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Police Blotter – Mortgage Compliance Dragnet, November 2017

Civil Rights Organizations Accuse Deutsche Bank, Ocwen Financial, and Altisource of Housing Discrimination in 30 Metropolitan Areas The National Fair Housing Alliance (NFHA) announced that it has found substantial new evidence in support of allegations that Deutsche Bank, Ocwen Financial, and Altisource continue to discriminate against communities of color in …

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Enemy Past the Gates: Responding to a Cyber Breach

You’ve done everything right: identified and addressed weak areas, set up an adequate framework with the proper safeguards, and made sure your company’s cybersecurity is up to snuff with regulatory requirements. You’re sure that your system is foolproof—until someone comes along and proves you wrong, exposing your organization’s data (and …

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Spear Phishing for Mortgages — Hooking a Big One

By Asaf Cidon Buying a house is one of the most important purchases people ever make, and often one they’ve been saving for years in order to finally place their signature on the closing documents. When you think about the amount of time and effort it takes to not only find …

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The Usual Suspects

Keyser Soze may not be real, but these common mortgage fraud schemes definitely are. By Tory Barringer Straw buyer Fraud type: For profit/for housing Straw buyers are borrowers whose identities are being used to disguise the person or entity who would actually benefit from the loan. These beneficiaries may include …

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Want to Prevent Future Mortgage Fraud? Then Look Backwards

By Bridget Berg Pearson’s Law: “That which is measured improves. That which is measured and reported improves exponentially.” – Karl Pearson Because mortgage fraud takes time to develop, many institutions, particularly newer ones or shops with new management teams, may be at risk and not realize it. As a veteran …

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Observe(d) & Report(ed)

By Tory Barringer Each and every month, Mortgage Compliance Magazine brings our readers the Mortgage Compliance Dragnet, an example of justice brought to those who fall short in—or sometimes flagrantly disregard—adherence to regulatory standards. While those crimes are serious, there is another list of names that everyone in the mortgage …

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Police Blotter – Mortgage Compliance Dragnet, August 2017

Attorney Involved in Scheme that Targeted Distressed Homeowners Sentenced to 30 Months in Federal Prison 07/17/2017 11:11 AM EDT Deirdre M. Daly, United States Attorney for the District of Connecticut, announced that BRADFORD BARNEYS, 51, of Odenton, Maryland, was sentenced today by U.S. District Judge Michael P. Shea in Hartford …

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Financial Freedom Settles Alleged Liability for Servicing of Federally Insured Reverse Mortgage Loans for $89 Million

Financial Freedom has agreed to a settlement with the United States of more than $89 million to resolve allegations that it violated the False Claims Act and the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA) in connection with its participation in a federally insured Home Equity Conversion …

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The Mortgage Compliance Dragnet – May 2017

Fraudsters Convicted of Operating Nationwide Home Mortgage Scam 04/21/2017 02:14 PM EDT ALEXANDRIA, Va. – Three co-conspirators who operated a nationwide, multi-year “home mortgage modification” fraud that scammed hundreds of victims out of at least $10 million were convicted today by a federal jury. “These defendants scammed hundreds of individuals …

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The Mortgage Compliance Dragnet – April 2017

Long Island Man Sentenced To 15 Years In Prison For Defrauding Homeowners In Loan Modification Scheme Date Published:  March 7, 2017 BROOKLYN, NY – Earlier today, David Gotterup was sentenced at the federal courthouse in Brooklyn, New York, to 15 years in prison for leading a loan modification scheme that …

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