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--Mike Sorohan
The MBA issued a letter to FHFA proposing the FHFA consider using a “waterfall approach” to pooling practices as is used by Fannie Mae and Freddie Mac in the Uniform Mortgage-Backed Security market.
DSNews--Mark Baker, McMichael Taylor Gray, LLC
Recent rulings in the Fourth, Sixth and Eleventh Circuit Courts of Appeals have confirmed the anti-modification prohibition of Chapter 13 in Section 1322(b)(2) of the Code and its inconsistency with the anti-modification exception found in Section 1322(c)(2) for short-term home mortgages.
Search our Compliance Calendar for current regulatory changes & updates.
Mortgage Fraud Blog--Rachel Dollar
An Alabama man was sentenced for his role in a conspiracy to obtain eight loans for unqualified borrowers for homes in the Bronx, New York, altering income and asset documents of the borrowers before they were sent to financial institutions.
The OCC announced a $17,998,510 civil money penalty against Citibank for violating the Flood Disaster Protection Act of 1973 (FDPA) and its implementing regulations.
MBA Newslink--Bill Killmer; Pete Mills
This advocacy update includes revised Qualified Mortgage Standard, Hearing on Federal Regulators’ CRA Plan, FHFA Requests Input on Steps to Address Risks of PACE Loans, Hearing on Accounting Standards, Joint Letter Supporting Florida PACE Legislation, Hearing on Affordable Housing, and more.
MBA Newslink--Mike Sorohan
With the California Consumer Privacy Act becoming law the beginning of this year, there may be a rush of similar state bills and regulations to come, the MBA has created two documents that focus on the distinctive needs and existing federal regulatory requirements in real estate finance transactions.
"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
Department of Justice, U.S. Attorney’s Office, Central District of California
A former Fannie Mae employee has been sentenced to 76 months in federal prison for a multimillion-dollar scheme to take bribes and to discount sales of Fannie Mae-owned properties to herself and to real estate brokers in exchange for cash kickbacks.
Mortgage Fraud Blog--Rachel Dollar
A South Carolina based real estate company, and affiliates, are required to pay $3.75 million in consumer restitution, including cash payments of $600,000 to consumers who have moved out of their previous homes and $3.15 million in unpaid principal for 58 homes that will be forgiven, among other penalties.
Mortgage Fraud Blog--Rachel Dollar
A New Jersey man has been charged for his role in a conspiracy to commit mortgage fraud by creating fake bank statements and fake employee verification records for buyers of properties and transferring money into the buyers’ bank accounts for payment of the deposit for a property, resulting in potential losses in excess of $1 million.
MBA Newslink--Bill Killmer; Pete Mills
This advocacy update includes MBA Submits Recommendations to Ginnie Mae on Digital Collateral Guide; DHS, New York DFS Issue Warnings on Potential Cybersecurity Risks; Georgia Department of Banking and Finance Issues Final Rules for Temporary Authority; HUD Nominees, Including Brian Montgomery, Remain on Senate Floor Calendar for 2020; New York Regulator Requests LIBOR Transition Plans; and more.
"We are already ahead of the game and without having to add additional FTEs."
- Julie Baril, QC Manager at Norcom Mortgage
DSNews--Seth J. Greenhill, Padgett Law Group (PLG)
This article examines compliance implications following the Eleventh Circuit Court of Appeals ruling that a post-discharge mortgage statement sent to a Chapter 13 debtor-mortgagor did not violate the discharge injunction and further found that sanctions were not appropriate.
Troutman Sanders LLP
A challenge to the constitutionality of the Telephone Consumer Protection Act (TCPA) will be heard by the US Supreme Court in a couple of weeks.
MBA Newslink--Bill Killmer and Pete Mills
This update includes information on GNMA recommendations, Iranian government cybersecurity, Georgia MLO rules, HUD nominees, LIBOR index and more.
The CFPB has granted a no-action letter (NAL) to Bank of America, N.A. to facilitate housing counseling services for prospective home buyers, providing increased regulatory certainty through a statement that the Bureau will not bring a supervisory or enforcement action against a company for providing a product or service under certain facts and circumstances
