Skip to main content

Arizona Department Faulted With Erratic Financial Procedures

Phil Hall
Sep 21, 2015
Arizona Desert

A new audit has determined the Arizona Department of Real Estate has done a dismal job in handling its financial records.

According to a report in the Arizona Daily Star, the study by the state’s Office of the Auditor General for the period of March 2014 to February 2015 discovered the Department repeatedly failed to charge fees according to state statutes—sometimes overcharging and sometimes undercharging—and often failed to follow state requirements on receiving, recording and reconciling daily cash receipts. The Department is responsible for the oversight of Arizona’s real estate educators, brokers and licensees’ activities, as well as the regulation of certain real estate transactions. The Department generated $3.9 million in revenue in the period covered by the audit.

Department of Real Estate Commissioner Judy Lowe acknowledged the audit report and stated in a memo that her department has made necessary changes ahead of the public release of the report.

Supreme Court Gives Biden Full Control Over Federal Housing Finance Agency

The U.S. Supreme Court gave President Joe Biden the authority to remove the head of the Federal Housing Finance Agency (FHFA) while dismissing claims from shareholders of Fannie Mae and Freddie Mac.

Industry News
Jun 23, 2021
Ocwen Financial To Acquire Reverse Mortgage Servicing Platform

Ocwen Financial Corporation's wholly-owned subsidiary, PHH Mortgage Corporation will acquire RMS' reverse mortgage servicing platform.

Industry News
Jun 18, 2021
UniteCT Emergency Rental Assistance Succeeds

Thanks to the successful launch of the UniteCT program, emergency rental assistance funds are helping Connecticut residents maintain housing.

Industry News
Jun 17, 2021
Angel Oak Mortgage Announces Initial Public Offering

Angel Oak Mortgage announced its initial public offering of 7,200,000 shares of its common stock at $19 per share.

Industry News
Jun 17, 2021
Mortgage Apps Rebound After Three Consecutive Weeks Of Declines

The Mortgage Bankers Association reported the first increase in mortgage applications after a three consecutive weeks on declines.

Industry News
Jun 17, 2021
CFPB New Rule Prevents Predatory Lending To Military Service Members

The CFPB stipulates its authority to examine supervised financial institutions for risk to active duty servicemembers and their dependents.

Industry News
Jun 16, 2021