News & Analysis as of

False Claims Act (FCA) › Mortgages › Mortgage Lenders

Orrick, Herrington & Sutcliffe LLP

Mortgage lender to pay $23.7 million to settle FCA allegations

Orrick, Herrington & Sutcliffe LLP on

On June 29, the DOJ announced a $23.75 million settlement with a South Carolina-based mortgage lender to resolve alleged False Claims Act (FCA) violations related to its origination and underwriting of mortgages insured by...more

Bradley Arant Boult Cummings LLP

Seventh Circuit Requires Proof in FCA Suits That False Statement in Mortgage Insurance Application Caused Subsequent Default

Bradley Arant Boult Cummings LLP on

In its June 14, 2023, decision in United States ex rel. Michelle Calderon v. Carrington Mortgage Services, LLC, No. 22-1553, 2023 WL 3991013, (7th Cir. 2023), the Seventh Circuit explained the high bar for relators to prove...more

Hogan Lovells

HUD and DOJ Signal Easing of FCA Enforcement in FHA Residential Mortgage Lending Through Interagency Memorandum

Hogan Lovells on

On October 28, 2019 the U.S. Department of Housing and Urban Development (HUD) and the U.S. Department of Justice (DOJ) released a Memorandum of Understanding (MOU) announcing their joint approach to False Claims Act (FCA)...more

Bradley Arant Boult Cummings LLP

HUD and DOJ Release Memorandum on the Application and Enforcement of FHA Violations Involving the False Claims Act

Bradley Arant Boult Cummings LLP on

In an effort to provide clarity and certainty to Federal Housing Administration (FHA) approved lenders, the U.S. Department of Housing and Urban Development (HUD) and the U.S. Department of Justice (DOJ) jointly issued a...more

Ballard Spahr LLP

HUD Looking to Bring Lenders Back to FHA Lending Space

Ballard Spahr LLP on

In a July 2018 interview with HousingWire, FHA Commissioner Brian Montgomery stated that the FHA wants to bring big banks back to the FHA lending space by increasing transparency and decreasing False Claims Act (FCA)...more

Ballard Spahr LLP

Treasury Recommends Sweeping Industry Changes for Mortgage Lenders and Servicers

Ballard Spahr LLP on

As covered earlier this week in a legal alert, the U.S. Department of the Treasury issued a report recommending sweeping regulatory changes for consumer financial services. Within the report, the Treasury also recommended a...more

Goodwin

Court Awards Nearly $280 Million in Treble Damages Against Former FHA Lender

Goodwin on

On September 14, 2017, the U.S. District Court for the Southern District of Texas issued an opinion and order against two former mortgage companies and their former president and CEO. The order, which followed a previous jury...more

Carlton Fields

The TRID Rule: Impact and Consequences on the Residential Mortgage Lending Market

Carlton Fields on

Introduction and Background - Residential mortgage lenders have long been required to disclose to their borrowers (i) the cost of credit to the consumer and (ii) the cost to the consumer of closing the loan transaction....more

Baker Donelson

Will the DOJ Kill FHA Loans Through Their Use of the False Claims Act?

Baker Donelson on

The purpose of the Federal Housing Administration (FHA) is "to help creditworthy low income and first time homebuyers, individuals and families often denied traditional credit, to obtain a mortgage and purchase a home." This...more

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