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DOJ and CFPB sue Colony Ridge over predatory lending practices

Housing Wire

Department of Justice (DOJ) and the Consumer Financial Protection Bureau (CFPB) sued the developer and lender Colony Ridge on Wednesday, alleging the company operated an illegal land sales scheme and made false statements targeting tens of thousands of Hispanic borrowers in Texas. between 2017 and 2021, per the lawsuit.

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First National Bank of Pennsylvania settles redlining case for $13.5M

Housing Wire

FNB was involved in the case as a successor in interest of Yadkin Bank , which it acquired in 2017. The complaint alleges that, from 2017 through 2021, FNB failed to provide mortgage services to predominantly Black and Hispanic neighborhoods in Charlotte and Winston-Salem, North Carolina.

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Rocket Companies CEO Jay Farner to retire

Housing Wire

“Since being appointed CEO of Rocket Mortgage in 2017, and subsequently CEO of Rocket Companies in connection with the August 2020 IPO, Jay has overseen the most rapid period of growth and profitability in our 37-year history,” Dan Gilbert, founder and chairman of Rocket, said in a statement.

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Mortgage tech firm TRAiNED hires two executives from Sales Boomerang

Housing Wire

hired two executives as it looks to take the company to its next phase of development. In 2017, Cunningham, de Jong and three others founded Sales Boomerang, an automated borrower intelligence and retention system for the mortgage industry. Mortgage tech firm TRAiNED Inc.

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Biden nominates Alanna McCargo to be Ginnie Mae prez

Housing Wire

Alanna McCargo, senior advisor at the Department of Housing and Urban Development , has been picked by the Biden administration to head Ginnie Mae. The position of GNMA president has notably sat vacant for close to five years, with Ted Tozer, the last permanent president, resigning in 2017.

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Alanna McCargo confirmed as Ginnie Mae president

Housing Wire

The position has been unfilled on a permanent basis since 2017. Ginnie Mae, which is part of the Department of Housing and Urban Development , oversees guarantees totaling around $2.1 Senate confirmed Alanna McCargo late Tuesday evening, by voice vote, as president of Ginnie Mae. Presented by: Snapdocs.

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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. The settlement also orders Washington Federal to “develop and implement an effective compliance-management system to prevent future violations,” per the CFPB.

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