One of the targets of the Federal Housing Finance Agency’s mortgage fraud probes is dropping his lawsuit against the regulator and its leader. Processing Content Rep. Eric Swalwell, D-Calif., FHFA Director Bill Pulte and the agency itself have all agreed to voluntarily dismiss the lawmaker’s suit, according to a case filing Friday. The announcement did […]
Swalwell drops Pulte suit while FHFA fraud probes stall Read More »
A newly launched California mortgage lender is suing a competitor over allegedly submitting false fraud reports to shared lending partners in order to sabotage it. Processing Content Lendwise Mortgage filed a complaint Monday in Los Angeles Superior Court against Priority Financial Network Lending Group and its CEO, Marc Shenkman. The lawsuit claimed PFN falsely reported
Startup lender alleges rival sabotaged its business Read More »
Nonprofits and journalists are suing the Federal Housing Finance Agency to gain access to records on its fraud investigations and enforcement activity. Processing Content The agency is facing four Freedom of Information Act lawsuits, for allegedly ignoring public records requests. While the FHFA has moved to defend itself in those cases, it has also hinted
FHFA sued to release fraud investigation records Read More »
Plummeting mortgage rates during the third quarter last year started a shift in originators’ business mix towards refinance, and this, more than a lessening emphasis on loan manufacture quality, resulted in a huge jump in defect rates, Aces Quality Management said. Processing Content For the last week of June, the 30-year conforming fixed rate mortgage
Refi shift drives latest increase in mortgage defect rates Read More »
A federal judge has sentenced a Florida title company owner to 27 months in prison after he pleaded guilty to embezzling mortgage lenders’ funds. Processing Content Jonathan Yasko, 47, of Winter Springs, Florida, committed wire fraud between 2021 and 2023, diverting lenders’ funds in real estate transactions to other accounts, according to prosecutors. That included
Title company owner sentenced for mortgage escrow fraud Read More »
The Federal Reserve issued a consent prohibition order against a former Primelending loan officer for infractions, including conflict of interest and submission of falsified loan documents. Processing Content As a loan officer for the Dallas-based lender, Aquana Raffington is alleged to have originated and earned commissions on at least $1.7 million worth of fraudulent mortgages
Former Primelending LO agrees to Fed prohibition order Read More »
SitusAMC is gearing up for a legal battle over the fallout of its data breach last fall, as eight class action complaints have been consolidated in federal court. Processing Content The cases quickly piled up after the industry vendor revealed in November that it suffered a cybersecurity incident. The company has emphasized no encryption nor
SitusAMC faces consolidated class actions after data breach Read More »
Union Home Mortgage says it paid a ransomware gang to delete sensitive data they stole in a cyberattack last year. Processing Content The nonbank lender made the admission last month in federal court, part of a motion to dismiss a class action lawsuit from borrowers affected by the hack. The company also described how the
Union Home Mortgage says it paid ransom in data breach case Read More »
While the fourth quarter’s mortgage fraud risk rate fell 55 basis points from the prior three months, loans submitted during the period had a record average issues per transaction, the Fundingshield Wire Fraud Risk Report found. Processing Content The last three months of 2025 was a period where a near 9% increase in volume from
Record defects plague mortgage closings as fraud risk dips Read More »
The Justice Department failed again to secure a grand jury indictment against New York State Attorney General Letitia James over mortgage fraud claims. Prosecutors have been seeking to renew charges against James after a federal judge dismissed a case against her last month, saying that the prosecutor, Lindsey Halligan, the U.S. Attorney for the Eastern District
DOJ again fails to indict James for alleged mortgage fraud Read More »