Anti-money laundering and third-party risk management are two practice areas where risk officers, attorneys and compliance officers within the settlement services industry need to remain diligent, according to representatives from U.S. audit, tax and advisory firm KPMG LLP.
RESPA News spoke with Teresa Pesce, a principal in KPMG’s Forensic Advisory Services practice and global head of AML Services, and Greg Matthews, a partner who leads KPMG’s Third Party Risk Management services.
Read on to learn more about what they pair thought were similarities in the practice areas.
In a speech closely watched for its potential as a lead-up to announcing a run for Ohio governor, Consumer Financial Protection Bureau Director (CFPB) Richard Cordray recently spoke before the Ohio Land Bank Conference.
Referencing common themes in previous public speeches, Cordray highlighted the amount of money made available to harmed consumers since the CFPB opened its doors, as well as the way the agency has shifted the landscape in the mortgage market.
Among the highlights he mentioned was the CFPB’s work helping harmed consumers navigate solutions to their problems. Read on for more from the director’s public appearance in Ohio.
The National Association of Realtors and the nonprofit American Student Assistance released a joint study on millennial student loan debt, finding that an overwhelming majority of millennials with student debt currently do not own a home and believe this debt is to blame for what they typically expect to be a seven-year delay from buying.
Only 20 percent of millennial respondents currently own a home, and they are typically carrying a student debt load that surpasses their annual income.
Find out what Chief Economist Lawrence Yun had to say about these findings and what it means for the broader housing market.
In response to questions from members regarding the means of delivery and timing requirements for the Loan Estimate and Closing Disclosure forms under the TILA-RESPA Integrated Disclosure rule, the Credit Union National Association has issued a post detailing its answers.
Find out what the trade organization had to say.
On Sept. 20, the Federal Reserve issued the Federal Open Market Committee’s statement. The committee indicated that the Fed likely will continue to incrementally raise the federal funds rate and that it will begin winding down its $4.5 trillion mortgage-backed asset purchase program.
Mortgage Bankers Association Chief Economist Mike Fratantoni discussed what this means for the industry.
Read on to learn more.
A shareholder class action lawsuit has been filed against Zillow and its CEO and chief financial officer, alleging that misleading statements regarding its co-marketing platform harmed its shareholders.
Zillow share prices dropped after a filing with the Securities and Exchange Commission detailed the Consumer Financial Protection Bureau’s investigation into the real estate company’s co-marketing practices.
Zillow said that the company and the bureau also recently entered into settlement talks. Read on for more about the class action filing.
The Senate confirmed President Donald Trump’s nominee for deputy secretary of the Department of Housing and Urban Development. Pam Patenaude, who previously served at the department under former President George W. Bush, detailed her housing work within her testimony.
Patenaude played an instrumental role in the development of HUD’s five-year Strategic Plan and she detailed her work regarding disaster relief efforts in her time at HUD in her testimony.
Find out more about her experience, and how the Mortgage Bankers Association and the National Association of Realtors responded to the confirmation.
Altisource Portfolio Solutions S.A. has released the results of its inaugural Default Servicing Survey, finding that that 97 percent of servicing professionals surveyed indicated they will consider a single-vendor approach to support complex portfolio needs.
According to the U.S. Department for Housing and Urban Development, FHA loans accounted for more than 17 percent of newly originated mortgages in 2016 and constituted 35 percent of all loans delinquent for 30 or more days.
Read on for more details on what servicing professionals consider the greatest challenges for effective claims without conveyance of title programs.
PHH Corp. and several of its affiliates have proposed a $17 million settlement to resolve allegations that the company violated RESPA Section 8(a) by engaging in a kickback scheme for referrals of title insurance and other settlement services to TRG Services Escrow, Inc. and its affiliates.
It had also been alleged that operated PHH Home Loans as an improper affiliated business arrangement (AfBA).
The plaintiffs in the case requested that the U.S. district court preliminarily approve the settlement so members of the proposed class can receive notice about the action. Read on for more details.
Black Knight Financial Services, Inc. has released an updated assessment of the potential mortgage-related damage from Hurricane Harvey, finding that at least 300,000 borrowers may become delinquent on their loans and 160,000 may become seriously delinquent (more than 90 days past due).
The FEMA-designated disaster area affected by Harvey is home to 1.18 million mortgaged properties. Black Knight Data & Analytics Executive Vice President Ben Graboske discussed the company’s findings in greater detail.
Find out what Graboske had to say, comparing Harvey to the aftereffects of Hurricane Katrina.
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