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 Legal Description--The Blotter
A Michigan lawyer has been sentenced to 70 months in federal prison, and fined restitution totaling $5,299,751.58, for his role in a conspiracy to commit bank fraud in conjunction with real estate developers, a corrupt loan officer, and a title company owner who worked together to obtain large mortgage loans from a bank.
Mortgage Professional America--Ryan Smith
The U.S. Justice Department has charged four members of the People’s Liberation Army, an arm of the Chinese military, with breaking into the networks of the Equifax credit reporting agency, steeling the personal information of tens of millions of Americans as well as the company’s trade secrets, including database designs.
Search our Compliance Calendar for current regulatory changes & updates.
MBA Newslink--Bill Killmer; Pete Mills
This advocacy update includes CFPB Director Kraninger's Semi-Annual Testimony Before House Financial Services Committee, FHFA New Capital and Liquidity Requirements for Seller/Servicers Proposal, FHFA New Financial Adviser, MBA State Data Protection Legislation Resource Page, FHFA Announced Timeline for GSEs’ LIBOR Transition, MBA, Trades Urge FCC to Take Action on TCPA Petition, MBA and Broad Coalition Urge Regulators to Delay Consideration of QRM Changes, and more.
Ballard Spahr LLP--Alan S. Kaplinsky
The CFPB now has a proposed consent order with Think Finance and Think Entities to settle their lawsuit alleging unfair, deceptive, and abusive acts or practices.
MBA Newslink--Mike Sorohan
The MBA has issued updated versions of the documents, Independent Mortgage Banks, Financing the American Dream; and The Rising Role of the Independent Mortgage Bank — Benefits and Policy Implications.
Mortgage Professional America--Ryan Smith
The FTC filed an administrative complaint against a website that compares mortgages, student loans and other financial products for false representations of financial product rankings.
"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 announced a proposed settlement with Think Finance, LLC, and six subsidiaries for engagement in unfair, deceptive, and abusive acts and practices in connection with the illegal collection of loans that were void in whole or in part under state laws governing interest rate caps, the licensing of lenders, or both.
The FDIC issued its list of state nonmember banks evaluated for compliance with the Community Reinvestment Act (CRA) in November 2019.
Compliance Alliance--FDICOIG
A former commercial loan assistant has been sentenced to 57 months in prison and five years of supervised release and ordered to pay $195,949 restitution for stealing money from the accounts of two customers.
MBA Newslink--Mike Sorohan
The MBA along with other industry groups have requested the federal agencies delay their review of the federal Credit Risk Retention final rule until the CFPB finalizes its definition of QM.
Presented by ACES Quality Management's EVP of Compliance, Amanda Phillips, and Ballard Spahr's Reid Herlihy, Richard Andreano, Jr., and Matthew Morr.
MBA Newslink--Bill Killmer and Pete Mills
This update includes information regarding the White House Council on Eliminating Regulatory Barriers to Affordable Housing, the Bipartisan Energy and Commerce Bill, CRA-Focused Oversight Hearing with OCC Comptroller and other items.
Housingwire-- Jessica Davis
According to the SEC, the cost of a cyber data breach was over 7 million and other studies show that 24% of those were targeted financial institutions.
The FDIC has released a list of orders of administrative enforcement actions taken against banks and individuals in December.
MBA Newslink
According to First American Financial Corp., the overall Defect Index was down 1.5% from November and is 23% down from one year ago.
