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.
MBA Newslink--Bill Killmer; Pete Mills
Last week's advocacy efforts include the Industry's Response to COVID-19; the Federal Remote Online Notarization Bill Introduced in Senate; Ginnie Mae, FHFA Announce Further LIBOR Transition Updates; MBA Comments on OMB’s RFI Regarding Improving and Reforming Regulatory Enforcement and Adjudication; MBA, Coalition Partners Submit Comments to FHFA on PACE Programs; and more.
Ballard Spahr L.L.P.--Richard J. Andreano, Jr. & Barbara S. Mishkin
The U.S. Court of Appeals for the Fourth Circuit has held that just because a plaintiff alleged a violation of the Real Estate Settlement Procedures Act (RESPA), they lacked standing under Article III of the U.S. Constitution to sue because they could not establish an injury-in-fact.
Search our Compliance Calendar for current regulatory changes & updates.
Ballard Spahr LLP--Richard J. Andreano, Jr. & Barbara S. Mishkin
The U.S. Court of Appeals for the Fourth Circuit heard the case of Baehrs vs The Creig Northrop Team ruling the Baehrs were unable to prove harm after alledgin a RESPA violation.
The Mortgage Banker
The OCC has issued a consent order to Citibank for violations of the FDPA and has been ordered to pay a CMP in the amount of $17,998,510 to the National Flood Insurance Program.
MBA Newslink--Mike Sorohan
The MBA, Housing Policy Council and National Mortgage Servicing Assoc. have provided joint comments to HUD regarding its proposal to update FHA's Claims Without Conveyance of Title process.
MBA Newslink--Mike Sorohan
The MBA and multiple other industry groups have informed the FHFA that PACE programs present safety and soundness issues in the real estate finance industry.
"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
Housingwire--Ben Lane
The Antitrust Division of the Department of Justice is investigating FICO for possible exclusionary conduct.
This update includes resources and materials centered around COVID-19 as well as other unrelated key updates.
The Legal Description--Court Report
A California foreclosure buyer at a nonjudicial foreclosure sale filed suit to rescind the sale and recoup his funds after finding that the lien he purchased was in second lien position.
The ABA issued a letter of support to OCC for everal proposed rule changes, including those sought by the association during the Economic Growth and Paperwork Reduction Act feedback process.
Automated compliance tests to ensure compliance on more loans in less time
The CFPB has filed suit against Fifth Third Bank for allegations of opening deposit and credit-card accounts without consumers' knowledge or consent over a several year period.
MBA Newslink--Bill Killmer; Pete Mills
Last week's advocacy efforts include Two MBA-Supported Affordable Housing Proposals passed by The House; CFPB's Announcement of Steps on Preventing Consumer Harm; Remote Online Notarization Campaign Update; and more.
Mortgage Professional America--Ryan Smith
A New York business owner who operated a mortgage-elimination company has been sentenced to 11 years in prison in connection with a mortgage scam that bilked clients, county clerks’ offices and financial institutions out of $38 million.
HousingWire--Ben Lane
Fifth Third Bank disclosed in its quarterly 10-K filing with the SEC that it is facing an enforcement action from the Consumer Financial Protection Bureau over “alleged unauthorized account openings.”
