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.
Mortgage Fraud Blog--Rachel Dollar
Cabral Simpson of Orange, New Jersey, a real-estate investor, and his conspirators engaged in mortgage fraud by creating fake bank statements and fake employee verification records for buyers of properties and transferring money into the buyers’ bank accounts for payment of the deposit for a property and submitted fraudulent mortgage loan applications, supporting documents, and closing documents on behalf of the buyers.
Mortgage Fraud Blog--Rachel Dollar
UBS AG and several of its U.S.-based affiliates have agreed to pay $1.435 billion in penalties to settle a civil action filed in November 2018 alleging misconduct related to UBS’ underwriting and issuance of residential mortgage-backed securities issued in 2006 and 2007.
Search our Compliance Calendar for current
regulatory changes & updates from Fannie,
Freddie, FHA, VA, and USDA.
Ballard Spahr LLP--John L. Culhane, Jr., Richard J. Andreano, Jr., Michael Gordon & Alan S. Kaplinsky
The Kentucky banks and Kentucky Trade Association have filed a lawsuit in a Kentucky federal district court challenging the CFPB’s final small business lending rule.
Ballard Spahr, LLP--John L. Culhane, Jr., Richard J. Andreano, Jr., Michael Gordon & Alan S. Kaplinsky
The CFPB has filed its opposition to the motion for a preliminary injunction filed by several credit unions, community banks, and credit union and community bank trade associations in the Texas federal court lawsuit challenging the CFPB’s final small business lending rule.
Reverse Mortgage Daily--Chris Clow
Former Live Well Financial CFO Eric Rohr will avoid prison time for his role in artificially inflating the value of the reverse mortgage lender’s bond after Rohr pled guilty and cooperated with federal authorities in the prosecution of the company’s former CEO.
Mortgage Fraud Blog--Rachel Dollar
Lee Ann Benninghoff, owner and operator of Complete Escrow and Bella Casa Realty pleaded guilty in federal court to charges of bank fraud and conspiracy for conspiring with others in the industry, to submit fraudulent gift letters in support of mortgage loan applications, misrepresenting the source of the funds and their purported purpose.
"ACES has made my life so much easier from a QC perspective. It's life-changing"
- Kelly Cooper Spencer, QC & Business Intelligence Data Manager at Thrive Mortgage
Hear WhyDS News--Kyle G. Horst
Ahead of an expected U.S. Supreme Court ruling, a three-judge panel for the U.S. Court of Appeals for the Second Circuit has ruled that the CPFB's independent funding through the Federal Reserve is constitutional.
RMK Financial Corporation (dba Majestic Home Loans) was permanently banned from the mortgage lending industry for advertising using logos implying that the company was affiliated with the government.
Ballard Spahr--Richard J. Andreano, Jr.
The US District Court for the Northern District of Illinois has dismissed with prejudice, the first ever redlining complaint against a nonbank mortgage company filed by the CFPB in the summer of 2020 under the Equal Credit Opportunity Act and Consumer Financial Protection Act.
Buckley--InfoBytes Blog
Last month the FTC and CFPB filed a joint amicus brief with the U.S. Court of Appeals for the Eleventh Circuit seeking the reversal of a district court’s decision that denied servicemembers the right to sue to invalidate a contract that allegedly violated the Military Lending Act.
"By partnering with ACES, we have witnessed an overall improvement in the quality of our reviews. The platform has enabled us to focus on pre-funding reviews and allocate our resources to other areas where defects need correction."
-Hilda Melendez, Quality Control Systems Director at Lennar Mortgage
Hear WhyMortgage Fraud Blog – Stephanie Abbott
Victor Santos and Fausto Simoes, a real estate developer and attorney of New Jersey, admitted to a mortgage fraud scheme that led to over $3.5 million in losses.
Ballard Spahr Consumer Finance Monitor - Alan S. Kaplinsky & Michael Gordon
The Consumer Financial Protection Bureau (CFPB) has gone directly to the Supreme Court in regards to the ruling of the constitutionality of the agency's funding mechanism.
The Department of Justice (DOJ) announced that a man in Illinois was sentenced to 24 months in prison, 2 years of supervised release and ordered to pay $210,000 in restitution to the victim of the offense, the Small Business Administration (SBA) in regard to 44 fraudulent applications for $10,000 grants from the SBA pursuant to the COVID-19 Economic Injury Disaster Loan (EIDL) Program, of which 21 were approved.
The Office of the Comptroller of the Currency (OCC) has planned a symposium on bank mergers at its Washington, DC headquarters for February 10, 2023, with the intent of seeking public input on the need for an updated framework for analyzing potential mergers.
