Title insurers may face more paperwork and larger compliance costs next year as a federal court is leaning toward allowing a new reporting rule to go into effect. Processing Content U.S. Magistrate Judge Samuel J. Horovitz recommended this week to the case’s presiding judge to grant the government’s motion for summary judgment, in a challenge […]
Court backs tougher reporting rule for title firms Read More »
A class action lawsuit claims a ransomware gang stole more than 20 terabytes of information from vendor Evolve Mortgage Services in a purported incident the company has not disclosed. Former employee Rebekah Hardy sued Evolve last month in a Texas federal court for negligence, for failing to protect consumers’ data in a breach which allegedly
Evolve faces suit over massive data theft Read More »
CrossCountry Mortgage is attempting to recoup $2.1 million from an ex-branch manager currently battling federal charges. Christopher J. Gallo was indicted last year for fraud for allegedly falsifying home loan documents over a five-year stretch while at a prior employer. The Cleveland-based retail giant hired the former top producer in September 2023 and fired him
CrossCountry seeks $2.1 million from LO accused of fraud Read More »
Borrowers are slamming yet another mortgage lender with class action lawsuits after it revealed a data breach last month. Troy, Michigan-based Towne Mortgage did not say in a public notice how many of its customers were impacted in a June incident, in which a hacker may have copied data from its network. The attack compromised
Towne Mortgage hit with wave of data breach suits Read More »
A trade group representing private lenders has created a database to identify high-risk counterparties prior to funding real estate loans. The National Private Lenders Association has launched the NPLA Watchlist to help real estate lenders, brokers and service providers spot individuals or entities that may warrant caution — or even avoidance — in order to
Private credit organization starts counterparty watchlist Read More »
A federal grand jury is examining the handling of the mortgage fraud investigation into Sen. Adam Schiff of California according to a subpoena to a witness in the case. The subpoena was sent to Republican activist Christine Bish, who appeared before the grand jury in Maryland Nov. 20. It asked her for any communications and
DOJ examining handling of Schiff mortgage investigation Read More »
A federal judge threw out the criminal charges against former FBI Director James Comey and New York Attorney General Letitia James, ruling that the prosecutor who brought the cases had been illegally appointed. The appointment of Lindsey Halligan as interim US attorney for the Eastern District of Virginia was unlawful, US District Judge Cameron McGowan
James Comey, Letitia James charges dismissed by judge Read More »
Fraud and forgery attempts that appear in refinance transactions are turning out to be a rising risk factor leading to claims that end up costing title insurers hundreds of thousands of dollars. Claims resulting from fraud or forgery now average $206,976, according to research conducted by the American Land Title Association and consulting and actuarial
Forgery, fraud make up 40% of title insurance losses Read More »
Fraud and misrepresentation remain persistent challenges in the mortgage industry and Freddie Mac is responding by bringing Quality Control Advisor Plus to the market, a tool which automates this compliance function. The tool is currently in a phased onboarding process with plans to make it available to all lenders by year-end, including the participants in
Freddie Mac adds mortgage quality control automation tool Read More »
Key insight: JPMorganChase is launching its largest-ever anti-scam initiative, adding “trusted contacts” and dedicated intervention teams to fight record-high fraud. What’s at stake: Consumer advocates say the plan lacks a critical component: better reimbursement for scammed consumers, who rarely recover money from “authorized” payments. Supporting data: Americans lost an estimated $158.3 billion to fraud in
Chase launches new anti-scam program Read More »