Tagged with: CFPB Dodd-Frank Act NewDay Financial Nonbank Lenders Veterans Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago in Daily Dose, Featured, Government, News The Best Markets For Residential Property Investors 2 days ago February 10, 2015 1,210 Views The Consumer Financial Protection Bureau (CFPB) announced on Tuesday it has levied a $2 million civil penalty against Maryland-based nonbank mortgage lender NewDay Financial for deceptive mortgage advertising and kickbacks.According to CFPB, NewDay deceived consumers by failing to disclose its financial relationship with a veterans’ organization in direct mail advertising materials.”We are pleased to resolve these technical legal issues with the CFPB,” NewDay said in a statement. “As the consent order makes clear, there has never been any allegation or suggestion that the company’s actions ever directly harmed our borrowers. We will continue our tireless efforts to serve veterans in the dignified manner they deserve. We are proud that our loans are among the best performing in the industry and remain committed to providing financial solutions that improve the lives of the men and women who have sacrificed so much for our nation.”The primary business of NewDay, which is owned by a private company, Chrysalis Holdings, is originating refinance mortgage loans guaranteed by the Veterans’ Administration (VA) made available exclusively to service members, veterans, and their surviving spouses.NewDay advertises primarily through direct mail campaigns, having solicited approximately 50 million consumers through the mail in a three-year period from 2011 to 2014. According to CFPB, NewDay entered into a marketing agreement with a veterans’ association facilitated by a broker company and agreed to pay “lead generation fees” to both organizations, as well as a licensing fee to the broker company.This marketing agreement earned NewDay the title of “exclusive lender” for that particular veterans’ association, but NewDay stated in its advertising materials that the title was based on high service standards and excellent value without disclosing its financial relationship with the veterans’ organization. According to CFPB, NewDay’s failure to disclose this financial relationship constituted a deceptive act or practice, which is a violation of the Dodd-Frank Wall Street Reform Act of 2010.”NewDay profited from the trust that veterans place in their veteran service organization,” CFPB Director Richard Cordray said. “Veterans, and any consumers getting a mortgage, deserve honest information about lender endorsements.”Also according to CFPB, NewDay’s direct mail advertisements contained recommendations from the veterans’ organization urging its members to use NewDay’s products. These recommendations by the veterans’ organization as well as referral activities through the telephone and the Web constituted a referral of settlement business, according to CFBP. The payments NewDay made to the veterans’ organization and the broker company for these activities constituted illegal kickbacks, a violation of the Real Estate Settlement Procedures Act (RESPA).As a result of the violations of the Dodd-Frank Act, NewDay will terminate its relationships with both the broker company and the veterans’ organization. In addition to paying a $2 million civil penalty to the CFPB’s Civil Penalty Fund, NewDay will also end deceptive marketing practices, end deceptive endorsement relationships, and cease making payments for referrals. CFPB Fines Nonbank Lender $2 Million For Deceptive Mortgage Advertising, Kickbacks Sign up for DS News Daily Previous: Wayne County, Michigan, Officials Help More Than 4,000 Avoid Foreclosure Next: Republican Lawmakers Seek to Halt Government Bank Rescues About Author: Brian Honea CFPB Dodd-Frank Act NewDay Financial Nonbank Lenders Veterans 2015-02-10 Brian Honea Data Provider Black Knight to Acquire Top of Mind 2 days ago Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland. The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Home / Daily Dose / CFPB Fines Nonbank Lender $2 Million For Deceptive Mortgage Advertising, Kickbacks Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Print This Post Related Articles Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share Save Subscribe
Sept. 29, 2007Box ScorePENSACOLA, Fla. – After allowing their first goal in nearly 400 minutes of the play West Florida women’s soccer team stormed back to win their fifth straight match 4-1 over Ouachita Baptist on Friday night at the UWF Soccer Complex.The Tiger struck first and took a 1-0 lead into halftime. However, it was the Argonauts sparked by Brandi Adams, who picked up three assist and her first goal of the season, that put up four second-half goals en route to the 4-1 victory.Adam’s first assist came nine minutes into the second half when her cross found Jodi Galucci who headed in the Argos first goal and her sixth of the season. Adams’ other two assists were on set play both to Dernelle Mascall. In the 66th minute, following a foul Adams placed the ball into the box for a waiting Mascall and in the 74th minute Adams once again found Mascall, for her eighth goal of the season, this time on a corner kick.Sandwiched in between her second and third assist Adams picked up her first goal of the season coming on a penalty kick in the 70th minute.Current Gulf South Conference Defender of the Week Courtney Jones picked up four saves in her sixth win of the season.”We showed alot of heart, dedication and commitment tonight,” said head coach Joe Bartlinski. “We were down 1-0 at the half to a good team and found a way to come back. This is a big win for us in the region.”Up next for the Argonauts is another conference rival Harding University of Sunday afternoon with kick off scheduled for 3:30 p.m. following the men’s game also against the Bisons. Print Friendly Version Share West Florida Wins Fifth Straight Match
