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.
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.
Mortgage Professional America – Tony Cantu
Sergio Lorenzo Rodriguez of Orange County, California, pled guilty to operating a multimillion-dollar mortgage modification fraud scheme.
Search our Compliance Calendar for current regulatory changes & updates.
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.
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.
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.
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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Mortgage Fraud Blog
Paralegal Eric Liebman has been sentenced to 15 months in federal prison for conspiracy to commit bankruptcy fraud.
On January 31, 2022, Fannie Mae released Property 360 Excess Attorney Fees – Cost User Guide.
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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.
Department of Justice
Tammy Jones, a/k/a “Tammy Taylor” of Maryland, pleaded guilty to wire fraud in connection with a mortgage fraud scheme.
"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
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.
The Consumer Financial Protection Bureau (CFPB) issued a warning about COVID testing scams and tips to avoid being being a victim.
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.
HousingWire--Flávia Furlan Nunes
The OCC issued a $3.62 million civil penalty by way of a consent order against Flagstar Bank for violations of the Flood Disaster Protection Act between February 2017 through February 2020.
