New CFPB Director Confirmed, Aggressive Litigation and Rule Enforcement Predicted

As we predicted after the Biden-Harris Administration took office, there was always going to be a new-look CFPB with a more aggressive approach to oversight. After several months the U.S. Senate has finally confirmed Rohit Chopra as director of the Consumer Financial Protection Bureau in a vote of 50 to 48 in favor. Mr. Chopra, […]

Read More New CFPB Director Confirmed, Aggressive Litigation and Rule Enforcement Predicted

CFPB Releases summary of consumer mortgage complaints 2018-2020

The Consumer Financial Protection Bureau released a highly detailed report of consumer complaints received by the oversight agency regarding the lifecycle of various financial transactions, including mortgage loans. The report breaks down complaints by category, geography, and racial and other demographics and describes interesting variances between the nature of complaints among races, ethnicity, and various […]

Read More CFPB Releases summary of consumer mortgage complaints 2018-2020

Long Island Man Uses Fake Wire Instructions to Steal $4.7 Million from Lenders

A Long Island man, Brent Kaufman, pleaded guilty this week to stealing $4.7 million in mortgage refinancing proceeds that were meant to pay off the existing mortgages of his clients. Kaufman was an unlicensed mortgage broker and assisted clients in Queens and Long Island with refinancing their mortgages. Instead of using the lender proceeds, which […]

Read More Long Island Man Uses Fake Wire Instructions to Steal $4.7 Million from Lenders

US Secret Service: Mortgage Payoff Fraud On the Rise

The U.S. Secret Service issued an advisory warning of a significant increase in wire transfer fraud involving efforts to substitute fraudulent mortgage payoffs and thereby divert proceeds for criminal gain. The government agency reported that criminals send fictitious or altered mortgage payoff statements to title companies, attorneys and others acting as a closing or settlement […]

Read More US Secret Service: Mortgage Payoff Fraud On the Rise

ALTA: Wire Fraud Attempted in a Third of All Mortgage Closings Nationwide

According to a report this evening by the American Land Title Association (ALTA), a recent survey of their members reflected that “cyber criminals attempted to trick employees to wire funds to a fraudulent account in a third of all real estate and mortgage transactions.” ALTA’s report went on to state however that “training and education […]

Read More ALTA: Wire Fraud Attempted in a Third of All Mortgage Closings Nationwide

CFPB RESCINDS TRUMP ADMIN ABUSIVENESS POLICY STATEMENT AND REAFFIRMS STRONGER ENFORCEMENT APPROACH

The CFPB announced today that is rescinding its January 24, 2020 policy statement, “Statement of Policy Regarding Prohibition on Abusive Acts or Practices.” As reported by the NJ MBA, “Going forward, the CFPB intends to exercise its supervisory and enforcement authority consistent with the full scope of its statutory authority under the Dodd-Frank Act as […]

Read More CFPB RESCINDS TRUMP ADMIN ABUSIVENESS POLICY STATEMENT AND REAFFIRMS STRONGER ENFORCEMENT APPROACH

Wire Fraud Remains a Key Cyber Liability Issue for Banks. Here Are Some Best Practices

It is only in the past several years that banks and mortgage lenders have faced heightened risk from wire fraud losses. In this time period lenders have been forced to uncover and defend the wide-spread use of various cyber schemes, including basic phishing using mass-market emails, spear phishing, using cyber intrusion tactics to go after […]

Read More Wire Fraud Remains a Key Cyber Liability Issue for Banks. Here Are Some Best Practices

Transition to Permanent Work at Home Rules Increases Lender Risk from Third Party Vendors

When vendors allow employees to work from home, lenders face heightened service provider risk due to significantly relaxed operational oversight as well as non-sterile work environments where sensitive data can be lost or exploited more easily. Recent industry and news reports have discussed widespread efforts to make permanent work at home rules for employees. In […]

Read More Transition to Permanent Work at Home Rules Increases Lender Risk from Third Party Vendors