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.
Mortgage Professional America -- Ephraim Vecina
Patrick Joseph Soria, 35 of West Hollywood, has been sentenced to more than 12 ½ years in prison for defrauding more than 2,000 homeowners and causing $7.6 million in losses.
The Federal Deposit Insurance Corporation (FDIC) today issued its list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA) in May 2021.
Search our Compliance Calendar for current regulatory changes & updates.
HowisngWire -Tim Glaze
Remote online notarization is now allowed in Illinois, New Jersey, and Oregon.
The Federal Deposit Insurance Corporation (FDIC) today released a list of orders of administrative enforcement actions taken against banks and individuals in June. There are no administrative hearings scheduled for August 2021.
U.S. Department of Justice
Dinesh Sah, a Texas man, was sentenced to more than 11 years in prison for his connection in a fraudulent scheme to obtain approximately $24.8 million in forgivable Paycheck Protection Program (PPP) loans.
Mortgage Fraud Blog
Marvette Thompson Easterling, Keylon Wright, and Joshua David Armato admitted that they knowingly defrauded the Troubled Asset Relief Program (TARP).
"ACES has made my life so much easier from a QC perspective. It's life-changing"
- Kelly Cooper Spencer, QC & Business Intelligence Data Manager at Thrive Mortgage
BloomBerg – Joel Rosenblatt
The National Apartment Association filed a lawsuit at the U.S. Court of Federal Claims in Washington to recover damages the organization claims its member suffered due to the federal eviction moratorium.
OFAC has published the names of additional persons that have been added to the Specially Designated Nationals and Blocked Persons List.
Mortgage Professional America--Candyd Mendoza
Stephen Calk, 56, was sentenced to 35 years in federal prison on one count of financial institution bribery and one count of conspiracy to commit financial institution bribery.
Housingwire--Georgia Kromrei
Rocket Mortgage has been sued by a shareholder for allegedly providing deceptive disclosures to conceal adverse market conditions.
Automated compliance tests to ensure compliance on more loans in less time
Ginnie Mae – Douglas Robinson
Ginnie Mae reports mortgage-backed securities (MBS) issuance volume was $72.45 billion in June.
Banking Exchange
US banks are among many companies affected by a global ransomware attack extorting a record ransom of $70 million by the notorious REvil cyber-criminal network on July 5, 2021.
OFAC has published the names of additional persons that have been added to the Specially Designated Nationals and Blocked Persons List.
OFAC has published the names of additional persons that have been added to the Specially Designated Nationals and Blocked Persons List.
