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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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May 15, 2023

Former Live Well CFO Avoids Prison Time After Federal Cooperation

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.

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March 23, 2023

Realty Company Owner Pleads Guilty for Fraudulent Gift Letters

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.

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March 23, 2023

Three-Judge Panel Validates CPFB’s Independent Funding

DS 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.

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February 27, 2023

CFPB Shuts Mortgage Lender Down for Repeat Offenses Against Military Families

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.

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February 07, 2023

CFPB Suffers Significant Defeat In ECOA Lawsuit Against Townstone Mortgage

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.

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December 06, 2022

FTC, CFPB Weigh in on Servicemembers’ Right to Sue Under the MLA

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.

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- Wesley Klepfer, Compliance Program Director at Celink

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December 01, 2022

R.E. Developer & Attorney Both Admit Mortgage Fraud Scheme

Mortgage 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.

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November 16, 2022

CFPB Seeking Input from the US Supreme Court Regarding Unconstitutionality of Funding

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.

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November 11, 2022

DOJ: Man Sentenced and Ordered to Pay $210,000 in Restitution for Wire, Other Fraud

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.

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October 26, 2022

OCC Symposium on Bank Mergers

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.

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October 21, 2022

Fifth Circuit Panel Rules CFPB Funding Mechanism Is Unconstitutional

Ballard Spahr--Alan S. Kaplinsky, Michael Gordon & John L. Culhane, Jr.

In a unanimous decision, a three-judge panel of the U.S. Court of Appeals for the Fifth Circuit ruled that the funding mechanism for the CFPB violates the U.S. Constitution’s Appropriations Clause and the separation of powers principles on which it is based that will have a huge impact on CFPB issued rules, guidance, and existing enforcement orders.

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October 18, 2022

FTC Settlement Stresses Fair Lending Importance

FTC Business Blog- by Lesley Fair

An automotive group recently settled an FTC complaint alleging multiple areas of discrimination against Black and Latino customers throughout the purchase and financing of vehicles.

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October 13, 2022

Agencies Announce Threshold for Smaller Loan Exemption from Appraisal Requirements for Higher-Priced Mortgage Loans

The Consumer Financial Protection Bureau, the Federal Reserve Board, and the Office of the Comptroller of the Currency announced that the 2023 threshold for exempting loans from special appraisal requirements for higher-priced mortgage loans will increase from $28,500 to $31,000.

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October 03, 2022

CFPB sues online lender to servicemembers

The CFPB filed a complaint against MoneyLion Technologies, Inc. and the MoneyLion lending subsidiaries for allegedly violating the Military Lending Act and the Consumer Financial Protection Act by imposing excessive charges on loans to servicemembers and their dependents.

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