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.
Housingwire--Chris Clow
The U.S. Supreme Court will decide whether or not national laws override state laws on mortgage escrow interest payments.
The CFPB has announced the annual inflation adjustments to the agency's civil penalty amounts, effective January 15, 2024.
Search our Compliance Calendar for current regulatory changes & updates.
On December 8th, the CFPB and FTC filed an amici curiae brief with the U.S. Court of Appeals for the Fourth Circuit urging the reversal of a decision finding that furnishers need not investigate indirect disputes covering legal, as opposed to factual matters, under FCRA.
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.
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.
ACES allows PacRes Mortgage to:
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.
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.
"ACES has shined a light on our productivity and empowered us to hold our teams accountable."
- Emilee Rada, Director of Lending Operations at Georgia's Own Credit Union
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.
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.
