Law firm Rosicki, Rosicki & Associates, along with two affiliates, has agreed to settle a civil lawsuit alleging the companies systematically defrauded Fannie Mae and the Veterans Administration by routinely overcharging them and submitting false bills for foreclosure and eviction-related expenses.
Two federal banking regulators have raised concerns about risks associated with nonbanks gaining market share in the mortgage industry. In a report published this week, the Office of the Comptroller of the Currency said banks are loosening mortgage underwriting standards in response to “intense competition” from nonbanks. The OCC cited higher thresholds for back-end debt-to-income ratios, higher acceptable loan-to-value ratios and lower downpayment requirements. The trends were ...
A federal district court in Manhattan agreed to halt legal proceedings in an investment compa-ny’s challenge of U.S. Bank’s billing practices until the primary residential MBS case involving the two parties is resolved.
The U.S. Supreme Court’s refusal to hear a case relating to interest payments on mortgage escrow accounts and preemption of state laws has created uncertainty for lenders and servicers, according to lawyers for Bank of America, which sought a review of the case by the top court.
The government charges, the “apples to apples” comparisons on refis shown to prospective customers by Village Capital’s LOs were flawed and had “inaccurate” results.
Even as the Senate is expected to confirm her as director of the Consumer Financial Protection Bureau either this week or early next week, Kathy Kraninger remains largely a mystery to many CFPB observers.
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