Articles by Ben Lane

Mnuchin declares support for Republican Dodd-Frank replacement

Mnuchin: The existing regulatory system is limiting our economy
The Financial CHOICE Act, the Republican-crafted replacement for the Dodd-Frank Wall Street Reform and Consumer Protection Act, took its first official steps towards becoming law on Wednesday. And as the bill moves through the legislative process, it will do so with the support of Steven Mnuchin, the secretary of the Department of the Treasury.
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Quicken Loans adds Casey Hurbis to lead marketing efforts

Will serve as chief marketing officer
It seems that can’t more than a few minutes without seeing an ad from Quicken Loans, as the company pushes its Rocket Mortgage more and more into the mainstream. Now the company will have a new person shepherding those ubiquitous marketing efforts, as Quicken Loans announced recently that Casey Hurbris is joining the online lender to serve as the company’s chief marketing officer.
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SEC, Delaware accuse mortgage loan officer of running Ponzi scheme

Matthew Krimm charged with dozens of counts of fraud
A Delaware mortgage loan officer ran a Ponzi scheme that bilked more than $1.69 million out of investors who thought they were investing in a “highly successful” mortgage business, the Securities and Exchange Commission and the Delaware Department of Justice claim in new legal filings.
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Ocwen pulls a PHH: Asks court to declare CFPB unconstitutional, requests DOJ help

Asks court for expedited decision on CFPB constitutionality
Ocwen Financial is pulling a PHH. Just as PHH did recently, Ocwen is playing the unconstitutional card in its fight against the Consumer Financial Protection Bureau, asking the United States District Court for the Southern District of Florida to declare the CFPB unconstitutional and toss out the CFPB’s lawsuit against the company.
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U.S. Bank fined $15 million for bankruptcy filing violations

OCC announces fine for violations between 2009 and 2014
The Office of the Comptroller of the Currency announced Tuesday that it is ordering U.S. Bank National Association to pay a civil penalty of $15 million for what it calls “bankruptcy filing violations” that occurred between 2009 and 2014. Here are the details.
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Credit rating agencies ding Ocwen over CFPB, state regulator charges

S&P, Fitch, Moody’s, Morningstar take action on nonbank’s ratings
In the wake of the Consumer Financial Protection Bureau and a growing group of state regulators accusing Ocwen Financial of widespread mortgage servicing issues, S&P Global Ratings, Moody’s Investors Service, Fitch Ratings, and Morningstar each released updated views of Ocwen, with each agency’s analysts stating that Ocwen’s recent regulatory troubles could have dire long-term consequences for the company.
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Ocwen takes Massachusetts, Illinois to court to fight mortgage restrictions

Nonbank says that states’ restrictions will cause “significant harm” to consumers
Last week, a raft of state regulators clamped new business restrictions on Ocwen Financial for alleged rampant errors with homeowners’ escrow accounts and other issues at the nonbank. Ocwen said that it intended to fight back against the state regulators’ accusations and business restrictions, and the company did just that on Tuesday, announcing that it is taking the regulators in Massachusetts and Illinois to court to fight for its ability to operate within the states.
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Wells Fargo clears living will hurdle; sanctions removed by Fed, FDIC

Successfully addresses issues in 2015 plan
It’s been a rough few months for Wells Fargo, but the megabank got a rare bit of good news on Monday when the Federal Reserve Board and the Federal Deposit Insurance Corporation announced that the bank successfully remedied the issues in its 2015 “living will,” which will remove a series of sanctions from the bank.
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Additional states restrict Ocwen's business over mortgage servicing issues

Maryland, Michigan, Indiana also sanction Ocwen
Last week, a group of 22 states sanctioned Ocwen Financial and Ocwen Loan Servicing for alleged widespread issues with consumer escrow accounts and allegations that the companies were conducting “willful and ongoing unlicensed activity” in some states. But those states aren’t the only ones that are taking action against Ocwen.
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