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 Fraud Blog--Rachel Dollar
A New Jersey man pleaded guilty to charges relating to his role in a scheme to fraudulently obtain mortgage loans from financial institutions to finance the purchase of properties by unqualified buyers using fraudulent assets and income documentation.
The U.S. Justice Department announced settlements with Mr. Cooper, U.S. Bank, and PNC Bank for failing to comply with federal bankruptcy procedures, which affected a total of 76,000 accounts beginning in 2011, resulting in payment application errors; inaccurate, missing, and untimely bankruptcy filings; and/or delayed escrow statements.
Search our Compliance Calendar for current regulatory changes & updates.
The CFPB has issued a consent order against a debt collector for threatening to sue and suing consumers to collect debts in Connecticut, New Jersey, and Rhode Island, where it did not have a legally required license to do so.
OFAC has published the names of additional persons that have been added to the Specially Designated Nationals and Blocked Persons List.
The CFPB, in conjunction with a multistate group of state attorneys general, and state bank regulators, filed suit against Nationstar Mortgage, LLC, alleging violation of multiple Federal consumer financial laws, causing substantial harm to the borrowers whose mortgage loans it serviced, including distressed homeowners, between January 2012 and January 1, 2016.
The CFPB filed a lawsuit against a debt-settlement and debt-relief services company for engagement in abusive and deceptive acts or practices in violation of the Telemarketing Sales Rule (TSR), and failure to disclose to consumers before enrollment when it would make a settlement offer to creditors or debt collectors, among other complaints.
"We are already ahead of the game and without having to add additional FTEs."
- Julie Baril, QC Manager at Norcom Mortgage
Mortgage Professional America – Candyd Mendoza
REX filed a lawsuit against the State of Oregon, claiming that the state’s anti-rebate policies stop homebuyers from “receiving discounted real estate fees [which] harms consumers and stifles competition.”
Buckley
The OCC released a list of recent enforcement actions taken against national banks, federal savings associations, and individuals that are now or were affiliations.
Mortgage Professional America--The Associated Press--Jennifer Sinco Kelleher
A former prosecutor along with her retired police chief husband were sentenced for orchestrating a reverse mortgage scheme, conspiracy, bank fraud and identity theft.
Mortgage Professional America--Marion Halftermeyer
Credit Suisse Group faces a $380 million hit in relation to the legal case dating back to 2007.
"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
The CFPB launched a refresh of its public website, which includes a new interactive enforcement database to help the public track the Bureau’s enforcement actions.
The CFPB filed a lawsuit against a student-loan debt relief and credit-repair services company for violating the Telemarketing Sales Rule (TSR) by engaging in deceptive and abusive telemarketing acts or practices and the Consumer Financial Protection Act of 2010 (CFPA) through deceptive acts or practices.
The CFPB issued a consent order against an auto loan finance company for misleading statements in disclosures and advertisements of its auto loan payment program in violation of Unfair, Deceptive, & Abusive Acts and Practices (UDAAP).
Housingwire--James Kleimann
The Department of Justice has filed a lawsuit against the National Association of Realtors alleging violations of the antitrust law, including commission arrangements and consumer disclosure requirements.
