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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 09, 2020

Philadelphia Settles Mortgage Lending Discrimination Suit Against Large National Bank For $10 Million

Weiner Brodsky Kider PC

The City of Philadelphia recently settled a lawsuit against a large national bank for allegations that the bank steered minority borrowers into loans with higher costs and riskier terms, a violation under the Fair Housing Act.

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January 09, 2020

U.S. Supreme Court Weighs in on Ticking FDCPA Timer

DSNews--Lauren Riddick, Codilis & Associates, P.C.

The United States Supreme Court has weighed in on a case regarding when the statute of limitations begins to run under the Fair Debt Collection Practices Act (FDCPA).

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January 08, 2020

Mortgage Relief Scam Defendants to Pay $18.5M

DSNews--Seth Welborn

The U.S. District Court for the District of Nevada ruled in favor of the Federal Trade Commission (FTC) in a case alleging a scheme deceived financially distressed homeowners by falsely promising to make their mortgages more affordable.

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January 08, 2020

Mount Diablo Lending owner in hot water for posting borrowers’ personal information in response to bad Yelp reviews

HousingWire--Ben Lane

The Federal Trade Commission (FTC) issued fines against the owner of Mortgage Solutions FCS dba Diablo Lending, a California mortgage broker, for revealing borrowers' personal information in comments on YELP in response to negative reviews.

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January 07, 2020

Supreme Court Looks at Applicability of Contempt Sanctions in Bankruptcy

DSNews--Rose Marie Brook; Fabrizio & Brook, P.C

The Supreme Court created an objective standard that takes into account reasonableness and good faith for courts when evaluating whether a creditor acted deliberately in violating a Chapter 7 discharge order, or had a good faith belief that the discharge order did not apply to the creditor's claim.

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January 07, 2020

U.S. Court: No Lender Property Preservation Duty Following Default

DSNews--Seth Welborn

The United States Court of Appeals for the Second Circuit has affirmed a recent ruling on Malick v. JP Morgan Chase Bank, N.A., et al. that a lender has no duty to safeguard a property following a default.

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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

Hear Why

January 06, 2020

Former Wells Fargo execs may face criminal charges in coming weeks

American Banker [Free Article]--Kevin Wack

Former Wells Fargo executives who are under a criminal investigation for their roles in the fake bank account scandal may be indicted by federal prosecutors in the coming weeks.

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January 03, 2020

FDIC Issues List of Banks Examined for CRA Compliance

FDIC issued list of state nonmember banks evaluated for compliance with the Community Reinvestment Act (CRA) in October 2019.

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January 02, 2020

Austin Board of Realtors settles with CoreLogic over selling home sales data

HousingWire--Ben Lane

The Austin Board of Realtors has settled with CoreLogic for allegations of selling home sales data to the local appraisal district.

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December 29, 2019

FDIC Makes Public November Enforcement Actions

FDIC released a list of orders of administrative enforcement actions taken against banks and individuals in November.

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QC Now: CFPB’s Proposed Mortgage Servicing Rule Amendments

QC Now: CFPB’s Proposed Mortgage Servicing Rule Amendments

Presented by ACES Quality Management's EVP of Compliance, Amanda Phillips, and Ballard Spahr's Reid Herlihy, Richard Andreano, Jr., and Matthew Morr.

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December 18, 2019

MBA, Trade Groups File Amici Brief on Constitutionality of CFPB Structure

MBA Newslink--Mike Sorohan

The MBA, the National Association of Realtors and the National Association of Home Builders filed a amici brief with the U.S. Supreme Court in support of severing the “for cause” requirement in Dodd-Frank but leaving the rest of the law undistributed.

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December 18, 2019

Man Admits Role in ‘Shotgun’ Loan Scheme

Mortgage Fraud Blog--Rachel Dollar

A New York man has admitted his role in a conspiracy to use bogus information and simultaneous loan applications at multiple banks to fraudulently obtain home equity lines of credit in a $3.5 million dollar loan scheme.

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December 18, 2019

R. E. Agent Pleads Guilty to Fraud

Mortgage Fraud Blog--Rachel Dollar

A Georgia real estate agent plead guilty to defrauding her clients by faking property sales, forging contracts and deeds, and then pocketing her victims’ money.

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December 17, 2019

World’s biggest banks paying $386 million to settle allegations of price-fixing Fannie Mae, Freddie Mac bonds

HousingWire--Ben Lane

Sixteen financial institutions will pay $386.5 million, combined, for allegations of conspiring to overcharge and underpay investors on debt bonds issued by Fannie and Freddie between 2009 and 2016.

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