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.
A new bill introduced by Democrats in Congress would require hedge funds to sell off single-family homes over a 10-year period and ban them from owning single-family homes at all.
Mortgage Fraud Blog--Rachel Dollar
Maria Esperansa Salgado of Maryland pleaded guilty to bank fraud in a scheme to defraud a mortgage lender into agreeing to a short sale, or pre-foreclosure sale, of a residential property in Alexandria, Virginia that was pending foreclosure for non-payment of the mortgage.
Search our Compliance Calendar for current regulatory changes & updates.
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.
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.
"We are already ahead of the game and without having to add additional FTEs."
- Julie Baril, QC Manager at Norcom Mortgage
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.
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.
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.
"By partnering with ACES, we have witnessed an overall improvement in the quality of our reviews."
-Hilda Melendez, Quality Control Systems Director at Lennar 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.
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.
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.
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.
