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.
Reuters--Jonathan Stempel
Venkatesh Rao, a former Federal Reserve employee, has pled guilty to copying and taking home over 50 restricted documents that he authored, including bank stress test data, after a poor performance review and Rao's separation from the board.
The U.S. Department of Housing and Urban Development (HUD) announced today that it has approved a Conciliation Agreement between Wells Fargo Bank and a customer, resolving the customer’s claim that the mortgage lender denied her loan after learning it was for a group home for persons with disabilities.
Search our Compliance Calendar for current regulatory changes & updates.
Office of Inspector General
The indictment alleges that Gregory F. Alosio, his real estate investment company, Alosio Group, LLC, that also d/b/a Quietstorm Professional Services, and John DiFruscio, Jr., who is associated with Quietstorm Professional Services, conspired to fraudulently obtain properties from financially distressed homeowners; fraudulently obtained fees, commissions, and other income associated with the rental, use and short sale of homeowners’ properties; fraudulently purchased properties in short sales and illegally “flipped” them for significant personal gain; and defrauded several financial institutions.
OFAC has published the names of additional persons that have been added to the Specially Designated Nationals and Blocked Persons List.
Mortgage Fraud Blog -- Rachel Dollar
Four people were indicted with conspiracy to commit wire fraud and bank fraud for their roles in a wide-range mortgage fraud scheme between 2007 and January 2019.
Ballard Spahr – Christopher J. Willis
The CFPB alleges that BrightSpeed Solutions, Inc. and its founder and former CEO processed payments for companies engaged in internet-based technical-support fraud.
"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
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.
OFAC has published the names of additional persons that have been added to the Specially Designated Nationals and Blocked Persons List.
The FDIC issued its list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA) in March 2021.
Presented by ACES Quality Management's EVP of Compliance, Amanda Phillips, and Ballard Spahr's Reid Herlihy, Richard Andreano, Jr., and Matthew Morr.
Ballard Spahr--Christopher J. Willis
A Massachusetts magistrate judge has denied the CFPB’s motion for partial dismissal of a lawsuit filed to challenge the creation of the CFPB’s Taskforce on Federal Consumer Financial Law.
Reverse Mortgage Daily – Chris Clow
Nationstar Mortgage will pay $500,000 in the Reverse Mortgage Disclosure dispute as a result of the New York Office Attorney General's settlement.
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.
