National Mortgage News - Risk Management

Risk Management

Mortgage Fraud Reported on 31% of SAR Filings Last Year

Out of all of the SARs filed from depository institutions in 2011, possible mortgage fraud was reported on 92,028 files, compared to only 70,472 the prior year.

Data & Tools

Big Layoffs at Allonhill in Wake of OCC Contract Dismissal

Allonhill, which lost a consulting contract with the Office of the Comptroller of the Currency, has given layoff notices to dozens of employees.

CFPB Founder Warren Calls for New Version of Glass-Steagall

Elizabeth Warren, the architect of the Consumer Financial Protection Bureau, urged her supporters to sign a petition calling for the enactment of a new Glass-Steagall. The petition, which had more than 3,000 signatures by mid-afternoon Monday, was issued with the Progressive Change Campaign Committee, a group that works to elect progressive candidates to Congress.

Ohio Democrat Joins Critics of Mortgage Settlement

Dissatisfaction is growing in Congress with the Obama administration’s decision to leave mortgage investors out of talks that led to a $25 billion settlement.

Ohio Democrat Joins Critics of Mortgage Settlement

Dissatisfaction is growing in Congress with the Obama administration’s decision to leave mortgage investors out of talks that led to a $25 billion settlement. After the Republican-led House of Representatives rebuked the administration last week, a bipartisan pair of senators joined the criticism.

Mortgage Rescission Case Could Fuel Further Foreclosure Delays

TriLyn Forms New CRE Management Platform

Wall Street Says Greed, Not CDOs, Killed Florida Credit Union

Assured Guaranty Posts Small Profit in First Quarter

Analysts Give HARP Reform Bill Slim Chance of Becoming Law

Obama Travels to Nevada to Tout Refinancing Plan

GOP Backs MBS Bond Holders in Damage Claims

Avoiding Foreclosure Process by Conducting Short Sales

Short sales outnumbered REO sales in 12 states in January, RealtyTrac said, indicating that lender-servicers have agreed to sell the home for less than what’s owed on the mortgage, therefore preventing a borrower from going through the foreclosure process which costs more than executing a short sale.

Servicing

REO

‘Corker Main Hurdle for Confidentiality Bill’

Despite strong bipartisan support, a bill that would provide banks greater assurance of confidentiality when they provide information to the Consumer Financial Protection Bureau remains mired in the Senate. Exactly why is hard to unravel, but most industry representatives point to Sen. Bob Corker as the chief roadblock.

Regulation

GSE Scorecard Reveals FHA’s Plans to Collect Appraisals

The Federal Housing Administration will begin collecting full, electronic appraisal reports for the mortgages that it insures.

Technology

Origination

FHFA Ties UMDP Deadlines to GSE Executives’ Pay

The FHFA has created a financial incentive for executives at Fannie Mae and Freddie Mac to ensure that deadlines for the Uniform Mortgage Data Program are met.

Technology

Regulation

Serious Delinquencies Rebound in Top 100 Metro Areas

New findings show persisting foreclosure problems in the nation’s 100 largest metro areas are deteriorating for the first time in over six quarters.

Servicing

REO

Trade Groups: Servicing Settlement Funds Should Support Housing Industry

Under the servicing settlement, state funds are supposed to be used “to avoid preventable foreclosures” and “ameliorate the effects of the foreclosure crisis.”

Servicing

REO

Apartments America Owners Charged by SEC For Defrauding Investors

The owners of a Los Angeles-based real estate company were charged last week by the Securities and Exchange Commission with violating antifraud and securities registration provisions by defrauding investors through a business that had false track records.

Regulation

REO

FDIC Resolution Regime: Light at the End of Tunnel?

While the Federal Deposit Insurance Corp. made significant progress Wednesday toward building its new resolution regime, it left a key component still on the table.

Regulation

In an Effort to Bolster Reserves, FHA Production Falls

Under his tenure, Housing and Urban Development secretary Shaun Donovan has worked to stem FHA loan losses and increase premiums to stabilize the mortgage insurance fund.

Origination

Servicing

Family Business Caught Conducting Mortgage Fraud

A Houston family has been sentenced to federal prison for running a multi-million dollar mortgage fraud scheme that resulted in at least 70 homeowners defaulting on their mortgage payments.