Flagstar Bank has agreed to a $31.5 million settlement to resolve two class action lawsuits stemming from data breaches which impacted over 2 million consumers. The agreement, pending a Michigan federal judge’s approval, will create the fund for approximately 2,187,170 class members, according to case filings in October. The bank suffered two distinct cyberattacks in […]
Flagstar agrees to $31.5 million data breach settlement Read More »
New York Attorney General Letitia James pleaded not guilty on Friday to criminal charges that she committed bank fraud and made false statements to a lender when she bought a house in Norfolk, Virginia, five years ago. James is contesting charges brought earlier this month by a prosecutor whom President Donald Trump abruptly installed after her predecessor
NY Attorney General James pleads not guilty to US charges Read More »
New York Attorney General Letitia James was indicted by a federal grand jury in Virginia, making her the second of President Donald Trump’s perceived political enemies to be criminally charged in two weeks. James was charged with one count of alleged bank fraud and one count of making false statements to a financial institution. The indictment made
NY Attorney General Letitia James indicted over fraud claims Read More »
Mortgage fraud risk ended the second quarter at its highest level in over three years as issues related to undisclosed real estate debt and transaction misrepresentations had significant annual increases, according to Cotality. When compared with the first quarter, the Cotality Mortgage Application Fraud Risk Index rose by 1.4%, while jumping by 6.1% compared to
Mortgage fraud risk rising as housing market struggles Read More »
Key insight: Identity theft victims who file extended fraud alerts often experience significant and persistent improvements in their credit profiles, becoming more creditworthy. What’s at stake: U.S. banks and credit unions that understand the behavior of identity theft victims can land better credit lines. Supporting data: Extended alert filers saw their credit scores increase by
Silver lining? Some fraud victims see credit scores rise: Fed Read More »
Key insight: Community banks may be able to benefit from the enormous buildup of AI capacity, as the cost of AI-based fraud detection falls. What’s at stake: Criminals’ use of AI-generated deepfakes to commit fraud has been growing rapidly. Expert quote: “What was once the stuff of movies is now a reality,” said Federal Reserve
Fed’s Barr warns community banks about AI fraud risks Read More »
The Financial Crimes Enforcement Network, FinCEN for short, has delayed the enforcement date of its residential real estate reporting rule. The announcement exempts “all reporting persons” from compliance with the anti-money laundering regulation from Sept. 30 until March 1, 2026. The rule was supposed to go into effect on Dec. 1. This rule was promulgated
FinCEN delays controversial real estate reporting rule Read More »
New York recorded its first criminal conviction under a new deed theft law, securing a guilty plea from a real estate agent. Oscar Dais pleaded guilty Wednesday to stealing a Rockland County homeowner’s property by forging her signature, New York Attorney General Letitia James announced. The agent committed forgery and violated the Home Equity Theft
New York records first criminal conviction for deed theft Read More »
In our Tech Disruption survey, National Mortgage News asked participants “What technology is in use in your organization?” When it came to “advanced fraud protection tools,” significant shares of banks, credit unions and nonbank mortgage lenders all said they do employ them. However, a 13 percentage point gap exists between banks (86%) and nonbanks (73%);
EXCLUSIVE RESEARCH: Fraud tech gaps emerge between banks and nonbanks Read More »
Two large government-related investors saw their annual nonperforming-loan sales reverse course and resume an upward trend for the first time since 2021, adding to signs that more distressed mortgages are slowly making their way to market as pandemic restrictions get lifted. The number of NPLs Fannie Mae and Freddie Mac sold in 2024 rose to
Enterprises’ NPL sales reduce bad assets to a 9-year low Read More »