Compliance Newshub
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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March 17, 2022

CFPB updates examination manual to use UDAAP authority to target discriminatory practices, including those involving non-credit products or services

Ballard Spahr LLP, Consumer Finance Monitor- John L. Culhane, Jr., Richard J. Andreano, Jr. & Ronald K. Vaske

The CFPB is directing its examiners to apply the Consumer Financial Protection Act’s unfairness standard to conduct considered to be discriminatory. Under the CFPA, an act or practice is “unfair” if it (1) it causes or is likely to cause substantial injury to consumers, and (2) the injury is not reasonably avoidable.

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March 09, 2022

Former R.E. Attorney & Wife Plead Guilty to Mortgage Fraud

Mortgage Fraud Blog

Barry Wayne Plunkett Jr. and Nancy Plunkett, a former Real Estate attorney, and his wife pleaded guilty in federal court in Boston in connection with various mortgage fraud schemes.

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March 09, 2022

California man pleads guilty to mortgage modification scam

Mortgage Professional America – Tony Cantu

Sergio Lorenzo Rodriguez of Orange County, California, pled guilty to operating a multimillion-dollar mortgage modification fraud scheme.

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February 16, 2022

Former educator at center of REES scandal banned from teaching, ordered to pay $75,000

Scotsman Guide – Arnie Aurellano

The former mortgage educator who orchestrated a scheme that helped more than 600 originators defy state and federal continuing education laws, Danny Yen, has settled with regulators.

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February 15, 2022

CFPB hopes to reverse court decision that handed Ocwen a win last year

Housingwire--Maria Volkova

Almost a year after a federal judge dismissed the CFPB‘s mortgage servicing misconduct suit against Ocwen Financial Corp., the agency is looking to overturn the decision arguing that a consent agreement from 2013 did not excuse the mortgage servicer from future violations and that Ocwen should be held responsible for alleged wrongdoings.

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February 10, 2022

FTC Advisory Opinion Issued January 2022 May Mean More Legal Risk for Auto Lenders

The Federal Trade Commission issued an advisory opinion on January 20, 2022 stating that the Holder Rule, which protects consumers who enter credit contracts by preserving their right to assert claims and defenses against any holder of certain loans and credit sales contracts, even if the loans or contracts are assigned to a third party, does not prevent state law from providing costs or attorneys’ fees against loan holders, as some courts have incorrectly concluded.

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Learn Why Clients Love ACES

Learn Why Clients Love ACES

"We are already ahead of the game and without having to add additional FTEs."

- Julie Baril, QC Manager at Norcom Mortgage

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February 02, 2022

Foreclosure & Reverse Mortgage Holders

DS News -- Adam A. Diaz

The Florida Supreme Court has held that a bank can foreclose its reverse mortgage even though the co-mortgagor is still residing in the property.

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February 02, 2022

Paralegal Sentenced For Conspiracy To Commit Mortgage Fraud

Mortgage Fraud Blog

Paralegal Eric Liebman has been sentenced to 15 months in federal prison for conspiracy to commit bankruptcy fraud.

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February 01, 2022

Property 360 Excess Attorney Fees - Cost User Guide.

On January 31, 2022, Fannie Mae released Property 360 Excess Attorney Fees – Cost User Guide.

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February 01, 2022

Over 400 MLOs fined and suspended for CE noncompliance

Next

Hundreds of mortgage loan originators were fined and suspended for deceptively claiming to have completed annual continuing education courses as required under state and federal law.

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Introducing: ACES PROTECT®

Introducing: ACES PROTECT®

Automated compliance tests to ensure compliance on more loans in less time

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January 28, 2022

Upper Marlboro Woman Pleads Guilty to Wire Fraud in Connection with Mortgage Fraud Scheme

Department of Justice

Tammy Jones, a/k/a “Tammy Taylor” of Maryland, pleaded guilty to wire fraud in connection with a mortgage fraud scheme.

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January 28, 2022

Legal Insights: Bankruptcy Discharge Does Not Accelerate Entire Debt

DS News--Laura N. Coughlin Esq., T. Robert Finlay

To limit future issues that could arise from aged loans, lenders should enforce defaults as soon as possible where practical where there is an issue preventing loans from being placed into the standard foreclosure process and all states should take note after a Washington Court clarified a borrower’s bankruptcy discharge does not start the six-year statutory period for enforcing the entire debt.

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January 27, 2022

CFPB Warns of Scams Related to COVID Testing

The Consumer Financial Protection Bureau (CFPB) issued a warning about COVID testing scams and tips to avoid being being a victim.

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January 25, 2022

R.E. Agent Sentenced for Running Multi-Year Mortgage Fraud Schemes

Mortgage Fraud Blog

Atlanta, Georgia, real estate agent Eric Hill has been sentenced for his role in a mortgage fraud scheme that netted more than $21 million in fraudulent mortgage loans.

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