On April 2, 2015, a regional bank reached an agreement in principle to settle allegations brought by the U.S. Department of Justice (DOJ) and U.S. Department of Housing and Urban Development (HUD) relating to its former subsidiary’s issuance of mortgage loans insured by the Federal Housing Administration (FHA). The DOJ…
On February 25, the Department of Justice (DOJ) announced that it had reached a settlement with MetLife Home Loans LLC concerning its investigation into MetLife’s origination and underwriting practices of loans insured by the U.S. Department of Housing and Urban Development’s (HUD) Federal Housing Administration (FHA loans). As part of…
On February 25, 2015, the Department of Justice (“DOJ”) announced a settlement with a national bank over allegations that the bank originated and underwrote mortgage loans that did not meet applicable Department of Housing and Urban Development’s (“HUD”) requirements under the Federal Housing Administration (“FHA”) insurance program. The settlement covers…
On February 12, 2015, the CFPB announced that it had entered into a consent order with a Utah-based mortgage broker and lender to resolve allegations that the lender sent deceptive mailings to VA homeowners in violation of Regulation N and the Consumer Financial Protection Act. The lender allegedly sent mailings…
On February 12, 2015, the CFPB announced that it had filed a complaint in the U.S. District Court for the District of Maryland alleging that a Maryland-based reverse mortgage lender and broker disseminated deceptive and misleading advertisements for mortgage credit products, thereby violating the Mortgage Acts and Practice Rule, 12…
Recent indications from the Department of Housing and Urban Development (HUD), HUD’s Office of Inspector General (OIG), and quarterly SEC filings by lenders of FHA mortgages, strongly suggest that HUD’s aggressive enforcement actions against FHA lenders over the past few years are likely to continue in the New Year. Lenders…
On November 3, 2014, Judge Richard J. Leon of the U.S. District Court for the District of Columbia struck down the U.S. Department of Housing & Urban Development’s (HUD) March 2013 much-discussed disparate impact rule. In American Insurance Association, et al. v. United States Department of Housing & Urban Development, et…