Items Tagged with 'New york mortgage lending'

ARTICLES

  • NYDFS investigating whether rent-to-own is actually predatory lending

    Issues warning on risks of rent-to-own contracts
    The New York Department of Financial Services revealed Monday that it is currently investigating whether alternative home purchase agreements, such as rent-to-own, lease-to-own or land installment contracts, currently being offered in New York are actually “unlicensed, predatory mortgage lending.”
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  • Nationstar (aka Mr. Cooper) reaches $17 million mortgage settlement with NYDFS

    $5 million fine, $5 million to local nonprofit, $7 million to New York residents
    For the third time in the last six months, Nationstar Mortgage, the nonbank also known as Mr. Cooper, has reached a multimillion-dollar settlement with a state banking regulator over mortgage-related issues. The New York Department of Financial Services announced Wednesday that it reached a $17 million settlement with Nationstar for a number of violations of the state’s financial laws.
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  • Senior execs at Vanguard Funding admit to embezzling $8.9 million

    CFO and COO plead guilty to using warehouse loans for personal expenses
    The former chief operating officer and chief financial officer of a New York mortgage lender admitted in court this week that they conspired to misappropriate more than $8.9 million from warehouse lines of credit that were meant to fund mortgages. Each now faces up to 20 years in prison.
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  • New York cracks down on title insurers with new rules for kickbacks, fees

    Strengthens rules first established in 2015
    Building on an effort first launched in 2015, the New York Department of Financial Services announced Tuesday that it is cracking down on “unscrupulous practices” in the title insurance business and establishing new rules surrounding kickbacks and the fees that title insurers charge to customers.
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  • Senior execs at Vanguard Funding accused of embezzling $8.9 million

    Three execs charged with using warehouse loans for personal expenses
    Three senior executives at a New York mortgage lender were arrested Tuesday morning and charged with misappropriating $9 million from warehouse lines of credit meant to be used to fund mortgages. The three men, who are senior executives at Vanguard Funding, stand charged with conspiracy to commit wire and bank fraud for allegedly misusing the warehouse funds to pay for personal expenses and compensation.
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