August 9, 2017
Alert: Spoofed Email Appears to Come from ALTA CEO
American Land Title Association | Aug. 8, 2017
ALTA is alerting its members to delete a phishing email that appears to come from CEO Michelle Korsmo with the subject line "Case S.I 691/2017: Your Firm's Attention is Required" asking for prompt attention.
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Fraud News: Cyber Technology Task Force Begins Work; TLTA Member Featured in ALTA Phishing Article
On Thursday, Aug. 3, the new TLTA Cyber Technology Task Force held their first conference call. Chaired by David Tandy, this task force was created because of the need to work together as an industry to provide better communication and promote best practices regarding cyber security. The California and New York land title associations have similar groups, and the TLTA task force will collaborate with them at times. TLTA will keep you informed on the task force's actions as they develop.
In addition, TLTA member and ALTA board member Jack Rattikin III was recently featured in a recent ALTA article on preventing phishing and wire fraud. “I make it clear in every staff meeting and in front of our closing that wire fraud is our number one concern,” Rattikin said in the article. “It’s not just closing deals and searching titles anymore. There’s a lot of risk that we have to think about every day. This is what keeps me up at night. A large wire that ends up in Russia or China could put us out of business.”
Read "Phishing for Wire Transfers" (ALTA) »
Note: TLTA will hold Emerging Technologies, Cyber Crime Prevention, Scams and Schemes, a pre-Institute cyber fraud program, on Wednesday, Dec. 6, the day before the Texas Land Title Institute. Registration and more information is coming soon. Save the date for this important program!
CFPB News: DOJ Will Be Allowed to Join Ocwen’s Challenge to Constitutionality; House Republicans Pursue Contempt Charges
Ocwen Financial could soon get a big boost in its fight against the CFPB from a once-unlikely source: the Department of Justice. In defending itself against the CFPB’s claims that Ocwen illegally foreclosed on borrowers, ignored customer complaints, mishandled borrowers’ money and failed at the most basic of mortgage servicing actions, Ocwen asked a federal judge to declare the CFPB unconstitutional and toss out the CFPB’s lawsuit against the company.
Read "DOJ Will Be Allowed to Join Ocwen’s Challenge to Constitutionality of CFPB" (HousingWire) »
Meanwhile, Republicans in the U.S. House of Representatives are pushing to hold CFPB director Richard Cordray in contempt of Congress for refusing to respond sufficiently to congressional subpoenas. A report released on Friday, Aug. 4, by Republican staff of the House Financial Services Committee argued there was "ample evidence" to hold Cordray in contempt because of his alleged failure to fully comply with subpoena requests. Republicans on the panel have been fiercely critical of the CFPB's regulatory work.
Read "House Republicans Push for Contempt Charges Against CFPB Director" (Reuters) »
GSE News: New MBA Paper Examines Consumer Costs and GSE Reform
MBA Newslink | Aug. 4, 2017
Following up on its landmark proposal for GSE reform in April, the Mortgage Bankers Association this week issued a companion piece, detailing how MBA's plan to build a stable foundation for the secondary mortgage market would impact borrowers in the single-family market.
The paper, GSE Reform: Consumer Costs in a Reformed System, examines three key objectives: protecting taxpayers, attracting capital to guarantors and ensuring consumers and borrowers have access to affordable financing.
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TLTA is scheduling more live webinars for summer 2017. Register now, or explore the On-Demand webinar library today!