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Results 1 - 10 of 153 |
Posted Date: Tuesday, March 12, 2024
A group of loan officers filed a class action lawsuit against Loan Factory for using their personal information and likenesses on its website without consent to drum up business. The plaintiffs claimed they never even worked with the San Jose, Calif.-based mortgage brokerage firm. Read on »
Posted Date: Friday, March 1, 2024
A Florida district court ruled on a class action lawsuit against United Wholesale Mortgage and its CEO Mathew Ishbia alleging anticompetitive practices in the wholesale lending market. The case centers on UWM’s ultimatum prohibiting partner brokers from doing business with Rocket Mortgage or Fairway Independent Mortgage. Read on »
Posted Date: Friday, February 23, 2024
The Federal Reserve recently entered into a written agreement with Peoples-Marion Bancorp, Inc. Through a partnership with the Kentucky Department of Financial Institutions (KDFI), the Fed ordered the company to address multiple deficiencies related to the institution’s safety and soundness and remediating apparent legal and/or regulatory violations. Read on »
Posted Date: Tuesday, February 20, 2024
Struggling homeowners victimized by a mortgage relief scam can rest easier following a California district court’s ruling finding the perpetrators liable for approximately $19 million in combined penalties and restitution. Read on »
Posted Date: Tuesday, February 13, 2024
A crypto trading platform agreed to pay $1.5 million to settle charges with the Securities and Exchange Commission and multiple state securities organizations for failing to register its interest-based product offering. The company offered to pay interest to investors who deposited crypto assets on the platform. Read on »
Posted Date: Friday, February 9, 2024
Maryland is considering legislation to make it the next state to codify the “true lender” theory, which would impose new tests to identify the parties involved in loan transactions and prohibit efforts to evade such tests. Read on »
Posted Date: Tuesday, January 30, 2024
The Federal Reserve and the New York Department of Financial Services (NYDFS) fined the Industrial and Commercial Bank of China Ltd. and its New York branch approximately $32.4 million combined for using and disclosing confidential supervisory information without authorization. The NYDFS charged the bank with several Bank Secrecy Act/Anti-Money Laundering compliance deficiencies and violations of state law. Read on »
Posted Date: Tuesday, January 23, 2024
The Consumer Financial Protection Bureau and seven state attorneys general filed suit against the orchestrators of a web of companies for allegedly swindling consumers under the guise of a debt-relief service.
The lawsuit claims Strategic Financial Solutions and the company’s owners, Ryan Sasson and Jason Blust, collect excessive fees and provide little help. Read on »
Posted Date: Monday, January 8, 2024
The nation’s second-largest nonbank retail mortgage originator, loanDepot, has been hit by a ransomware attack, forcing multiple systems offline and potentially compromising customer information. The company provided a statement to Dodd Frank Update about the incident. Read on »
Posted Date: Monday, January 8, 2024
Veterans harmed by predatory lending practices began receiving restitution payments in December, nearly four years after the Consumer Financial Protection Bureau filed suit against five people and their companies. The redress, totaling $6 million, is being distributed to 264 harmed consumers, meaning each recipient should receive about $22,700. Read on »
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