Mortgage fraud costs banks more than nonbanks
Depository originators lose 68 cents per $1 more than their nondepository competitors.
Fraud
Mortgage education fraud case settled in 3 states
Danny Yen, owner of Real Estate Educational Services, received a permanent ban on conducting future related training and agreed to testify in any legal proceedings against originators he assisted.
Mortgage application critical defects were back on the rise in 2Q
Error findings related to income and employment reached a high point since Aces Quality Management started its report in 2016.
Bankers fear massive borrower fraud in PPP
Up to 12% of loans under the $660 billion small-business rescue program could be tied to misleading or completely phony applications, fueling concerns about lenders' potential liability.
Has mortgage fraud risk hit a turning point?
Loan defect risk in purchase applications stopped falling and plateaued in October, according to First American Financial Corp.
Led by Trump appointee, CFPB is back in the enforcement business
There were signs Kathy Kraninger would continue a rollback of consent orders and investigations, but many observers see an aggressive approach reminiscent of the Obama era.
FHA revises proposed mortgage lender certification
The Federal Housing Administration updated its lender certification proposal originally issued this past May, as it looks to ease industry concerns on False Claims Act enforcement.
Apple Card: 10 key takeaways
Apple's new credit card isn't just another virtual card in its virtual wallet. It borrows a lot of features from the most successful brands in payments and technology.
No relief yet for lenders where False Claims enforcement is concerned
Mortgage lenders might be feeling a little less stressed over False Claims Act actions being brought against them following recent headlines but there is still some work to be done before they can chill out.
Opinion Before they regulate AI, Congress needs to define it
As lawmakers meet this week to discuss artificial intelligence, they should work with regulators to create universal and workable definitions.
Sam Taussig
Kabbage Inc.
FCC robocall ruling a setback for banks, debt collectors
The agency's vote Thursday threatens to block many of the industry's communications with customers, though banks did win one concession.
UBS sued by U.S. for fraud tied to mortgage-backed securities
UBS Group sold tens of billions of dollars' worth of residential mortgage-backed securities by "knowingly and repeatedly" making false and fraudulent statements to investors about the loans backing those trusts, the U.S. Justice Department said in a civil suit filed Thursday.
Blockchain firm creating mortgage fraud prevention tool
Startup Block66 is using blockchain to create a mortgage audit trail for fraud prevention purposes and also plans to enable trading of securities lenders can use to increase their liquidity.
