The Compliance NewsHub

State News | May 25, 2022

NYDFS issues industry letter on reverse mortgage lending

Buckley Infobytes Blog

The New York Department of Financial Services (NYDFS) issued an industry letter on May 17, reminding all institutions engaged in reverse mortgage lending in the state that existing regulatory framework for reverse mortgages will also apply to cooperative apartment loans made after Section 6-O*2 of the New York Banking Law takes effect on May 30.

Federal Legislation | May 25, 2022

OCC Issues Third and Fourth Quarter 2022 CRA Evaluation Schedule

The Office of the Comptroller of the Currency (OCC) released its schedule of Community Reinvestment Act (CRA) evaluations to be conducted in the third and fourth quarters of 2022.

Agency | GSE News | May 25, 2022

USDA New Default Status Reason Codes for Electronic Status Reporting

The USDA Rural Housing Single-Family Housing Guaranteed Loan Program has updated its guidance to loan servicers concerning new default Status Reason Codes for Electronic Status Reporting and includes 12 new Status Reason Codes to be utilized when loan servicers complete their Monthly Default Status reporting.

Agency | GSE News | May 25, 2022

VA Circular 26-22-09 New Procedures for Loans where the Borrower Has a VA-appointed Fiduciary and for Loans Commonly Called “Joint Loans”

This Circular announces new procedures in loans where the borrower has a VA-appointed fiduciary and new procedures for processing joint loans at the loan approval stage and lender reporting to VA for evidence of guaranty.

Legal News | May 25, 2022

Business Owner Pleads Guilty to Conspiracy to Commit Wire Fraud re: the Sale of Two Baltimore Properties

Mortgage Fraud - Stephanie Abbott

Philip Abramowitz a business owner from Maryland, pleaded guilty to conspiracy to commit wire fraud in relation to the sale of two Baltimore properties.

Legal News | May 25, 2022

Mortgage Loan Officer Charged With Bank Fraud and Aggravated Identity Theft

Mortgage Fraud Blog - Stephanie Abbott

Evelisse Hernandez, a licensed mortgage loan officer, has been charged with four counts of bank fraud and aggravated identity theft.

Agency | GSE News | May 24, 2022

USDA Single-Family Housing Guaranteed Loan Program Closing Reminders

The USDA Single-Family Housing Guaranteed Loan Program (SFHGLP) has issued an alert to participating lenders of several closing requirements including Conditional Commitments and reminders about the closing/settlement date.

Federal Legislation | May 24, 2022

CFPB Launches New Effort to Promote Competition and Innovation in Consumer Finance

The Consumer Financial Protection Bureau (CFPB) announced the opening of a new office in Competition and Innovation as part of a new approach to help branch innovation in financial services.