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.
Office of Inspector General
Willis Edwards III, former acting business administrator for the Township of Orange, New Jersey, is facing a 28-count indictment with conspiracy, bribe-taking, money and property fraud, federal tax fraud, and making false statements in connection with a mortgage.
Mortgage Professional America – Ryan Smith
The Consumer Finance Protection Bureau is suing My Loan Doctor (d/b/a Loan Doctor), a financial-service company for defrauding consumers who deposited more than $15 million into a deceptively advertised product.
Search our Compliance Calendar for current regulatory changes & updates.
MReport – Andy Beth Miller
The new $1.5 trillion Moving Forward Act (H.R. 2) includes sufficient allotments for investing in U.S. housing, specifically, it features a housing and land-use policy package that covers financing for housing as infrastructure.
The CFPB lawsuit against My Loan Doctor LLC, dba Loan Doctor, and its founder, Edgar Radjabli for allegedly making several false, misleading, and inaccurate marketing representations of a savings account, in a deceptive manner.
Weiner Brodsky Kider PC
Consent from the intended recipient of a call does not exempt a caller from liability under the TCPA when the incorrect person receives the call at issue according the latest fuling from the U.S. Court of Appeals for the Ninth Circuit.
Mortgage Fraud Blog--Rachel Dollar
Blanca A. Medina of Manalapan, New Jersey, has pled guilty to a fraud scheme to defraud a financial institution of hundreds of thousands of dollars.
"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
Ronald J. McCord, the former President of First Mortgage Company in Oklahoma, was charged with bank fraud, money laundering, and making a false statement to a financial institution to two locally-based banks, Fannie Mae, and others.
Ballard Spahr, LLP – Jason M. Cover
In the Superior Court of the District of Columbia, Attorney General Karl A. Racine filed a complaint against Elevate Credit, Inc. alleging violations of D.C. Consumer Protection Procedures.
The CFPB announced a $35k settlement with a group of contract for deed companies, who it alegdges, failed to adequately address complaints from their consumers regarding errors on their consumer reports relating to their financing resulting in inaccurate representations that constituted deceptive acts and practices in violation of the Consumer Financial Protection Act.
Caliber Home Loans finalized a $17 million settlement with the New York Attorney General's office over allegations that it provided interest-only and short-term modifications that reverted to much higher payments after a period of up to five years to New York borrowers who were encountering financial difficulties, rather than providing traditional modifications, which has been deemed a predatory lending practice.
Presented by ACES Quality Management's EVP of Compliance, Amanda Phillips, and Ballard Spahr's Reid Herlihy, Richard Andreano, Jr., and Matthew Morr.
HousingWire – Kathleen Howley
The Supreme Court expected to issue a significant ruling in the CFPB case this week that could impact the FHFA’s plans to end GSE conservatorship.
MBA Newslink--Bill Killmer; Pete Mills
Last week's advocacy efforts included California Assembly Bill 2501 failure, Federal Reserve Chairman Testimony to the Senate Banking Committee, the continued focus on the COVID-19 Response, and GSEs Hiring of Financial Advisers.
ABA Banking Journal
SBA announced its new three-page “EZ” Paycheck Protection Program Loan forgiveness application requiring less documentation and fewer calculations than previously.
Ballard Spahr LLP – Jermy T. Rosenblum
A Colorado state district court has ruled that a non-bank assignee of loans made by a state bank cannot charge the same interest rate that the state bank assignor can charge under Section 27(a) of the Federal Deposit Insurance Act (12 U.S.C. § 1831d(a)).
