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Compliance

Tales From the Closing Table

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The mortgage closing transaction is the single largest financial transaction in the lives of most consumers, and it is also the riskiest stage of the mortgage process for lenders. While the vast majority of lawyers and notaries and title agents are experienced, ethical and diligent professionals, for a few the role of closing agent is too tempting a lure for selfish criminal intent. This monthly column addresses the good, the bad and the ugly …Click to continue

HUD Fines FirstBank Mortgage for Fair Housing Act Violation

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The U.S. Department of Housing & Urban Development (HUD) has announced that Jackson, Tenn.-based mortgage lender FirstBank Mortgage Partners will pay $35,000 to settle allegations that it violated the Fair Housing Act when it denied a mortgage loan to a couple because one applicant was on maternity leave.Click to continue

Wipro and Wolters Kluwer Partner to Streamline Compliance Complexity

Handshake Credit: Digital Vision

Wolters Kluwer Financial Services and Wipro Gallagher Solutions, a Wipro Limited company and provider of the NetOxygen loan origination system, are working together to streamline and help simplify compliance document complexity for lenders looking to adhere to the Truth in Lending Act and Real Estate Settlement Procedures Act Integrated Disclosure rules (TILA-RESPA), which go into effect on Aug. 1, 2015.Click to continue

Rep. Waters Proposes Major Changes in Credit Reporting System

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Rep. Maxine Waters (D-CA), the ranking member of the House Financial Services Committee, is putting forward proposed legislation designed to change the nature of credit reporting. Under Rep.Click to continue

LRES Appoints Emeka Madu as Manager of Compliance

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LRES has announced the addition of Emeka Madu as its new manager of compliance. In this position, Madu will oversee LRES’ compliance department, ensuring the company remains up to date and compliant with all real estate appraisal, broker price opinion (BPO) and asset management industry rules, regulations and statutory requirements. Additionally, he reviews, validates and processes all correspondence related to state taxes, business licenses, AMC regulatory licenses and insurance requirements for LRES.Click to continue

ICBA Petitions for Relief of Quarterly Reporting Requirements

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The Independent Community Bankers of America (ICBA) has delivered to federal banking regulators a petition with nearly 15,000 signatures, representing nearly 40 percent of the nation’s community banks, calling for relief from increasingly onerous quarterly reporting requirements.Click to continue

Founder of Pennsylvania Mortgage Brokerage Pleads Guilty to Wire and Bank Fraud

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The founder of a Pennsylvania mortgage brokerage firm pleaded guilty in federal court to a charge of conspiracy to commit wire fraud and bank fraud, United States Attorney David J. Hickton has announced. Richard Stromberg of Bethel Park, Pa. pleaded guilty before Senior U.S. District Judge Donetta Ambrose.Click to continue

United Guaranty Introduces New Rescission Relief Option

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United Guaranty has introduced SecureCert, a suite of five options that allow lenders to choose the maximum rescission relief available in the mortgage insurance (MI) industry—at no added cost. The Federal Housing Finance Agency (FHFA) is requiring all mortgage insurers to adopt new master policies, effective Oct.Click to continue

Multiple Agencies Agree to Potential Basel Changes

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The Federal Reserve Board, the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) have adopted a final rule modifying the definition of the denominator of the supplementary leverage ratio in a manner consistent with recent changes agreed to by the Basel Committee on Banking Supervision. The revisions to the supplementary leverage ratio apply to all banking organizations subject to the advanced approaches risk-based capital rule.Click to continue