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.

April 19, 2018

OCC NR 2018-40 Enforcement Actions and Terminations for April 2018

WASHINGTON -- The Office of the Comptroller of the Currency (OCC) today released new enforcement actions taken against national banks, federal savings associations, and individuals currently and formerly affiliated with national banks and federal savings associations.

All Cease and Desist Orders, Civil Money Penalty Orders, and Removal/Prohibition Orders are issued with the consent of the parties, unless otherwise indicated as...

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April 06, 2018

Former New Jersey detective gets 18 months in prison for mortgage fraud

HousingWire--Ben Lane

A former detective with the Atlantic Country, New Jersey prosecutor’s office will spend the next 18 months in prison after admitting to participating in a mortgage fraud scheme that defrauded Wachovia and Wells Fargo out of $200,000.

According to the U.S. Attorney’s Office for the District of New Jersey, Betsy Borges, previously pleaded guilty to one count of conspiracy to commit bank fraud.


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ACES Automated Document Manager

April 06, 2018

District Court finds that combination of litigation documents is misleading and violates FDCPA

Buckley Sandler, LLP--InfoBytes Blog

On March 30, the U.S. District Court for the Southern District of Indiana found that serving a request for admission in connection with a complaint and a summons on a debtor in a debt collection case constituted misleading communications in violation of the Fair Debt Collection Practices Act (FDCPA). According to the order, an attorney served a debtor...

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April 06, 2018

DOJ brings suit against indirect auto lender alleging its repossession practices violated the SCRA

Ballard Sparh, LLP--Jeremy C. Sairsingh

On March 28, the Department of Justice (DOJ) brought another lawsuit against an auto finance company alleging the company violated the Servicemembers Civil Relief Act (SCRA) by repossessing vehicles owned by servicemembers without obtaining necessary court orders.

The case, brought against California Auto Finance, was preceded by an investigation that DOJ launched after receiving a single complaint...

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April 06, 2018

Oregon financial advisor accused of defrauding senior citizens in real estate Ponzi scheme

Housingwire--Bene Lane

The former owner of an Oregon investment firm convinced senior citizens to invest in rehabilitating Portland-area houses but actually misappropriated their money to pay earlier investors and took more than $500,000 of the funds for himself, the Department of Justice claims.

The U.S. Attorney’s Office for the District of Oregon announced this week that it is charging Shayne Kniss with...

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April 03, 2018

United Wholesale CEO declares huge HouseCanary settlement is “good for all of us”

Housingwire--Jacob Gaffney

Yesterday, HousingWire unveiled its HW Tech 100 awards list, highlighting several small tech vendors dedicated to improving efficiencies in mortgage lending.

Today, the CEO of United Wholesale Mortgage, Mat Ishbia, went on the record as defending the roles those companies play in mortgage lending — even declaring a huge HouseCanary settlement against a Quicken Loans sister company as “good for all...

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Surviving an Onsite Audit

April 02, 2018

Smaller independent mortgage bankers request freedom from CFPB exams

HousingWire--Kelsey Ramirez

The Community Home Lenders Association submitted a letter to the Consumer Financial Protection Bureau requesting that smaller independent mortgage bankers be exempt from the bureau’s exams and audits.

This letter was sent in response to the CFPB’s request for comment on its own enforcement process, which it issued back in February. This request was the third in a series that now totals 

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April 02, 2018

MBA Advocacy Update

MBA Newslink--Steve O'Connor

Both the House and Senate remain in recess, observing the traditional Easter/Passover recess, but will return the week of April 9.  

Last week, the Federal Housing Finance Agency confirmed Fannie Mae and Freddie Mac will begin issuing uniform mortgage-backed securities in 2019. And MBA sent a letter to Treasury Secretary Steven Mnuchin detailing the association's principles...

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