Law and regulation

The proposal by a regulator overseeing government-related loan buyers could cut companies with small infractions off from a key source of business, groups say.

The U.S. Securities and Exchange Commission is probing the non-QM lender, which pledges to promote homeownership in underserved communities, over its mortgage-backed securities, according to people with direct knowledge of the matter. 

The watchdog accuses the mortgage shop of providing illegal incentives to real estate brokers and agents, such as cash payments, paid subscription services, and catered parties, in return for purchase business.

The accusations build on those previously outlined in a lawsuit filed by former chief operating officer Tamara Richards in 2021.

The implementation plan the Biden administration released on Thursday seeks to shift liability for data breaches onto "the biggest, most capable" entities. Does that mean banks?

The Ninth U.S. Circuit Court of Appeals reversed a prior ruling made in 2021 that dismissed the class action, thereby reinstating the litigation that claims the media giant's advertising platform allowed for redlining practices.

Judge Kenneth Marra granted the servicer a summary judgment, ruling all of the government's claims were previously covered by the National Mortgage Settlement.

The state will introduce new rules in 2024, while North Carolina and Delaware have similar legislation coming into effect this summer.

In an appeals court filing, the Consumer Financial Protection Bureau wrote that a federal judge "ignored regulatory text, history and context" when she ruled against a PNC customer. The consumer argues that the bank shouldn't have pulled funds from his checking account after he was tardy in making payments on his home equity line of credit.

The number of suspicious activity reports involving cryptocurrency topped 90,000 in 2021, according to the Financial Crimes Enforcement Network. The reason for the uptick may be that crypto is becoming more mainstream.

The Eleventh Circuit Court of Appeal split hairs and said each allegation must be examined to see whether it was not covered by the National Mortgage Settlement.

An investor alleged the independent mortgage bank failed to disclose the revenue hit from a refinance dip at the time of its initial public offering.

In a court filing, America’s Moneyline claimed the wholesale lender refused to fund over 100 loans held in its pipeline unless it ceased working with leading competitors.

United Wholesale Mortgage’s litigation could prompt regulators, including the Federal Trade Commission, to examine the contract that bars third-party originators from doing business with Rocket and Fairway.

The Community Home Lenders Association sent a letter to the Consumer Financial Protection Bureau Director Rohit Chopra stating that smaller and mid-sized mortgage bankers should be governed on assets, volume size and the extent of state oversight.

Yan Zhao, President of NYDIG as she exploreshow Bitcoin is experiencing wider adoption in the traditional finance world, and why that is.

The federal sentencing of the onetime president of the Mortgage Bankers Association, Ron McCord, follows a guilty plea and admissions related to improprieties in warehouse lending and servicing arrangements.

The various bank and wire fraud charges in a federal indictment include conspiracy to defraud Quicken Loans (now Rocket Mortgage) for $1.3 million.

Financial advisors have a variety of objectives in working with their investment-planning clients. But when all is said and done, clients are usually mainly interested in a successful road map to growing and protecting their wealth to and through retirement.

The filing by Tamara Richards also accused the founder and other execs of encouraging a "frat house" environment that mistreated women.