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Mortgage Lender Agrees to Fees and Injunctive Relief in Settlement Following State Examination on Reverse Mortgage Lending

On March 12, 2015, the Massachusetts Division of Banks entered into a consent order with a mortgage lender following a state investigation that determined that the mortgage lender was in substantial non-compliance with applicable state and federal statutes, rules, and regulations regarding its mortgage lending and determination and documentation of…

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National Bank Settles Claims with DOJ Related to Robo-Signing and Other Improper Practices in Bankruptcy Cases for $50 Million

On March 3, 2015, the Department of Justice (“DOJ”) announced a settlement with a national bank over allegations that the bank signed payment change notices in bankruptcy court without reviewing the accuracy of the documents and submitted inaccurate escrow statements. The U.S. Trustee initiated the investigation after the bank allegedly…

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Mortgage Lender Subject to Fees and Injunctive Relief Following State Examination

On February 27, 2015, the Massachusetts Division of Banks and the mortgage lender agreed to a consent order following an examination into a mortgage lender’s level of compliance with applicable Massachusetts and federal statutes. The Massachusetts Division of Banks’ examination found that the bank was in substantial non-compliance with state…

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California Department of Business Oversight Reaches $2.5 Million Settlement with Mortgage Lender for Failure to Report Loan Information

On January 23, 2015, the California Department of Business Oversight (“CBO”) announced that it reached a settlement with a national mortgage lender over allegations that the lender failed to comply with state recordkeeping requirements to assess compliance with state mortgage lending laws. The CBO claims that the mortgage lender repeatedly…

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New York Bank Settles Claims Over Discriminatory Lending Practices

On January 19, 2015, the New York Attorney General announced a settlement with a regional bank for possible discriminatory lending practices. The settlement was reached after the Attorney General investigated the bank for categorically excluding borrowers who lived in certain minority neighborhoods from obtaining loans, designating loans from minority areas…

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