The Compliance NewsHub

Legal News, State News | October 28, 2020

Massachusetts federal court stays effective date and enjoins enforcement of HUD final rule revising FHA disparate impact standards; 2 other lawsuits filed challenging rule

Ballard Spahr LLP--Christopher J. Willis & Richard J. Andreano, Jr.

Massachusetts federal district court has stayed HUD's 2020 rule revising its 2013 Fair Housing Act disparate impact standards.

Industry News | October 28, 2020

To fight terrorism, FinCEN and Federal Reserve Board request comment on proposed major expansion of recordkeeping and travel rules for international transfers

Ballard Spahr LLP--Peter D. Hardy

FinCEN and the Federal reserve Board are proposing and requesting comment on a proposed change to include virtual currency in the BSA's definition of money.

Legal News | October 28, 2020

Guild Mortgage: DOJ allegations are 'without merit'

Mortgage Professional America--Ryan Smith

Guild Mortgage Company denies there is any merit to the Justice Department's allegations of False Claims Act violations, despite settling for $25 million.

Legal News | October 28, 2020

R.I. Man Admits to Fraudulently Seeking $4.7 Million in COVID-19 Stimulus Loans

Compliance Alliance

A Rhode Island man has been convicted for his role in falsifying applications to obtain nearly $600k in Paycheck Protection Program (PPP) forgivable loans guaranteed by the Small Business Administration (SBA) under the Coronavirus Aid, Relief, and Economic Security (CARES) Act.

Agency | GSE News | October 28, 2020

Fannie Mae Lender Letter LL-2020-13 – Automatic Reclassification of Delinquent MBS Mortgage Loans

Fannie Mae has updated LL-2020-13 to provide procedural details for servicers related to the reclassification of delinquent MBS mortgage loans and clarify effective dates.

Agency | GSE News | October 28, 2020

CFPB tags 9th VA mortgage company for false advertising

Mortgage Professional America – Ryan Smith

The CFPB tags the 9^th mortgage company for misleading borrowers.

Disaster News | October 28, 2020

Minority Households Disproportionately Feel Recession-Related Pain

DS News – Christina Hughes Babb

According to a report from Urban Institute research associate Steve Brown, minority households continue to suffer disproportionately from COVID-19 fallout.

Disaster News | October 28, 2020

COVID-19’s Impact on Home Seller Sentiment

MReport – Cristin Espinosa

A new Zillow survey shows how the COVID-19 pandemic may be responsible for the recent lack of a home for sale.