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.
Compliance Alliance
David T. Hines of Miami was sentenced to more than six years in prison for fraudulently obtaining approximately $3.9 million in Paycheck Protection Program (PPP) loans and using those funds.
The Legal Description
California Attorney General Rob Bonta announced the arrests of 12 individuals on 133 felony counts for allegedly running a sophisticated mortgage fraud and green loan scheme, resulting in a loss of approximately $15 million over several years.
Search our Compliance Calendar for current regulatory changes & updates.
FDIC announced a settlement with Umpqua Bank, Roseburg, Oregon, for engaging in unfair and deceptive practices, in violation of Section 5 of the Federal Trade Commission Act (Section 5).
Los Angeles Daily News--City News Service
Twelve people have been indicted in alleged a Southern California ‘green’ loan and mortgage fraud scheme with a variety of charges including conspiracy, mortgage fraud, grand theft, identity theft, forgery, filing a false or forged document and money laundering.
The FDIC released a list of orders of administrative enforcement actions taken against banks and individuals in March.
OFAC has published the names of additional persons that have been added to the Specially Designated Nationals and Blocked Persons List.
Automated compliance tests to ensure compliance on more loans in less time
FDIC issued its list of state nonmember banks evaluated for compliance with the Community Reinvestment Act (CRA) in February 2021.
Mortgage Fraud Blog
Pilar Rose of California, charged with bank fraud, submitted false financial information to obtain a $1.4 million home refinance and a loan for a BMW and identity theft by using an acquaintance’s Social Security number for the latter loan.
Ballard Spahr LLP--Jeremy T. Rosenblum & James Kim
The OCC has filed a motion to dismiss the lawsuit filed by the Conference of State Bank Supervisors in D.C. federal district court looking to block the OCC from granting a national bank charter to Figure Technologies Inc.
HUD is charging owners and employees of The House Lawyer operating out of Redwood City, California, with violating the Fair Housing Act by targeting Hispanic homeowners with illegal and unfair mortgage modification services and alleges fees were collected for loan modification services prior to the completion of those services violating California law, and advising them to withhold their mortgage payments, putting them at risk of foreclosure.
Presented by ACES Quality Management's EVP of Compliance, Amanda Phillips, and Ballard Spahr's Reid Herlihy, Richard Andreano, Jr., and Matthew Morr.
Mortgage Professional America – Candyd Mendoza
The Consumer Financial Protection Bureau (CFPB) probes Mr. Cooper over complaints of unauthorized mortgage payment withdrawals.
Mortgage Fraud Blog
A New Jersey man was arrested on charges of engaging in mortgage fraud, fraudulently obtaining an SBA loan and identity theft.
The CFPB issued a consent order against Nationwide Equities Corporation for sending deceptive loan advertisements to hundreds of thousands of older borrowers, misleading consumers about how much money they could receive from a reverse mortgage, the fees and costs associated with the products, and the consequences of nonpayment.
Mortgage Professional America--Candyd Mendoza
The First Time Homebuyer Act, introduced to congress today will create a refundable tax credit worth up to 10% of the purchase price or $15,000.
