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Legal News

This topic consolidates everything you need to know to stay informed including prominent industry advocacy movements, current regulatory enforcement actions, and judicial rulings impacting mortgage banking.

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September 16, 2021

OCC News Release 2021-99 OCC Enforcement Actions and Terminations

The Office of the Comptroller of the Currency (OCC) released new enforcement actions taken against national banks, federal savings associations, and individuals currently and formerly affiliated with national banks and federal savings associations in August and early September.

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September 15, 2021

Man Sentenced to Prison for Role in Mortgage Fraud Scheme

Mortgage Fraud Blog-Rachel Dollar

A New Jersey man was sentenced to 15 months in prison for conspiring with others to fraudulently obtain mortgage loans from financial institutions by knowingly providing fraudulent documents.

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September 15, 2021

Man Pleads Guilty for Bank Fraud Scheme

Mortgage Fraud Blog-Rachel Dollar

An Oregon man pleaded guilty to perpetrating a bank fraud scheme by using a residential property he did not own as collateral to obtain a bank loan for more than $316,000.

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September 14, 2021

CFPB Sues LendUp Loans for Allegedly Violating 2016 Consent Order and Allegedly Continuing to Deceive Borrowers

Ballard Spahr LLP--Elanor A. Mulhern

The CFPB has filed a lawsuit against online lender LendUpLoans alleging that LendUp violated a 2016 consent order that required the lender to pay over $3.5 million in consumer redress as well as civil penalties and to stop misleading consumers with alleged false claims about the cost of loans and the benefits of repeat borrowing.

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September 09, 2021

OCC Assesses $250 Million Civil Money Penalty, Issues Cease and Desist Order Against Wells Fargo

The Office of the Comptroller of the Currency (OCC) today assessed a $250 million civil money penalty against Wells Fargo Bank, N.A, of Sioux Falls, S.D., based on the bank’s unsafe or unsound practices related to deficiencies in its home lending loss mitigation program and violations of the 2018 Compliance Consent Order.

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September 08, 2021

CFPB Sues LendUp Loans for Violating 2016 Consent Order and Deceiving Borrowers

The CFPB filed a lawsuit in federal district court accusing LendUp Loans, LLC of violating a 2016 consent order and misleading consumers with false claims about the cost of loans and the benefits of repeated borrowing.

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September 08, 2021

CFPB Takes Action Against Student Lender for Misleading Borrowers about Income Share Agreements

The CFPB issued a consent order against an income share agreement (ISA) provider for mispresenting its product and failing to comply with TILA, Regulation Z, and the Consumer Financial Protection Act of 2010 (CFPA).

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September 08, 2021

OFAC Notice of OFAC Sanctions Actions

OFAC has published the names of additional persons that have been added to the Specially Designated Nationals and Blocked Persons List.

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September 08, 2021

OFAC Notice of OFAC Sanctions Actions

OFAC has published the names of additional persons that have been added to the Specially Designated Nationals and Blocked Persons List.

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September 07, 2021

FDIC Issues List of Banks Examined for CRA Compliance

The Federal Deposit Insurance Corporation (FDIC) today issued its list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA) in June 2021.

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September 03, 2021

OFAC Notice of OFAC Sanctions Actions

OFAC has published the names of additional persons that have been added to the Specially Designated Nationals and Blocked Persons List.

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September 01, 2021

OFAC Notice of OFAC Sanctions Action

OFAC has published the names of additional persons that have been added to the Specially Designated Nationals and Blocked Persons List.

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September 01, 2021

Former Unlicensed Mortgage Broker Pleads Guilty to Mortgage Fraud Scheme

Mortgage Fraud Blog

Brent Kaufman, a former unlicensed mortgage broker, pleaded guilty to a criminal information charging him with stealing $4.7 million in mortgage refinancing proceeds intended to pay off the existing mortgages of his clients.

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August 27, 2021

Biden’s Eviction Moratorium Blocked After Supreme Court Ruling

M Report – Erick C. Peck

The U.S Supreme Court blocked the Biden Administration's federal eviction moratorium scheduled to expire on October 3, 2021.

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