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 »
The American Land Title Association has filed an amicus brief in support of Fidelity National Financial, which is suing the Treasury Department and the Financial Crimes Enforcement Network, looking to stop an anti-money laundering regulation reporting requirement. The Biden Administration promulgated the rule, which is set to go into effect on Dec. 1. FNF sued
ALTA files brief in support of Fidelity in Fincen case Read More »
Federal Reserve Governor Lisa Cook described an Atlanta property at the center of a lawsuit over her attempted ouster as a “vacation home,” according to documents viewed by Bloomberg News. The May 28, 2021, loan estimate was issued by a credit union to Cook weeks before she ultimately purchased the home. The document shows she
Fed’s Cook called Atlanta property a vacation home, records show Read More »
Recent mortgage fraud discussions have been centered on high-profile occupancy misrepresentation cases, but the bigger question is how these claims can be proven and what level of risk they pose to the industry. For one, the allegations to date, such as a Trump administration criminal referral that a Federal Reserve Board member is fighting, typically
Occupancy fraud scrutiny raises questions for lenders Read More »
Federal Reserve Governor Lisa Cook’s lawyers blasted President Donald Trump’s move to oust her as based on nothing more than a pack of “cut-and-paste” allegations related to mortgage fraud. In a flurry of court filings Tuesday, Cook’s lawyers emphasized arguments that Trump lacked valid grounds to fire Cook “for cause,” a key issue in her
Lisa Cook blasts Trump’s ‘cut-and-paste’ mortgage fraud claims Read More »
The battle between Federal Reserve Board Governor Lisa Cook and the Trump Administration over mortgage fraud allegations and their implications intensified this week. Cook filed a temporary restraining order and issued court summons to several high profile officials in a lawsuit filed to block attempts to fire her over alleged misrepresentation, and housing regulator Bill
Pulte posts new criminal referral as Cook escalates lawsuit Read More »
A federal jury in Puerto Rico on Tuesday convicted Oluwasegun Baiyewu, 37, of Richmond, Texas, in a money-laundering conspiracy stemming from wide-ranging wire, mail and device fraud schemes that funneled illicit funds to Nigerian transnational organized crime groups through car part auctions. While the total dollar value of the schemes is relatively small, prosecutors only cited
A small Nigerian money-laundering scheme has big lessons for banks Read More »