A recent settlement was made between the Department of Justice and Walter Investment to the tune of $29.6 million under a False Claims Act action. The whistleblower who brought the violations to the attention of the DOJ was paid $5.15 million as his share of this recovery (FCA Settlement). Nice pay day! This is important for two reasons; 1) in…
FHA requires lenders to sign an annual and individual loan certification that basically states the lender originates loans for FHA insurance in compliance with all related FHA rules and requirements. If the lender is found to have violated these rules, the lender may be fined and prohibited from further participation in the FHA lending program. In some cases, the lender…
It’s taking a little longer than prior generations, but the current Millennial generation is growing up and starting to take hold of their future. Although their priorities may be a little different, many of the more than the 75 million Millennials, now between the ages of 18 and 29, will look to purchase a home in the next 5 years.…
You heard the saying that the only thing constant is change. Well, I’m attending the MBA’s Risk Management, QA and Fraud Prevention Forum in Dallas this week and the word seems to be that the only thing certain when it comes to life of loan reps and warrants for the GSEs and FHA is that lenders are uncertain. The GSEs…
If you’re a lender and you haven’t seen this video you should take a look (Complaint). CFPB is now posting videos of consumer complaints to bring about awareness of the recourse available when they think they have been wronged by a lender. Interestingly, in the video posted here, the consumer happens to be an immigrant. Although we do not get…
If you’ve been following my blog lately (and I sure hope you are), then you know I’ve mentioned on more than one occasion the outlook for housing, and how that relates to lending. Here’s another one. Recently, Mark Fleming, the chief economist for First American, commented that he believes a slight interest rate hike by the Fed would not have…
