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CFPB issues consent order against Washington Federal for HMDA reporting violations

Housing Wire

The bank will pay a $200,000 fine for reporting inaccurate HMDA data in 2016 and 2017 — with error rates up to 40% in some cases, according to the CFPB. Washington Federal reported HMDA data for over 7,000 mortgage applications in each of 2016 and 2017, many of which contained data error rates reaching nearly 40%.

Training 370
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Homestar names Gurp Bhandal EVP of national production

Housing Wire

Prior to HOMESTAR, he served as the executive vice president of retail production at AmeriSave Mortgage Corporation and area lending manager roles at Citi. Stallings and Paul Abraham, who have been at the firm about a decade, and Michael Stallings, who joined in 2016.

Retail 434
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DOJ announces $9M settlement with Washington Trust Company in redlining case

Housing Wire

In this case, the alleged redlining occurred from 2016 through at least 2021, when the bank failed to open a branch in majority-Black and Hispanic neighborhoods. The DOJ alleges that the bank also failed to train and incentivize its staff to market and advertise its mortgage services to compensate for its lack of presence in these areas.

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ICE, DocMagic team up to offer closing technology

Housing Wire

The migration towards digital mortgages is progressing quickly, and we’re happy to have provided ICE with capabilities to enable fully-paperless lending workflows along with better supply chain connectivity.” ” In the past year, DocMagic has made headlines in the digital closing space.

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Lenders, tech firms hire executives to navigate down market

Housing Wire

Mortgage lender and servicer Planet Home Lending also named Kathryn Edelen as regional vice president of its sales division this week. Erickson will be in charge of product management, the procurement and advancement of technology solutions and will oversee the training department and support teams for Motto Mortgage and wemlo.

Marketing 435
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Interfirst to lay off 140 employees

Housing Wire

Presented by: Acra Lending. The company reduced its origination to $2 billion in 2016 before shutting down altogether in 2017. Interfirst boasted of its ability to train people with no background in mortgage through a rigorous training course.

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Feds seek to enlist real estate agents in anti-corruption push

Housing Wire

FinCEN has issued what are known as “geographic targeting orders” (GTOs) since 2016 to help address the issue, according to a recent White House report outlining the U.S. In counseling lending institutions, I have seen the success of anti-money laundering programs hinge on employee training on suspicious activity detection and how to report.