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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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February 27, 2024

Military Lending Act Violations Alleged Against Title Lender in Georgia Class Action

Ballard Spahr LLP--Brian Turetsky & John L. Culhane, Jr.

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January 24, 2024

Deputy Mayor Charged with Mortgage Fraud Scheme in Connection with Fraudulent Short Sale

Mortgage Fraud Blog--Rachel Dollar

Nathaniel Anderson of Willingboro Township, New Jersey, a town councilman and the deputy mayor of Willingboro in Burlington County, New Jersey, and his business associate Chrisone D. Anderson, were charged with conducting a scheme to discharge the deputy mayor’s mortgage obligation on his property through a fraudulent short sale.

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January 16, 2024

US Supreme Court to Hear Mortgage Escrow Case in February

Housingwire--Chris Clow

The U.S. Supreme Court will decide whether or not national laws override state laws on mortgage escrow interest payments.

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January 08, 2024

Annual CFPB Civil Penalty Adjustment

The CFPB has announced the annual inflation adjustments to the agency's civil penalty amounts, effective January 15, 2024.

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December 28, 2023

CFPB & FTC File Amicus Brief with Fourth Circuit Urging Reversal of FCRA Investigation Decision

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.

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December 18, 2023

End Hedge Fund Control of American Homes Act Introduced in Both Houses of Congress

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.

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Learn Why Clients Love ACES

Learn Why Clients Love ACES

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November 01, 2023

Woman Pleads Guilty to Real Estate Bank Fraud

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.

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September 19, 2023

Man Admits Conspiring to Commit Mortgage Fraud

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.

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August 24, 2023

UBS Agrees to Pay $1.435 Billion for Fraud in the Sale of Residential Mortgage-Backed Securities

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.

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August 24, 2023

Kentucky Lawsuit Challenging the CFPB Small Business Lending Rule

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.

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August 24, 2023

CFPB Files Opposition to Texas lawsuit Challenging CFPB’s 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.

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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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