NC Settlement to Cost Countrywide Over $15 Million
A settlement with North Carolina banking regulators will cost two Countrywide units more than $15 million -- including more than $11 million paid to nearly 5,000 borrowers and contributions to an interstate licensing organization.

Countrywide Home Loans and Countrywide Mortgage Ventures agreed to issue the refunds as part of a settlement announced today with the North Carolina Office of the Commissioner of Banks.

No admission was made by Countrywide about any of the commissioner's allegations.
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The Compliance Ledger
An online library of state mortgage laws has been released by a mortgage education firm. Two alliances promise to help mortgage companies maintain better compliance, while SunTrust Banks Inc. has signed on to utilize a service that helps it comply with internal and regulatory requirements.

Banks Hammered With Regulatory Orders
The Office of the Comptroller of the Currency recently doled out 25 regulatory orders to banks and individuals. Meanwhile, Fannie Mae and Freddie Mac have been warned that their shares have been trading so low that they face suspension from trading on the New York Stock Exchange.

Modification Nation
Two organizations praised improvements to modification programs for conforming and government-insured loans. Two other firms are warning about the modification process and its players, while two service providers are offering products to help make the modification process easier for servicers.

Wrath of the Regulators
Bank regulators issued a cease-and-desist order against a German-based bank, filed a stipulation-and-consent order against the former chief of a Pennsylvania bank and reached agreements with two other banks. Fannie Mae was warned about its share price by exchange officials.

Brokers Settle Deceptive Advertising Claims
Five mortgage brokers operating in Colorado have settled allegations of deceptive advertising. Another broker settled charges of mortgage fraud.

Foreclosure Strategies Widely Varied
California is looking at establishing a three-month foreclosure moratorium, Massachusetts is suing servicers and Maryland is working directly with servicers to improve the mitigation process. One firm is scouring loan documents to find compliance errors for delinquent borrowers.

Revised RESPA Rules Released
The U.S. Department of Housing and Urban Development released its first revision to the Real Estate Settlement Procedures Act in 30 years. The new form requires disclosure of yield spread premiums paid to mortgage brokers.

Lender Settles With FTC
The Federal Trade Commission announced a settlement with a Texas-based mortgage company over allegations the company enabled a home seller to regularly use its credit bureau access without establishing procedures to ensure private data was protected. A computer hacker eventually gained unauthorized access to dozens of credit reports and pulled hundreds more.

Help for Originating FHA Loans
A wholesale lender and a consulting firm are offering help for mortgage companies seeking approval to originate loans insured by the Federal Housing Administration. Online training is now available for originating FHA loans through a popular loan origination system, while another offering provides production support for reverse mortgages.