collectors’ use of aggressive communication tactics and threats of illegal actions.Click to continue

Wells Fargo LO Admits Role in $40 Million Mortgage Fraud Conspiracy

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An Ocean County, N.J.  man admitted his role in a $40.8 million mortgage fraud conspiracy in which he used his position as a loan officer of Wells Fargo Home Mortgage Inc. to get the company to release more than $4.6 million based on fraudulent mortgage loan applications, U.S. Attorney Paul J. Fishman announced. Robert Serao of Bayville, N.J. pleaded guilty before U.S. District Judge Joseph E. Irenas in Camden federal court to count one of an indictment charging him with conspiracy to commit wire fraud. He is the 10th defendant to plead guilty in the case.Click to continue

Black Knight Announces New Solutions to Aid in CFPB Compliance

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Black Knight Financial Services has announced that two of its solutions will help lenders and their service providers comply with the significant changes required by the Consumer Financial Protection Bureau's (CFPB) new Integrated Mortgage Disclosure Rule. Under the new rule, which will go into effect Aug.Click to continue

Banks and Credit Unions Facing Heightened Risk Management Burdens

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U.S. banks and credit unions are carrying a much heavier regulatory and risk management burden than they were a year ago, according to the results of the latest Regulatory & Risk Management Indicator for the U.S. banking industry issued by Wolters Kluwer Financial Services.Click to continue

Fitch Finalizes Criteria Geared Toward Measuring RMBS Under QM

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Fitch Ratings has finalized its criteria for analyzing loans securing U.S. RMBS under the qualified mortgage (QM) standards and Ability-to-Repay rule recently adopted by the Consumer Financial Protection Bureau (CFPB).Click to continue

The "Big Four" Meet Servicing Settlement Requirements

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Joseph A. Smith Jr., Monitor of the National Mortgage Settlement, filed with the U.S. District Court for the District of Columbia, final crediting reports on Bank of America, Chase, Citi and Wells Fargo. These reports confirm that the banks have satisfied their consumer relief and refinancing obligations under the Settlement. The Monitor previously certified that the ResCap Parties fulfilled their consumer relief and refinancing requirements.Click to continue