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Origination

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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ABS Signs U.S. Bancorp CDC

Applied Business Software recently announced that U.S. Bancorp CDC is utilizing its servicing management platform, The Mortgage Office. U.S. Bancorp CDC will use the platform to service its tax credit loans.

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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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Bank Failures Top 61, Costing FDIC $253.4M

Total bank failures leveled out at 61 over last week as three more financial institutions faced closure and acquisition by other banks. The failures and acquisitions left the FDIC with a total $253.4 million tab.

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New EVP of Sales for DecisionReady

DecisionReady Solutions has found a new EVP, director of national sales and client relations in Matthew Lichtner. Recently hired into the role, Lichtner will oversee direct and indirect sales; marketing strategy; and market penetration among loan servicers, investors, and regulation agencies.

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