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Top Story Lending Related

08/13/2014

Guilty plea in mortgage fraud scheme

The Department of Justice reports that Wasseem Shamoun has pleaded guilty to charges of conspiracy to commit bank fraud relating to a mortgage loan scheme in which Shamoun and six other individuals were involved from 2006–2008. The scheme involved the obtaining of mortgage loans with fraudulent information and the use of straw buyers.
 

08/13/2014

July Housing Scorecard

HUD has released the July 2014 Housing Scorecard, a comprehensive report on the nation's housing market. The latest data show progress among key indicators, including a rebound in the sale of existing homes and the continuing downward trend of foreclosure starts and completions.
 

08/12/2014

NCUA consulting services

The NCUA reports that 173 federally insured credit unions are being provided free consulting services in the second half of 2014 though the NCUA Office of Small Credit Union Initiatives. Consulting services are provided during a six-month semester by experienced Economic Development Specialists who offer assistance in the areas of budgeting, marketing, policy development, strategic planning, operational and regulatory areas. Credit unions eligible for the consulting program include those with total assets of less than $50 million, those that have been chartered for fewer than 10 years, those with a low-income designation, and minority depository institutions.
 

08/12/2014

NCUA consulting services

The NCUA reports that 173 federally insured credit unions are being provided free consulting services in the second half of 2014 though the NCUA Office of Small Credit Union Initiatives. Consulting services are provided during a six-month semester by experienced Economic Development Specialists who offer assistance in the areas of budgeting, marketing, policy development, strategic planning, operational and regulatory areas. Credit unions eligible for the consulting program include those with total assets of less than $50 million, those that have been chartered for fewer than 10 years, those with a low-income designation, and minority depository institutions.
 

08/11/2014

$800K in refund checks in the mail

The Federal Trade Commission has reported the mailing of approximately $800,000 in refund checks to 1,305 consumers who fell prey to two related mortgage relief scams. In one scheme, using the name Precision Law Center, the defendants allegedly made false promises to consumers that if they sued their lenders along with other homeowners in so-called "mass joinder" lawsuits, they could obtain favorable mortgage concessions from their lenders or stop the foreclosure process. In the other, using names such as FreeFedLoanMod.org, HouseHoldRelief.org, and MyHomeSupport.org, the defendants charged consumers for "forensic loan audits," and allegedly misrepresented that they could use the results to force lenders to give them better mortgage terms. The checks in this distribution must be cashed on or before October 7, 2014.

08/11/2014

Low-income CUs top 2,100

The NCUA has announced that 2,107 federally insured credit unions now have the low-income designation. The credit unions have 23.6 million members and $218 billion in assets. More than 70 percent of the low-income designated credit unions are also small credit unions, with assets of less than $50 million.

08/11/2014

Fair Isaac changes credit score calculation

Fair Isaac Corp. has announced it will stop including in its FICO credit-score calculations any record of a consumer failing to pay a bill if the bill has been paid or settled with a collection agency. Less weight will also be given to unpaid medical bills that are with a collection agency. The changes occurred after discussions with lenders and the CFPB regarding boosting lending without creating more credit risk.

08/11/2014

Low-income CUs top 2,100

The NCUA has announced that 2,107 federally insured credit unions now have the low-income designation. The credit unions have 23.6 million members and $218 billion in assets. More than 70 percent of the low-income designated credit unions are also small credit unions, with assets of less than $50 million.

07/30/2014

G-Fee comment deadline extended

The Federal Housing Finance Agency (FHFA) has announced the extension of the deadline for its Request for Input on the guarantee fees (g-fees) that Fannie Mae and Freddie Mac charge lenders to September 8, 2014. The deadline was pushed back from August 4, 2014.

07/30/2014

Servicemembers to get relief from predatory lender

The CFPB has announced that it and 13 state attorneys general obtained a Consent Order providing approximately $92 million in debt relief from Colfax Capital Corporation and Culver Capital, LLC, also known as "Rome Finance," for about 17,000 U.S. servicemembers and other consumers harmed by the company's predatory lending scheme. The relief comes in the form of termination of servicemembers' obligations under current Rome Finance financing agreements. Portions of the order calling for reimbursements will be suspended because Rome Finance is in bankruptcy. However, a $1 million civil penalty is to be paid under the order.

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