Jonathan Foxx – Lenders Compliance Group

Creating a Culture of Compliance

In this article, I outline the key questions that should be asked, the answers to which will determine the extent, depth, and integrity of a culture of compliance. I am going to take you through a set of questions that will form…more

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Diversity and Inclusion

On October 23, 2013, the Federal Agencies announced their “common standards” proposal, entitled Joint Standards for Assessing Diversity Policies and Practices of Regulated Entities (“Proposal”). This is an Interagency Proposal…more

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The Hedgehog and the Fox: A Regulatory Parable

The 7th century BCE Greek lyric poet, Archilochus, observed: "the fox knows many things, but the hedgehog knows one big thing.” Twenty-two centuries later, Erasmus transliterated Archilochus’s dictum by precisely rendering it…more

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Social Media: Consumer Compliance Risk Management Guidance

On December 11, 2013, the Federal Financial Institutions Examination Council (FFIEC) released final guidance (“Guidance”) on the applicability of consumer protection and compliance laws, regulations, and policies to activities…more

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Fair Lending Compliance, Ability-to-Repay and Qualified Mortgages

On October 22, 2013, the Consumer Financial Protection Bureau (Bureau), Office of the Comptroller of the Currency (OCC), Board of Governors of the Federal Reserve System (Board), Federal Deposit Insurance Corporation (FDIC), and…more

| Finance & Banking, Consumer Protection, Real Estate - Residential

Elder Financial Abuse: Prevention and Remedies

I have written about elder financial abuse, and I will keep writing about it until stops. It is unfathomable to me that schemes to defraud the elderly are so pervasive. These seniors are attractive targets for financial…more

| Criminal Law, Finance & Banking, Consumer Protection, Real Estate -...

HUD's Safe and Rebuttable Qualified Mortgages

The anxiously awaited Proposed Rule (“Rule”) outlining the Qualified Mortgage for FHA loans was published in the Federal Register on September 30, 2013. Given the bland, bureaucratic title Qualified Mortgage Definition for HUD…more

| Consumer Protection, Finance & Banking, Real Estate - Residential

The Mini-Correspondent Channel: Pros and Cons

Several years ago, our firm, Lenders Compliance Group, provided unique guidance to the mortgage division of a bank. The bank wished to build a special origination platform for its mortgage brokers. At that time, the prevailing…more

| Finance & Banking, Consumer Protection, Real Estate - Residential

Mortgage Fraud: Data Confirms Spike in 2006-2007

The Financial Crimes Enforcement Network (FinCEN) has released an analysis of Mortgage Fraud SAR Filings in Calendar Year 2012. The report was issued on August 20, 2013. This publication updates FinCEN’s prior Mortgage Loan…more

| Criminal Law, Finance & Banking, Consumer Protection, Real Estate -...

Revolving Door Regulators

Senator yesterday. Lobbyist today. Representative yesterday. CEO today. Cabinet level appointee yesterday. Bank Chairperson today. Government Agency Director yesterday. Law firm senior partner today. CFPB Regulator…more

| Finance & Banking, Consumer Protection, Real Estate - Residential

Steering Consumers to Expensive Mortgage Loans

The CFPB announced that it had filed a complaint yesterday in a federal district court against Utah-based Castle & Cooke Mortgage, LLC (“C & C”) and two of its officers for illegally giving bonuses to loan officers who steered…more

| Civil Remedies, Criminal Law, Finance & Banking, Consumer Protection,...

CFPB: Spying to Protect the Consumer

It all began with a Bloomberg article. Although the CFPB spying on the financial habits of at least 10 million consumers seems to be a far cry from NSA's spying on the telephone calls, emails, snail mails, website usage, and…more

| Constitutional Law, Criminal Law, Finance & Banking, Consumer...

Policy, Procedures, and Examinations - Part II: Mortgage Bankers

The most common question my colleagues and I are asked by prospective clients is whether we provide the “full set” of policies and procedures for all of the mortgage acts and practices. Of course we do! But policies and…more

| Finance & Banking, Consumer Protection, Real Estate - Residential

CFPB's Mortgage Rules for Readiness

The just released 2013 CFPB Dodd-Frank Mortgage Rules Readiness Guide (Guide) from the Consumer Financial Protection Bureau (CFPB) provides, finally, a set of criteria and preparation procedures for residential mortgage lenders…more

| Finance & Banking, Consumer Protection, Real Estate - Residential

Anti-Money Laundering Program: Testing

I learned recently some rather extraordinary news: my firm is currently the only mortgage risk management firm in the country offering testing of a Residential Mortgage Lenders and Originator’s (RMLO’s) Anti-Money Laundering…more

| Civil Remedies, Criminal Law, Finance & Banking, Consumer Protection,...

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