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Compliance

Notice of Action Taken

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Question: We are a mortgage broker. Recently, we submitted an application to two separate lenders. One of the lenders originated the loan, but the other one did not send out the notice of action taken to our borrower. Isn’t the other lender required to send that notice?Click to continue

Canyon Title of Denver Achieves National Risk Rating Credential

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Canyon Title of Denver has announced that it has successfully passed an independent operational risk assessment evaluation process achieving the highest reliability rating.Click to continue

Californian Busted for $5.8 Million Mortgage Fraud Scheme

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Christy Romero, Special Inspector General for the Troubled Asset Relief Program (SIGTARP); Benjamin B. Wagner, United States Attorney for the Eastern District of California; Kamala D. Harris, California Attorney General; and José M. Martinez, Special Agent in Charge, Internal Revenue Service—Criminal Investigation, have announced that Alan David Tikal of Brentwood, in Contra Costa County, Calif., was convicted on 11 counts of mail fraud and one count of money laundering in a mortgage fraud scheme.Click to continue

Virginia AG Sues 13 Banks for Bad RMBS

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Virginia Attorney General Mark R. Herring has announced a historic lawsuit against some of the largest commercial banks in the world for fraud committed against Virginia taxpayers during the height of the real estate bubble. A lawsuit unsealed today in Richmond Circuit Court seeks $1.15 billion in damages against 13 banks that are each accused of fraudulently misleading the Virginia Retirement System (VRS) during the sale of residential mortgage-backed securities (RMBS) to the state retirement fund.Click to continue

New York State Launches Probe Into Hard Money Predatory Lenders

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Benjamin M. Lawsky, Superintendent of Financial Services, announced that the New York State Department of Financial Services (DFS) is launching an investigation into possible predatory lending practices by companies that originate short-term, high-interest loans to New Yorkers secured by a borrower’s home or other real estate – a practice known as hard money lending.Click to continue

ICBA Leans on Senate for Changes to Ease Regulatory Burden

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The Independent Community Bankers of America (ICBA) has called on the U.S. Senate to pass legislation that reduces the complex and suffocating regulatory burden our nation’s community banks face. Testifying before the Senate Banking Committee, president and CEO of First National Bank of Scotia, N.Y., and chairman of ICBA, John H. Buhrmaster, said by passing such legislation, policymakers can unleash the true potential of community banks to spur economic growth and job creation in their communities.Click to continue

U.S. Bank Subsidiary Accused of Fair Housing Act Violation

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The U.S. Department of Housing and Urban Development (HUD) has announced that it has reached an agreement with U.S. Bank National Association, U.S. Bank subsidiary Red Sky Risk Services, LLC (formerly known as USB Lending Support Services, LLC), and one of U.S. Bank’s loan officers, resolving allegations that they refused to refinance the mortgage of a Native American couple in Belcourt, North Dakota, because their property is located on a reservation.Click to continue