Compliance

AllRegs has created an online fraud prevention security resource that allows businesses to verify a customer’s identification during a transaction.

To improve its LoanSafe Fraud Manager platform, CoreLogic has integrated real-time identity risk insight from ID Analytics as part of its technological product.

A Cleveland company that offered to help homeowners avoid foreclosure on their homes has been sued by the Ohio Attorney General's office for failing to live up to its promises of debt relief.

Reported incidents of subscriber-verified mortgage fraud and misrepresentation by industry professionals have decreased from 2009 to 2010, according to a recent report by the LexisNexis Mortgage Asset Research Institute. Actual incidents, however, as opposed to reported, are believed to be up.

BrokerPriceOpinon.com has developed a solution for lenders, investors and insurers who are engaged in disputes over values on aged inventories of properties.

After 77 million Sony PlayStation Network users recently had their personal identifiable information breached, Equifax is advising consumers to look into a product that offers more than just a free fraud alert to prevent this from happening in the future.

The U.S. District Court for the Eastern District of Virginia held that the Home Owner's Loan Act preempts state tort law claims alleging that Flagstar Bank FSB improperly represented itself as as a lender to collect brokerage fees on a home mortgage (Down v. Flagstar Bank F.S.B., E.D. Va., No. 3:10-cv-847, 4/4/11).

Wells Fargo & Co., in a new public filing, hiked its estimate for potential losses stemming from foreclosure-related litigation against the bank.

Space Coast Credit Union, which filed suit last week against Barclays Capital over CDOs the investment bank sold to Eastern Financial Florida CU, is expected to file similar suits over the next few weeks against other Wall Street firms in the 2009 failure of the one-time $2.4 billion credit union.

Freddie Mac said it may suffer $690 million of losses due to the bankruptcy and fraudulent activities of Taylor Bean Whitaker, a Florida-based lender that failed 18 months ago and became the subject of a large criminal investigation.

Investigators keep finding skeletons in the closets of companies that participated in the mortgage boom. In a case the government filed against Deutsche Bank AG on Tuesday, the “closet” part is literally true.

As fictional character Gordon Gekko once said, “Greed, for lack of a better word, is good. Greed is right. Greed works. Greed clarifies, cuts through, and captures, the essence of the evolutionary spirit.”

Frost National Bank recently won a District Court case in Dallas where it claimed more than $9.5 million in a commercial lending dispute.

By participating in two separate mortgage schemes, Stephen Kottage has pleaded guilty in U.S. District Court of Connecticut to two counts of conspiracy relating to these fraud cases.

Under sections 202 and 536 of the National Housing Act, HUD may impose sanctions, including civil money penalties, for misuse of the terms “Federal Housing Administration,” “Department of Housing and Urban Development,” “Government National Mortgage Association,” “Ginnie Mae,” the acronyms “HUD,” “FHA,” or “GNMA,” or any official seal or logo of the Department of Housing and Urban Development.

The Federal Trade Commission has mailed $1.5 million worth of refund checks to over 3,100 Hispanic borrowers who received mortgage loans from Golden Empire Mortgage.

A class-action complaint has been filed by Berger & Montague PC on behalf of all Pennsylvania homeowners whose mortgage loans have been serviced by CitiMortgage Inc.

MFI-Miami has filed a complaint with the Michigan Attorney Grievance Commission against three attorneys from the law firm of Orlans Associates for attorney misconduct by committing conspiracy and fraud against a cancer victim.

The verdict was against PHH Mortgage Corp. which does business as Coldwell Banker Mortgage. The jury awarded Staff Sgt. David Brash over $21 million in damages consisting of $1 million in emotional distress damages and $20 MILLION IN PUNITIVE DAMAGES.

Lee Farkas isn’t exactly a household name in America, but this week he became the first mortgage executive of a once top ranked lender to be found guilty of a fraud with its roots in the housing bust.