FHFA’s status as an independent agency headed by a single director makes it different from almost every other independent agency…

The big question: Will the Chairman of the House Financial Services Committee support an explicit government guarantee on conventional MBS?

The deal was negotiated from a previous five-year contract that was awarded to VRM…

Time to audit your closing agents?

Overtime pay for underwriters will remain a focus of litigation because courts are split on the issue, according to the Mortgage Bankers Association.

Walter said it will continue to seek appropriate amendments and waivers...

According to the offering circular, the Ginnie receivables total $1.40 billion and carry an overall delinquency ratio of 6.60 percent.

“Rated nonprime non-qualified-mortgage transactions should broaden the investor base,” Deutsche Bank said.

Mortgage compliance experts are cautioning FHA servicers to tread carefully around loss mitigation, annual certifications and reverse mortgages, which could be a potential minefield for False Claims Act lawsuits. While FHA lenders’ exposure to FCA risk remains, the Department of Justice and the Department of Housing and Urban Development have increased their scrutiny of FHA servicing practices for potential violations, according to Phil Schulman and Krista Cooley, both partners in Mayer Brown’s Washington office. In a recent podcast, Schulman warned of increasing DOJ and HUD scrutiny of FHA servicing practices in the last 18 months, a worrisome shift from the origination side, which has seen an estimated $5 billion in settlements and penalties since 2011 for violations of the FCA and the Financial Institutions Reform, Recovery and Enforcement Act. Since 2008, mortgagees participating in ...

Chicago HECM Lender Arraigned on Fraud Charges. Mark Steven Diamond, a mortgage loan originator with offices in Chicago and Calumet City, IL, was arraigned on fraud charges in connection with a $7 million reverse mortgage scheme that targeted elderly homeowners and FHA lenders. According to the Department of Justice, Diamond deceived lenders into making FHA-insured reverse mortgage loans to homeowners who did not apply for a loan or had been beguiled to do so by the smooth-talking suspect. Diamond allegedly pocketed title-company checks intended for the borrowers, with the help of an unindicted co-schemer. Cynthia Wallace, who posed as a representative of the Department of Housing and Urban Development, was indicted along with Diamond. Using at least three aliases, Wallace allegedly collected money from victims for home repairs, which she claimed Diamond would ...