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.
The FDIC issued its list of state nonmember banks evaluated for compliance with the Community Reinvestment Act (CRA) in May 2020.
Office of Inspector General
Michael Scott Leslie of Boulder, Colorado, has pled guilty to federal bank fraud and aggravated identity theft charges.
Search our Compliance Calendar for current regulatory changes & updates.
FDIC released a list of 25 orders of administrative enforcement actions taken against banks and individuals in June 2020.
Mortgage Professional America--Ryan Smith
The CFPB has issued consent orders against Sovereign Lending Group and Prime Choice Funding fining the companies for allegedly sending deceptive advertisements about VA loans to service members and veterans.
Mortgage Fraud Blog--Rachel Dollar
A California man has plead guilty in federal court to allegations of bank fraud and tax evasion, by admitting he failed to report nearly $500k of income to the IRS, as well as having fraudulently obtained a mortgage for a $1.8 million residence using a third party.
The HUD Office of Inspector General has issued a fraud bulletin on how to identify anti -competitive bidding schemes that may occur in COVID-19-Related procurements.
"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
Mortgage Professional America – Candyd Mendoza
PHH Mortgage has partnered with the NAACP to increase its efforts to help borrowers hit by the COVID-19 pandemic.
The CFPB announces a stipulated final judgment resolving allegations against a foreclosure relief services company, and it's owner, who are alleged to have engaged in deceptive and abusive acts or practices, and charged unlawful advance fees, in connection with the marketing and selling financial advisory and mortgage assistance relief services to consumers in violation of Regulation O and the CFPA.
Office of Inspector General
U. S. District Judge Martin Reidinger sentenced Ginger Lynn Cunningham from Brevard, N.C to 14 months in prison and addition to prison; she ordered to serve three years under court supervision and to pay $412,344 as restitution, for selling fake title insurance policies.
MBA Newslink--Bill Killmer; Pete Mills
Last week's advocacy efforts include MBA's letter to HUD to Withhold Publication of Final Disparate Impact Rule; House Subcommittee's Hearing on Mortgage Servicing; and more.
"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
MBA Newslink
MBA issued a letter to HUD requesting HUD withhold publication of it's final disparate impact rule.
The CFPB filed a lawsuit against Townstone Financial, Inc., a nonbank retail-mortgage creditor based in Chicago, for violations of the Equal Credit Opportunity Act (ECOA); its implementing regulation, Regulation B; and the Consumer Financial Protection Act (CFPA) for allegedly engaging in discriminatory mortgage-lending practices and that these violations also constituted violations of the CFPA.
The CFPB filed a complaint against a student-loan debt-relief business who were allegedly charged thousands of consumers saddled with private student-loan debt approximately $11.8 million in illegal upfront fees in violation of the Telemarketing Sales Rule (TSR).
Ballard Spahr LLP--Peter D. Hardy, Priya Roy & Terence M. Grugan
FinCEN has issued an advisory of two consumer fraud schemes compounded by the COVID-19 pandemic.
