NCUA
By Carrie Bay | 01/30/2012
State and federal regulators stepped in to shut down five lenders over the weekend, including one New York-based credit union and four FDIC-insured institutions - two in Tennessee and one each in Florida and Minnesota. Eastern New York Federal Credit Union in Napanoch, New York, is the first federally insured credit union to be liquidated in 2012, while the FDIC's failed-bank tally for the 2012 calendar year now stands at seven.
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By Krista Franks | 11/15/2011
The National Credit Union Association (NCUA) has reached settlements with Citigroup and Deutsche Bank Securities regarding residential mortgage-backed securities sales to five wholesale credit unions that have recently failed. Citigroup agreed to pay $20.5 million, and Deutsche Bank agreed to pay $145 million to help lessen the losses incurred when the five credit unions failed. Neither bank admitted to fault when agreeing to the settlement. Total losses incurred from the five credit union failures stand at $3.3 billion, according to the NCUA.
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By Krista Franks | 08/10/2011
The National Credit Union Administration (NCUA) is suing Goldman Sachs in hopes of recovering losses it incurred as the result of two failed credit unions - U.S. Central and Western Corporate federal credit unions. The complaint filed in a California district court alleges Goldman Sachs misrepresented the risks associated with residential mortgage-backed securities bought by the two credit unions, ultimately leading to their demise. It's the fourth securities-related suit NCUA has filed, and the agency says there's more to come.
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By Carrie Bay | 03/30/2011
Federal regulators proposed a new rule Wednesday that would require certain financial institutions, including large mortgage lenders, to account for risk as they structure incentive compensation packages for executives and employees. New rules for risk-based pay are a mandate of the Dodd-Frank Reform Act and are aimed at stemming the type of risky lending and investment gambles that many economists say pushed the nation's financial system to the brink of collapse.
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By Heather Hill Cernoch | 02/15/2011
Veros, a provider of collateral valuation technology, enterprise risk management, and predictive analytics, recently released a white paper titled "Interagency Appraisal & Evaluation Guidelines: Insights into Understanding and Integrating the New Guidance." The white paper seeks to clarify the expanded language in the guidelines issued by federal regulators last December.
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By Carrie Bay | 02/07/2011
State and federal regulators seized control of three more banks over the weekend - two in Georgia and one in Chicago, Illinois - as well as one federally insured credit union in California. With this latest round of closings, the failed-bank tally for 2010 now stands at 14; only one credit union has gone under so far this year.
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By Joy Leopold | 01/07/2011
New guidelines released last month for real estate appraisals and evaluations will require any transaction originated or purchased by certain agencies to report conditions that affect the estimate of the collateral's market value.
The Federal Financial Institutions Examination Council for real estate appraisals and evaluations require transactions to address the actual physical condition and characteristics as well as the economic and market conditions that may affect value.
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By Carrie Bay | 01/07/2011
Fewer mortgage-related firms closed their doors during 2010 than in 2009, according to newly released industry data. Including mortgage companies, retail and wholesale credit unions, and federally insured banks, the report tracked 201 mortgage-related business operations that either failed or were shut down during 2010. The casualty list was smaller than 2009's count, which stood at 230 mortgage-related fatalities - the most since 1998, when the report was first issued.
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By Heather Hill Cernoch | 12/21/2010
CoreLogic says its automated valuation models (AVMs) can assist mortgage lenders in complying with the new federal standards on property valuations. The new standards were released December 2 by the five federal bank regulatory agencies, and emphasize the need for risk-focused appraisal reviews, rigorous AVM testing, enhanced documentation of property condition, and valuation updates during the life of the loan.
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By Carrie Bay | 07/29/2010
Residential mortgage loan officers at banks, credit unions, and other federally regulated financial institutions are now required to register their names and fingerprints with a national database.
Federal banking regulators approved new rules Wednesday that say all mortgage originators who are employees of both state and federally regulated lenders must meet the requirements of the Secure and Fair Enforcement for Mortgage Licensing Act (S.A.F.E. Act) by the middle of next year.
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