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Legal News

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.

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January 30, 2020

Consumer Financial Protection Bureau Announces Action Against Citizens Bank, N.A.

The CFPB filed suit against Citizens Bank, N.A., alleging violations of the Truth in Lending Act (TILA) and TILA’s implementing Regulation Z, including violations of amendments to TILA contained in the Fair Credit Billing Act (FCBA) and the Credit Card Accountability Responsibility and Disclosure Act (CARD Act). 

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January 30, 2020

Court Allows Recovery of Attorney’s Fees Following Foreclosure

DSNews--Roy A. Diaz, SHD Legal Group, P.A.

The Fifth District Court of Appeals reversed a lower court decision allowing a servicer to proceed with a demand letter to recover unpaid installments that exceed a stated statute of limitations, as well as attorneys fees.

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January 30, 2020

US Regulator Clamps Down on Overseas Institutions

US regulators such as the Securities and Exchange Commission (SEC) have fined foreign banks and financial institutions a total of $4.1 billion in 15 months between 2018-2019 for breaches of anti-money laundering (AML) and ‘know your customer’ (KYC) regulations, as well as failures to comply with sanctions against Iran, Cuba, North Korea, Sudan, Libya and Myanmar.

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January 29, 2020

Multifamily developer ordered to pay $63 million in fraud case

Mortgage Professional America--Ryan Smith

Robert C. Morgan, a New York multifamily real estate developer, and two of his companies has been ordered to pay over $63 million dollars after alleged involvement in a fraudulent real estate scheme.

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January 29, 2020

Man Convicted of Falsifying Loan Documents

Mortgage Fraud Blog--Rachel Dollar

A Colorado man has been convicted for falsifying salary earnings and verification documentation in a loan application to a credit union, defaulting on the loan, and having used the proceeds from the loan to purchase another property, the court further ruled the purchased property is subject to forfeiture based on the bank fraud.

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January 29, 2020

MBA Urges NCUA to Raise Appraisal Threshold for Residential Transactions

MBA Newslink--Mike Sorohan

The MBA has voiced its support to the National Credit Union Administration’s proposal to raise the appraisal threshold for mortgage transactions from $250,000 to $400,000.

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Learn Why Clients Love ACES

Learn Why Clients Love ACES

"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

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January 28, 2020

ABA Outlines Principles for More Transparent Regulation in Letter to FDIC

ABA Banking Journal--

The ABA issued a comment letter to the FDIC outlining five general principles that the agency should follow to increase the transparency of its rulemaking process.

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January 28, 2020

Under suspicion of massive fraud, top U.S. landlord ordered to repay $63 million to investors

Housingwire--Ben Lane

The SEC has a federal court order mandating Robert Morgan to repay more than $63 million alleging Morgan ran a Ponzi-type scheme.

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January 27, 2020

SEC Charges Portfolio Manager and Advisory Firm with Misrepresenting Risk in Mutual Fund

The SEC announced charges today against Catalyst Capital Advisors LLC for misleading investors about the management of risk in a mutual fund.

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January 27, 2020

24 state attorneys general step up to defend CFPB

Mortgage Professional America--Candyd Mendoza

Two dozen state attorneys general filed an amicus brief with the U.S. Supreme Court arguing that the CFPB’s structure is constitutional.

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Learn Why Clients Love ACES

Learn Why Clients Love ACES

"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

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January 27, 2020

MBA Advocacy Update

MBA Newslink--Bill Killmer; Pete Mills

This advocacy update includes MBA's Joint Trade Association Letter to CFPB on TRID; MBA Comment Letter to FHFA on UMBS Pooling Practices; Democrats Request GAO Report on Use of Alternative Data in Mortgage Underwriting Process; and Alternative Reference Rates Committee Seeks Input on LIBOR-SOFR Spread Adjustment. 

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January 24, 2020

MBA, Trade Groups Raise Concerns over TRID Brokered Transactions

MBA Newslink--Mike Sorohan

The MBA issued a letter to the CFPB urging the Bureau to reconsider provisions of the TRID rule regarding wholesale creditors and brokered transactions.

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January 24, 2020

Supreme Court Offers Ruling on Bankruptcy Appeals Case

DSNews--Linda St. Pierre, McCalla Raymer Leibert Pierce

The U.S. Supreme Court has affirmed the Sixth Circuit court ruling that an order granting relief from the automatic stay that entered without prejudice was final and immediately appealable.  

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January 23, 2020

Ex-Wells Fargo executives face civil charges, multimillion-dollar fines from U.S. bank regulator

Reuters--Pete Schroeder

The OCC announced civil charges against five former senior bank executives and settlements of charges with three other senior bank officials for their roles in the bank’s long-running sales practices scandal. 

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