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.

February 22, 2019

Obduskey v. McCarthy & Holthus: Addressing the Industry Impact [of Nonjudicial Foreclosure]

DSNews--Donna Joseph

On Wednesday, the Legal League 100 held a webinar that explored the potential outcomes of the Dennis Obduskey vs. McCarthy & Holthus Supreme Court case and the impact of these outcomes on both the mortgage industry and the legal professionals supporting it. The webinar was presented by Matthew Podmenik, Managing Partner, McCarthy & Holthus Law Firm.

The...

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February 20, 2019

Compliance With FCRA’s Requirement To Investigate A Dispute Within 30 Days Does Not Satisfy The FDCPA’s Requirement To Promptly Report A Disputed Debt

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February 20, 2019

Sentencing in $4 Million Mortgage Fraud Scheme

Mortgage Fraud Blog--Rachel Dollar

Prakashumar (“Kash”) Bhakta was sentenced today for operating a mortgage fraud scheme throughout Southern California and the Inland Empire that preyed on homeowners facing foreclosure.

The fraud scheme stretched through San Diego, Riverside, San Bernardino, and Los Angeles, counties, in California. Defendants convinced distressed homeowners that they could provide legal assistance to help save their home. They persuaded victims to pay them...

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ACES Automated Document Manager

February 20, 2019

Does the TCPA Have Nine Lives? Parties Settle Ninth Circuit Appeal in Marks v. Crunch San Diego

Troutman Sanders LLP

The Telephone Consumer Protection Act (“TCPA”) carries the risk of annihilative damages for class action defendants based on its remarkable statutory damages scheme. Because of this risk, the statute has been the subject of significant court and agency attention recently. And much of this attention – from the D.C. Circuit’s opinion in ACA International to the Federal Communication Commission’s (“FCC”)...

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February 19, 2019

MBA Offers Recommendations to VA on Loan ‘Churning'

MBA Newslink--Mike Sorohan

The Mortgage Bankers Association, in a Feb. 15 letter to the Veterans Administration, offered recommendations intended to strengthen an interim rule aimed at deterring loan "churning" against servicemembers and addressing serious implementation issues and operational challenges MBA believes VA needs to address surrounding new borrower disclosures.

The interim final rule, issued in December, (https://www.federalregister.gov/documents/2018/12/17/2018-27263/loan-guaranty-revisions-to-va-guaranteed-or-insured-cash-out-home-refinance-loans), governs VA...

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February 19, 2019

Anatomy of a Victory: Behind MBA’s Work on IRS Pass-Through Deduction

MBA Newslink--Mike Sorohan

On January 18, the Treasury Department and the Internal Revenue Service issued final regulations providing guidance on the section 199A pass-through deduction included in the Tax Cuts and Jobs Act.

The final regulations (https://www.irs.gov/pub/irs-drop/td-reg-107892-18.pdf) provide clarity on certain matters of importance to the Mortgage Bankers Association and its members. Specifically, the final regs include an...

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February 19, 2019

MBA Advocacy Update

MBA Newslink--Steve O'Connor; Bill Killmer

Congressional leaders finalized a spending bill compromise Thursday that included a revised funding mix for border security--and nine Cabinet departments and dozens of other agencies, including HUD, through September 30. President Trump signed the legislation, which removes the immediate threat of another government shutdown.  

And the Senate Banking Committee held a nomination hearing for...

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Customer Testimonials

February 19, 2019

Former Fannie Mae employee found guilty of making millions on shady foreclosure sales

HousingWire--Ben Lane

A former Fannie Mae employee is now facing 40 years in prison after being found guilty of accepting millions of dollars in bribes and kickbacks in exchange for selling Fannie Mae-owned foreclosures for less than market value.

Back in January 2018, Shirene Hernandez was charged with accepting bribes for steering foreclosures to certain brokers and even allegedly buying some...

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February 15, 2019

State AGs urge FTC to update identity theft rules

Buckley Sandler, LLP--InfoBytes Blog

On February 11, a bipartisan group of 29 state Attorneys General, the District of Columbia Attorney General, and an official from the Hawaii Office of Consumer Protection, responded to the FTC’s request for comment on whether the agency should make changes to its identity theft detection rules (the Red Flags Rule and the Card Issuers Rule), which require...

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February 15, 2019

OCC NR 2019-18 Enforcement Actions and Terminations for February 2019

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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February 14, 2019

Phishers Target Anti-Money Laundering Officers at U.S. Credit Unions

KrebsonSecurity

A highly targeted, malware-laced phishing campaign landed in the inboxes of multiple credit unions last week. The missives are raising eyebrows because they were sent only to specific anti-money laundering contacts at credit unions, and many credit union sources say they suspect the non-public data may have been somehow obtained from the National Credit Union Administration (NCUA), an independent...

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