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  More than 400 LOs suspended, finedFriday, January 21, 2022 Over 400 mortgage loan originators (LOs) have been slapped with a fine and three-month suspension in the culmination of a multi-state investigation led by the California Department of Financial Protection and Innovation. It was alleged these LOs falsely claimed they completed a continuing education requirement they did not in fact attend, despite receiving credit. A course provider located in Carlsbad, Calif. has been accused of signing off on this requirement without providing the educational course or materials. Read on for more details. |
 Biden nominates three to Fed BoardFriday, January 21, 2022 President Joe Biden has nominated three individuals to fill empty seats on the Federal Reserve Board. One has been confirmed to the board before and would serve as the vice chair for supervision, and the other two would be governors. They join two others who have been nominated for the board: Jerome Powell, the chair who has been nominated for a second term, and Lael Brainard, who was nominated to serve as vice chair of the board. For more details on the new nominees, read on. |
 Report: Lending fraud increasing with increased digital channelsFriday, January 21, 2022 A LexisNexis study found current market conditions with its rapidly changing dynamics are giving fraudsters more opportunities to strike. Small and mid-sized businesses are particularly vulnerable to attacks, especially those that operate heavily through digital channels. Fraud losses as a percentage of revenue have increased an average of 28.6 percent year-over-year. Read on for more details. |
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Year ends with decrease of loans in forbearanceFriday, January 21, 2022 The Mortgage Bankers Association’s Loan Monitoring Survey showed the volume of loans in forbearance decreased in December.
The organization estimated 705,000 homeowners are currently in forbearance.
Read on for more details. |
First U.S. crypto mortgage is launchedFriday, January 21, 2022 Milo, a financial technology company, is offering the first crypto mortgage in the U.S. The offering makes it easy for crypto investors to use digital assets to purchase real estate, the company stated in a release. Read on for more details.
Encore Bank, ZSuite Technologies partnerFriday, January 21, 2022 Encore Bank, a private boutique bank specializing in commercial clients, has partnered with ZSuite Technologies. The bank says the partnership will grow its business and better serve a larger customer base. Read on for more details.
Year ends with decrease of loans in forbearanceFriday, January 21, 2022 The Mortgage Bankers Association’s Loan Monitoring Survey showed the volume of loans in forbearance decreased in December. The organization estimated 705,000 homeowners are currently in forbearance. Read on for more details.
 Hsu makes case for regulating cryptoTuesday, January 18, 2022 In a statement addressing the Transatlantic Finance Forum’s Executive Roundtable discussion on crypto-assets and regulation, acting Comptroller of the Currency Michael Hsu highlighted the risks of crypto and why regulating the crypto market would be better for investors and for issuers alike. The popularity of cryptocurrency has increased dramatically in the past five years, despite regulatory and legal uncertainty and instability caused by scams, hacks, and other disruptive events, Hsu said. Read on for more details.
 CFPB settles 2019 task force lawsuitTuesday, January 18, 2022 The Consumer Financial Protection Bureau has settled a lawsuit regarding a 2019 task force the bureau chartered to provide recommendations to improve consumer financial laws and regulations. The suit alleged the task force did not comply with the Federal Advisory Committee Act, a law meant to ensure there is adequate transparency into agency advisory committees. Read on for more details.
 Freddie Mac hits 2021 multifamily capTuesday, January 18, 2022 Freddie Mac Multifamily hit the 2021 volume cap established for the company by the Federal Housing Finance Agency. “Freddie Mac Multifamily had an outstanding year, exceeding all our mission-driven benchmarks and providing liquidity throughout the multifamily markets in 2021,” Freddie Mac Senior Vice President for Production and Sales Richard Martinez said. Read on for more details.
nCino acquires SimpleNexusTuesday, January 18, 2022 Cloud-banking company nCino has acquired SimpleNexus in a deal worth approximately 12.76 million shares of nCino’s common stock, plus cash consideration of about $270 million “on a cash-free, debt-free basis excluding transaction expenses.” Officials from both companies stated the deal will transform the financial services industry. Read on for more details.
MISMO contributor award winners announcedTuesday, January 18, 2022 MISMO awarded key volunteers for their noteworthy standards-related industry contributions at its 2022 winter summit. “We are grateful for our entire community and especially commend this group of volunteer contributors for going above and beyond,” MISMO President Seth Appleton said. Read on for more details.
FDIC promotes two to deputy, directorTuesday, January 18, 2022 The Federal Deposit Insurance Corp. promoted two agency veterans to serve as the deputy to the chairman for external affairs and director of the division of administration. The new deputy to the chairman also is the director of the agency’s Office of Minority and Women Inclusion and will continue to serve in this role in addition to her new responsibilities. Read on for more details.
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