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.
Housingwire--Kathleen Howley
The lawsuit against Zillow due to a hacker being able to breach it's system security has been dismissed.
The Legal Description
Fifth Third Bancorp reached out to customers last week with an update into their investigation of a small number of former employees who accessed and misused customers' personal information, confirming that the event was not considered a cybersecurity data breach.
Search our Compliance Calendar for current regulatory changes & updates.
DSNews--Seth Welborn
In its Winter 2020 edition of its Supervisory Highlights, the CFPB highlights examination findings in mortgage servicing; specifically, RESPA (Reg X) violations of loss mitigation notice requirements.
Ballard Sparh, LLP--Reid F. Herlihy & Jason M. Cover
CFPB released the Winter 2020 Supervisory Highlights report addressing examinations in the areas of debt collection, mortgage servicing, payday lending, and student loan servicing that were completed between April 2019 and August 2019.
MBA Newslink--Bill Killmer; Pete Mills
Last week's advocacy efforts include New certification requirement associated with submission of the quarterly Mortgage Bankers’ Financial Reporting Form, MBA and Industry Advocates Oppose Maryland Servicing Legislation, House Subcommittee Hearing on Bank D&I, House Task Force on Artificial Intelligence Holds Hearing on Reducing the Potential for Bias, FDIC Issues Procedures for Deposit Insurance Applications by Nonbank or Non-Community Bank Applicants, Updates to CCPA Regulations Proposed by California Attorney General, and more.
HousingWire--Julia Falcon
A Rhode Island woman received an eight year prison sentence for using her property preservation and field services business in a ponzi scheme that defrauded dozens of private investors.
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DSNews--Krista Franks Brock
The City of Los Angeles settled a claim of $3.1 million for violations of HUD's False Claims Act, for receiving funding from HUD while falsely claiming they were in compliance with accessibility laws.
Housingwire--Ben Lane
The DOJ think it knows who hacked into Equifax's personal information, but Equifax has reported that it will have to pay an additional $100 million for its role.
Weiner Brodsky Kider PC
The FDIC entered into a consent order with The Bankcorp Bank, Delaware, for violations of the Bank Secrecy Act and failure to comply with an earlier consent order.
Mortgage Professional America--Ryan Smith
A credit union in North Carolina is attempting to keep BB&T/SunTrust from changing their name to Truist.
Automated compliance tests to ensure compliance on more loans in less time
The U.S. Attorneys Office, Middle District of Florida
A Florida realtor has been convicted of bankruptcy fraud for her role in conspiring with others in a foreclosure rescue/bankruptcy fraud scheme.
HousingWire--Ben Lane
Fitch Ratings has raised concerns over the CFPB's plan to eliminate the debt-to-income ratio requirement of the Qualified Mortgage rule, stating that moving away from using DTI in the mortgage underwriting process would “weaken” borrower protections from “aggressive lending practices.”
Mortgage Fraud Blog--Rachel Dollar
Two former employees of Delta Homes and Lending Inc., California, have been sentenced to two years in prison for submitting fraudulent mortgage loan applications and supporting documents, which falsely represented the borrowers’ assets and income, liabilities and debts, employment status, citizenship status, and intent to occupy the property, as well as providing money to the borrowers in order to inflate their bank account balances.
Cincinnati.com--Alexander Coolidge
Fifth Third Bank has alerted customers to a breach of personal information perpetrated by former bank employees.
