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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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October 19, 2020

Mortgage scammer concocts new scam while serving sentence for old scam

Mortgage Professional America--Ryan Smith

Christopher D. Hales was jailed in 2011 for mortgage fraud and was released in 2018 to a halfway house as per his sentence where he started another scam including wire fraud and money laundering conspiracy.

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October 15, 2020

Federal Reserve Board issues enforcement action with M&T Bank

The FRS has issued an enforcement action with M&T Bank for violations of National Flood Insurance Program requirements, including a $546,000 penalty.

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October 15, 2020

Ocwen Financial Corporation Comments on Settlement With State of Florida Office of the Attorney

Associated Press (AP)

Ocwen Financial Corporation issued a statement following its settlement of a lawsuit originally filed in 2017 by the Florida Office of Attorney General.

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October 15, 2020

Consumer Financial Protection Bureau Settles Lawsuit with Debt Collectors and Debt Buyers Encore Capital Group, Midland Funding, Midland Credit Management, and Asset Acceptance Capital Corp.

The CFPB has settled with a lawsuit with a group of debt collectors and debt buyers, on allegations that they have violated the terms of a 2015 consent order and again violated the FDCPA and CFPA in their debt-collection practices.

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October 14, 2020

CDC Eviction Moratorium Frequently Asked Questions

The CDC, HHS, HUD, and DOJ released late last week frequently asked questions about the CDC Eviction Order, clarifying explicitly that eviction does not include foreclosure on a home mortgage.

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October 14, 2020

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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October 14, 2020

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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October 14, 2020

Man Admits Role in Defrauding Banks in Shotgun Mortgage Fraud Scheme

Mortgage Fraud Blog – Rachel Dollar

46-year-old Joseph A. Gonzalez of Nevada pleads guilty for his part in a scheme to use false information and simultaneous loan application at various banks to obtain home equity lines of credit (HELOCs).

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October 13, 2020

Faith-Based Fraud

Mortgage Professional Magazine - Ryan Smith

A South Carolina couple has been sentenced to prison for targeting underwater homeowners and buyers with less than perfect credit with a faith-based scam, promising various scenes of mortgage relief and solutions that resulted in over $2 million in loss to the victims and impacted approximately 130 properties.

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October 09, 2020

Federal Reserve fines Citigroup $400M for “longstanding” internal problems

Housing Wires – Alex Roha

The Federal Reserve Board enforces action against Citigroup after an evaluation found the bank had several “longstanding” deficiencies in risk management and internal controls.

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October 07, 2020

Couple Sentenced to More than Seventeen Total Years for Defrauding Home Buyers & Sellers

Mortgage Fraud Blog--Rachel Dollar

Dana Q. Roush and her husband Michael “Bubba” Roush of Greenville, South Carolina were sentenced to seventeen years in federal prison and will be required to reimburse over $2.5 million after being found guilty of conspiracy to commit mail fraud and equity skimming.

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October 07, 2020

Opendoor discloses that it’s under federal investigation

Housing Wire – Julia Falcon

Opendoor filing to go public revealed that they are under investigation by the Federal Trade Commission over advertising practices.

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October 06, 2020

MBA Offers FHFA Recommendations on GSE Strategic Plan

MBA Newslink--Mike Sorohan

The MBA has recommended that the FHFA should continue to move toward freeing Fannie Mae and Freddie Mac from federal conservatorship as long as it can be done without risk to the real estate financial markets.

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October 05, 2020

Couple Sentenced to More than Seventeen Total Years for Defrauding Home Buyers & Sellers

Mortgage Fraud Blog-Rachel Dollar

A South Carolina couple has been sentenced to seventeen years in federal prison and fined $2.5 million in restitution for their using their LLC company to commit mail fraud and facilitate equity skimming.

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