The Compliance NewsHub

Your Mortgage Credit & Compliance Research Library

Recent News

Legal News | March 19, 2019

HUD - Office of Inspector General: Two New Jersey Men Arraigned In Reverse Mortgage Scheme

DATE PUBLISHED: Monday, March 18, 2019

NEWS TYPE: Press Releases

LINK TO ORIGINAL: USAO, District of New Jersey

PROGRAM AREA(S): Single Family Housing

TRENTON, N.J. – A Passaic County, New Jersey, man and a Bergen County, New Jersey, man have been arraigned for their respective roles in a reverse mortgage scheme that took advantage of several elderly homeowners, U.S. Attorney...

Read Article

Legal News | March 19, 2019

New York man admits to playing key role in massive multifamily real estate scandal

HousingWire--Ben Lane

A New York man has admitted to taking part in a massive multifamily real estate scandal that harkens back to some of the darkest parts of the housing crisis, including fake residents, fake incomes, and inflated mortgages.

According to the U.S. Attorney’s Office for the Western District of New York, Patrick Ogiony pleaded guilty last week to conspiracy...

Read Article

Legal News | March 19, 2019

PwC reaches $335 million settlement with FDIC over Taylor, Bean & Whitaker/Colonial Bank audits

HousingWire--Ben Lane

PricewaterhouseCoopers will pay $335 million to the Federal Deposit Insurance Corp. in a settlement that ends claims that the auditor failed in its duties by not discovering the accounting malfeasance that led to the late-2000s collapse of Colonial Bank, which funded the mortgages originated by Taylor, Bean & Whitaker.

Once upon a time, TBW was the largest privately held mortgage company in the...

Read Article
Webinar: Agency and Regulatory Reporting Essentials

Industry News | March 19, 2019

Non-Qualified Mortgages: Then and Now

MReport--Donna Joseph

“Five years have passed since the Consumer Financial Protection Bureau (CFPB) issued regulations to provide safer and more sustainable home loans for consumers, known as Qualified Mortgages (QMs),” said Archana Pradhan, Senior Professional, Economist, Office of the Chief Economist at CoreLogic. In her blog entitled, “Characteristics of Today’s Non-Qualified Mortgages” Pradhan looks into how much has changed in the...

Read Article

Legal News | March 19, 2019

Court Approves $13.8M Wells Fargo Settlement

DS News--Stephanie Bacot 

As reported by Law360, a class-action lawsuit between nearly 6,000 mortgage holders and Wells Fargo has arrived at an agreement. A proposed $13.8 million deal has been granted the final go-ahead in a North Carolina federal court, stemming from allegations that the bank imposed a trial loan modification program on borrowers without their consent. The program...

Read Article
ACES Intelligent Questionnaires

Legal News | March 19, 2019

Fair Warning: State Supreme Court Rules on Foreclosure Notices

DS News--Stephen M. Hladik, Esquire, Hladik, Onorato & Federman, LLP

The Pennsylvania Supreme Court issued its long-anticipated decision on a question concerning notices of intent to foreclose in Pennsylvania – a question that has perplexed lenders and servicers for some time.  The issue involved situations where a foreclosure is pending and then either voluntarily withdrawn by the lender or dismissed by...

Read Article

Agency | GSE News | March 19, 2019

VA Circular 26-19-9 Handling Unreimbursed Business Expenses and Commission Income

1. Purpose. The purpose of this Circular is to revise the Department of Veterans Affairs (VA) underwriting guidelines [VA Lenders Handbook, Chapter 4, Topic 2 i – “Income from Commissions”] to remove the requirements for Internal Revenue Service (IRS) Form 2106 with the exception of Armed Forces Reservist, qualified performing artists, fee-basis state or local officials, and employees with impairment-related...

Read Article