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FICS Makes Top 50, Again

Making the annual list of industry technology leaders for another consecutive year, Financial Industry Computer Systems, Inc., got named to the Top 50 Service Providers, compiled yearly by Mortgage Technology.

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MAC Settles in 10-State Regulatory Operation

After an operation orchestrated by regulators over 10 states, Morris Plains-based Mortgage Access Corp., doing business as Weichert Financial Services, inked its name to a remittance in the amount of $3 million over a multitude of compliance and internal control deficiencies. Some ten agencies joined the effort, with actors including banking regulators from Connecticut, Louisiana, Kentucky, Massachusetts, North Carolina, New Jersey, New York, Pennsylvania, Virginia, and Vermont.

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Carrington Acquires AHE Assets

Carrington Mortgage Services, LLC, is expanding via newly acquired assets from American Home Equity Corp. (AHE). Focused on growing its origination component, Carrington structured its purchase deal with AHE to enhance the company├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós wholesale retail channel.

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House Passes Bank Failures Bill to Investigate FDIC

On Friday the House of Representatives put largely partisan weight behind a bill that would require the FDIC to investigate the 382 bank failures it has corralled with shutdowns since 2008. If reconciled with a similar bill passed by the Senate, H.R. 2056 could require the FDIC's inspector general to examine whether the current regulatory climate crimps lending for community banks. A House Financial Services Committee statement cites some 140 bank failures over 2009 and 157 over 2010, claiming their concentration in only 10 states.

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New FTC Rule Goes After Mortgage Advertisers

A rule recently finalized by the Federal Trade Commission will take effect this month, prohibiting mortgage brokers, servicers, and nonbank lenders from advertising 19 practices it calls deceptive. The rule will enable the FTC, newly opened Consumer Financial Protection Bureau, and state regulators to issue civil monetary fines and penalties against wayward mortgage advertisers. The Mortgage Acts and Practices Rule prescribes a number of penalties for deceptive claims about mortgages.

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FHA Slaps 240 Lenders With Penalties

Fraud

Some 240 lenders across the country got in trouble with the Federal Housing Administration this year, with the federal agency announcing sanctions on Friday that included revocations of approval, suspensions, reprimands, and civil monetary fines. The FHA's Mortgagee Review Board slapped lenders with administrative penalties for scrimping on loan criteria required by the federal agency, which it said in some cases resulted in over-insured loans, excessive and duplicative fees for borrowers, among other things.

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Mortgage Rates Fall on Debt-Deal News

Market worries cooled Monday as news reports confirmed a tentative debt-ceiling deal by public officials Sunday, a last-minute agreement that would avert the next financial crisis predicted by economists. In response to the possible deal, mortgage rates stepped down from nominal highs from last week. According to Headline News, Bank of America reported that 30-year fixed-rate mortgages fell to 4.37 percent, down several basis-points from last week. Fellow mortgage giant Wells Fargo yielded 30-year loans at 4.50 percent.

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New Staff and Products Tops at Total Mortgage

Big news abounds at Total Mortgage Services, LLC, with two major recent announcements focused on the company├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós retail channel. Total Mortgage is amping up its staff with 50 new loan officers, and in addition, has just launched its Home Loan Program through the Agriculture Department.

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