Fraud

HUD memo reportedly warns of staff cut impact on mortgages

Fraud, HUD, Politics and policy, Regulation and compliance / Ricky Vasquez

The Department of Housing and Urban Development’s own counsel is reportedly concerned that Trump administration-induced staff cuts could disrupt mortgage operations and increase fraud and litigation risks. The revelations stem from an internal HUD document seen by Bloomberg Citylab, according to an article published Thursday. Staff departures at the regulator could allegedly “greatly delay”‘ or […]

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Fannie Mae partners with Palantir to weed out fraud

Capital markets, Fannie Mae, Fraud, Mortgage technology, Secondary markets / Ricky Vasquez

Influential government-related mortgage investor Fannie Mae will be partnering with Palantir, a company involved in introducing more artificial intelligence to financial services, as its regulator and conservator steps up its fight against fraud. Peter Thiel, who owns stakes in Trump administration ally Elon Musk’s companies, founded the AI firm that will be helping identify patterns

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Title company sues feds over looming reporting rule

AML, Financial regulations, Fraud, Law and legal issues, Title insurance / Ricky Vasquez

A leading title insurer is suing two federal U.S. offices over a new “arbitrary and capricious” reporting rule aimed at preventing money laundering activity that it claims exceeds their authority. Fidelity National Financial and its similarly named title insurance subsidiary filed the lawsuit in a Florida federal district court in May. Named as defendants were

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New partnership helps banks flag fraud on Google

Cyber security, Fraud, Google, Technology / Ricky Vasquez

Google has launched a joint effort with the Financial Services Information Sharing and Analysis Center, or FS-ISAC, that will combine the search giant’s threat detection capabilities with FS-ISAC’s network and intelligence sharing to prevent fraud within the financial sector. The program, announced Wednesday, is dubbed the Financial Services branch of Google’s Priority Flagger Program, according

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FHFA’s Pulte defers to a higher authority on conservatorship

FHFA, Fraud, Politics and policy, Risk management, Secondary markets / Ricky Vasquez

Bill Pulte, director of what has been known as the Federal Housing Finance Agency, shed light on certain plans he has for the government-sponsored enterprises during an appearance at an industry event on Monday, but deferred to President Trump on a conservatorship exit. Pulte told attendees at the Mortgage Bankers Association’s secondary market conference in

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Fraudsters get prison for $1.3M Virginia home scheme

Fraud, Law and legal issues / Ricky Vasquez

Two men will spend multiple years in federal prison for a scheme to buy a $1.3 million Virginia home. A federal judge this week sentenced Herman Estes Jr., of Fieldale, Virginia to 84 months in prison for the wire and tax fraud to purchase the Roanoke County home in March 2023. A co-conspirator, Daniel Heggins

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Loan defect share improved even as mortgage rates rose in 4Q

Fraud, LOAN PRODUCTS, Originations, Underwriting / Ricky Vasquez

The volatile mortgage rate environment in the fourth quarter last year did not impact the quality of closed applications, with critical defects falling to their second lowest level on record, Aces Quality Management found. “Lenders made meaningful progress in loan quality in 2024, closing the year with one of the lowest quarterly critical defect rates

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Feds accuse Trump adversary Letitia James of loan fraud

Fraud, Industry News, Legal issues and news, Trump administration / Ricky Vasquez

New York Attorney General and long-time legal adversary to Donald Trump Letitia James faces a federal grand jury investigation involving her role in multiple mortgage transactions, according to several news sources. The investigation, which is being led by the Department of Justice and the FBI, revolves around fraud allegations made by Federal Housing Finance Agency

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HUD memo reportedly warns of staff cut impact on mortgages

Fannie Mae partners with Palantir to weed out fraud

Title company sues feds over looming reporting rule

New partnership helps banks flag fraud on Google

FHFA’s Pulte defers to a higher authority on conservatorship

Fraudsters get prison for $1.3M Virginia home scheme

Loan defect share improved even as mortgage rates rose in 4Q

Feds accuse Trump adversary Letitia James of loan fraud

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