As much as the False Claims Act has been a formidable government enforcement tool against FHA loan originators, the statute is also being used increasingly against mortgage servicers, according to compliance experts. Within the last 18 months, the DOJ has expanded FCA use to reverse mortgages and loan servicing, according to Phil Schulman and Krista Cooley, both partners in Mayer Brown’s Washington office and members of the firm’s Consumer Financial Services group, during a recent podcast. While the Department of Justice has consistently used the FCA and its treble-damage provision to enforce FHA loan origination rules, the economic downturn and foreclosure crisis has put...
Over the past 18 months or so, the DOJ has expanded FCA use to reverse mortgages and loan servicing, according to attorneys Phil Schulman and Kristie Kully…
Banks, thrifts and credit unions accounted for 50.5 percent of first-lien mortgage production by the top 100 lenders in the first quarter, according to survey figures compiled by Inside Mortgage Finance…
Nearly every cross-section of the mortgage production business saw sharp declines in lending volume during the first three months of 2017, leaving the distribution of new originations virtually the same as last year. Banks, thrifts and credit unions accounted for 50.5 percent of first-lien mortgage production by the top 100 lenders in the first quarter. Their combined volume was down 32.2 percent from the fourth quarter, while the 54 nonbanks in the top 100 had an aggregate decline of 32.6 percent. There was...[Includes two data tables]
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