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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Housingwire--Chris Clow
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Housingwire--Connie Kim
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Ballard Spahr LLP--Brian Turetsky & John L. Culhane, Jr.
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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.
"ACES has shined a light on our productivity and empowered us to hold our teams accountable."
- Emilee Rada, Director of Lending Operations at Georgia's Own Credit Union
Housingwire--Chris Clow
The U.S. Supreme Court will decide whether or not national laws override state laws on mortgage escrow interest payments.
The CFPB has announced the annual inflation adjustments to the agency's civil penalty amounts, effective January 15, 2024.
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.
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.
"We are already ahead of the game and without having to add additional FTEs."
- Julie Baril, QC Manager at Norcom Mortgage
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.
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.
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.
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.
