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 Professional Magazine - Ryan Smith
A South Carolina couple has been sentenced to prison for targeting underwater homeowners and buyers with less than perfect credit with a faith-based scam, promising various scenes of mortgage relief and solutions that resulted in over $2 million in loss to the victims and impacted approximately 130 properties.
Housing Wires – Alex Roha
The Federal Reserve Board enforces action against Citigroup after an evaluation found the bank had several “longstanding” deficiencies in risk management and internal controls.
Search our Compliance Calendar for current regulatory changes & updates.
Mortgage Fraud Blog--Rachel Dollar
Dana Q. Roush and her husband Michael “Bubba” Roush of Greenville, South Carolina were sentenced to seventeen years in federal prison and will be required to reimburse over $2.5 million after being found guilty of conspiracy to commit mail fraud and equity skimming.
Housing Wire – Julia Falcon
Opendoor filing to go public revealed that they are under investigation by the Federal Trade Commission over advertising practices.
MBA Newslink--Mike Sorohan
The MBA has recommended that the FHFA should continue to move toward freeing Fannie Mae and Freddie Mac from federal conservatorship as long as it can be done without risk to the real estate financial markets.
Mortgage Fraud Blog-Rachel Dollar
A South Carolina couple has been sentenced to seventeen years in federal prison and fined $2.5 million in restitution for their using their LLC company to commit mail fraud and facilitate equity skimming.
"By partnering with ACES, we have witnessed an overall improvement in the quality of our reviews."
-Hilda Melendez, Quality Control Systems Director at Lennar Mortgage
The CFPB issued a policy statement on applications for early termination of administrative consent orders, outlining the early termination application process for entities subject to a Consent Order and the standards that will be used when evaluating applications.
Mortgage Professional America – Ryan Smith
The Department of Justice has filed a complaint against Nutter Home Loans, a reverse mortgage lender; it says forged certifications and used unqualified underwriters to approve Federal Housing Administration-insured Home Equity Conversion Mortgages.
Weiner Brodsky Kider PC
The 9th Circuit Court of Appeals has held that the Home Owner’s Loan Act of 1933 (HOLA) preempts the California Civil Code Section 2954.8 requirement for banks to pay interest on escrow accounts.
The Legal Description--The Blotter
A Massachusetts attorney plead guilty to conspiracy to commit wire fraud, wire fraud, conspiracy to defraud the United States, and false claims in an amount of $2.3 million.
Automated compliance tests to ensure compliance on more loans in less time
The CFPB, FTC, and more than 50 federal and state law enforcement parties announced Operation Corrupt Collector, a collection of enforcement actions levied against debt collectors who are engaging in phantom debt collection and abusive and threatening debt collection practices.
In a joint investigation conducted by HUD, HUD OIG, the Civil Division, and the U.S. Attorney’s Office for the Western District of Texas, a 1.1 million dollar settlement was levied against a mortgage lender for allegations that they violated the False Claims Act by improperly helping to obtain a loan insured by the Federal Housing Administration (FHA) and receiving impermissible distributions of project funds for the development of a hospital.
Mortgage Profesional America – Ryan Smith
A Texas hospital-development company and several co-defendants have decided to pay more than $15.3 million to settle federal allegations that they falsely acquired Federal Housing Administration loans and mishandled loan funds.
FDIC released a list of 13 orders of administrative enforcement actions taken against banks and individuals in August.
