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
An Illinois man has been indicted for making false claims against the Hardest Hit Fund program administered by the Indiana Housing and Community Development Authority dating back to the 2008 economic and housing market downturn.
The CFPB issued a Consent Order against Washington Federal Bank, N.A., for violations of HMDA, its implementing regulation, Regulation C, and the Consumer Financial Protection Act of 2010 (CFPA) by failing to report accurate data about its mortgage-loan applications to the Bureau for the 2016 and 2017 filing years.
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The CFPB issued a consent order against another lender for sending mailers for VA-guaranteed mortgages that contained false, misleading, and inaccurate statements or that lacked required disclosures, in violation of the Consumer Financial Protection Act’s (CFPA) prohibition against deceptive acts and practices, the Mortgage Acts and Practices – Advertising Rule (MAP Rule), and Regulation Z.
Office of Inspector General
Guild Mortgage Company will pay $24.9 million after allegedly violating the False Claims Act and the common law by knowingly breaching material program requirements in the origination and underwriting of FHA mortgage loans.
Mortgage Professional America – Ryan Smith
A New York appeals court dismissed state mortgage fraud charges against Paul Manafort.
Office Inspector General
U.S. Attorney Craig Carpenito announced, Josehp A. McCallum Jr., a member of the Newark Municipal City Council, was charged with scheming to obtain bribes and kickbacks.
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Mortgage Professional America--Ryan Smith
Christopher D. Hales was jailed in 2011 for mortgage fraud and was released in 2018 to a halfway house as per his sentence where he started another scam including wire fraud and money laundering conspiracy.
The FRS has issued an enforcement action with M&T Bank for violations of National Flood Insurance Program requirements, including a $546,000 penalty.
Associated Press (AP)
Ocwen Financial Corporation issued a statement following its settlement of a lawsuit originally filed in 2017 by the Florida Office of Attorney General.
The CFPB has settled with a lawsuit with a group of debt collectors and debt buyers, on allegations that they have violated the terms of a 2015 consent order and again violated the FDCPA and CFPA in their debt-collection practices.
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The CDC, HHS, HUD, and DOJ released late last week frequently asked questions about the CDC Eviction Order, clarifying explicitly that eviction does not include foreclosure on a home 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.
Mortgage Fraud Blog – Rachel Dollar
46-year-old Joseph A. Gonzalez of Nevada pleads guilty for his part in a scheme to use false information and simultaneous loan application at various banks to obtain home equity lines of credit (HELOCs).
