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Compliance

CFPB and FTC Target Fraudulent Mortgage Relief Operations

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The Federal Trade Commission (FTC) has taken action against six mortgage relief operations charging that defendants preyed on distressed homeowners by misrepresenting that they typically could lower homeowners' mortgage payments and interest rates or prevent foreclosure, and illegally charging advance fees. In each case, the FTC has sought an order stopping the illegal practices and freezing the defendants' assets pending the outcome of the litigation.Click to continue

Ginnie Mae Goes Electronic

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Ginnie Mae has announced that it is moving from a paper-based Issuer application process to an electronic system. Beginning Sept. 1, 2014, applicants will be required to file applications for Ginnie Mae Issuer approval electronically via Ginnie Mae's new Application Connection.  The new Application Connection, which will be located on Ginnie Mae’s Web site, will be available starting Sept. 1, 2014.Click to continue

Smith Releases Initial Report Regarding Chase RMBS Settlement

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Joseph A. Smith Jr. has released his Initial Report as Monitor of the JP Morgan Chase residential mortgage-backed securities settlement (Chase RMBS Settlement). On Nov.Click to continue

CFPB Now Accepting Complaints Regarding Non-Bank Products

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The Consumer Financial Protection Bureau (CFPB) is now accepting complaints from consumers encountering problems with prepaid cards, such as gift cards, benefit cards, and general purpose reloadable cards. Consumers can also now submit complaints about additional non-bank products, including debt settlement services, credit repair services, and pawn and title loans.Click to continue

The Hedgehog and the Fox: A Regulatory Parable

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The 7th Century BCE Greek lyric poet, Archilochus, observed: "The fox knows many things, but the hedgehog knows one big thing.”1 Twenty-two centuries later, Erasmus transliterated Archilochus’s dictum by precisely rendering it into the Latin aphorism: “Multa novit vulpes, verum echinus unum magnum.”2 When it comes to these two ways of thinking and acting, things didn’t change much between the 7th Century BCE and the 16th century CE, when Erasmus penned his elucidation.Click to continue

New Jersey LO Gets Two Years in $40 Million-Plus Loan App Scheme

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An Ocean County, N.J. man who allegedly used his position as a loan officer of Wells Fargo Home Mortgage to get the company to release more than $4.6 million in fraudulent mortgage loan applications was sentenced to 24 months in prison for his role in a $40.8 million mortgage fraud conspiracy, U.S. Attorney Paul J. Fishman announced.Click to continue

We Need More Than e-Closings to Improve the Consumer Closing Experience

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On April 23, I traveled to Washington, D.C. to attend the Consumer Financial Protection Bureau (CFPB) Forum on the mortgage closing process. The build-up to this event came on the heels of the open public comment period the Bureau established for consumers and industry participants to offer personal experiences, ideas, suggestions and comments about the residential mortgage closing process.Click to continue

ICBA Celebrates Election of Community Banker to Federal Reserve Board

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The Independent Community Bankers of America (ICBA) has applauded the U.S. Senate for approving legislation that would require the White House to appoint someone with community banking experience to the Federal Reserve Board. An ICBA-advocated amendment offered by Sen. David Vitter (R-LA) to legislation reauthorizing the Terrorism Risk Insurance Act (S. 2244) would require at least one member of the Fed board to have experience as a community banker or community bank supervisor.Click to continue