A change to the waiver was recommended by a working group in February that would mirror the one-time exception and go into effect this year. That was before college sports were shut down and thrown into disarray by the coronavirus pandemic.NCAA-LAWSUITNCAA sued for gender-based violenceUNDATED (AP) — The NCAA is facing a federal lawsuit accusing the organization of failing to address gender-based violence by male athletes against female students at colleges and universities.The suit was filed this week in U.S. District Court in Michigan. Plaintiffs in the suit include women who have been athletes at Michigan State, Nebraska and an unidentified America East school. Other plaintiffs have been students at Michigan State or Nebraska. PGA-EXEMPTIONSPGA players to retain exemptionsUNDATED (AP) — The PGA Tour has issued a memo to its members saying players exempt for this season will keep the same status for the 2020-21 season that is scheduled to start in September. However, players can earn a higher ranking after this shortened season.The memo to outline the changes was another step in the tour trying to figure out what’s equitable in a season that will be without 13 previously scheduled events due to the COVID-19 pandemic.The decision will prevent anyone competing in the Korn Ferry Tour to graduate to the PGA Tour. The circuit says it will resume its season without fans present starting May 17 at Darlington Raceway in South Carolina. The premier Cup Series will then race three more times in a 10-day span, beginning with one more at Darlington before two outside Charlotte, North Carolina.NASCAR’s revised schedule goes only through May and has a pair of Wednesday Cup races, fulfilling fans’ longtime plea for midweek events.The first race is scheduled for Darlington, NASCAR’s oldest superspeedway, followed by a second race at the 70-year-old, egg-shaped oval track three days later. Charlotte Motor Speedway will then host the Coca-Cola 600 on May 24 to mark 60 consecutive years the longest race on the NASCAR schedule will be held on Memorial Day weekend. The track in Concord, outside NASCAR’s home base of Charlotte, will then host a Wednesday race three days later. There will also be lower-tier Xfinity and Trucks series races at the two tracks.The North Carolina governor has said the Charlotte races can be held as long as health conditions in the area do not deteriorate.In other developments related to the coronavirus pandemic: Share This StoryFacebookTwitteremailPrintLinkedinRedditVIRUS OUTBREAK-SPORTSNASCAR to resume season May 17 without spectatorsUNDATED (AP) — NASCAR has set a date to green flag its Cup season. COLLEGE BASKETBALL-WAKE FOREST-FORBESWake Forest turns to ETSU’s Forbes as men’s basketball coachWINSTON-SALEM, N.C. (AP) — Wake Forest has hired East Tennessee State’s Steve Forbes as its men’s basketball coach.The hiring comes less than a week after the school fired Danny Manning.Forbes is coming off a five-year run at ETSU that ended with a 30-win season and the Southern Conference Tournament championship before the NCAA Tournament was canceled amid the coronavirus pandemic. He went 130-43 in his time with the Buccaneers, winning at least 24 games each year while also winning the league tournament in 2017 to reach the NCAA Tournament. — The Bengals have released quarterback Andy Dalton, clearing the way for reigning Heisman Trophy winner Joe Burrow to lead a team that remade itself in the draft. Dalton set several Bengals passing records in his nine seasons and led the team to a club-record five straight playoff berths without winning a postseason game. Coach Zac Taylor benched Dalton for three games last season, an indication his time in Cincinnati was finished. Burrow was taken first overall in the draft last week.— The Giants have picked up the fifth-year options for tight end Evan Engram and safety Jabrill Peppers, thus extending their rookie contracts through the 2021 season. Engram has made 25 starts and 34 appearances overall in three seasons, catching 153 passes for 1,766 yards and 12 touchdowns. Peppers was acquired in March of last year in the trade that sent Odell Beckham Jr. to the Browns.— Denver Broncos star linebacker Von Miller says he tested negative for the coronavirus two weeks after announcing he had been diagnosed with COVID-19. Miller tweeted that he got his results Thursday. Miller went public with his diagnosis on April 16. He said he wanted to show that the virus could affect anybody, even someone such as a young, world-class athlete in tip-top shape. Miller, who has asthma, was under the care of Broncos team doctors and quarantined at his Denver area home over the last two weeks.— Seahawks general manager John Schneider said starting linebacker K.J. Wright underwent offseason shoulder surgery and is unsure of the timeline of when he’ll be healthy. Wright finished the 2019 regular season with a career-high 132 total tackles and didn’t miss a game.— NFL Players Association President JC Tretter is calling for a re-examination of a portion of the labor agreement with the league affecting disability coverage for former players. Tretter, a center with the Cleveland Browns, succeeded Eric Winston as union president earlier this year. Tretter wants the NFLPA’s executive board and the leadership of former players to come together to discuss some offsets in the collective bargaining agreement narrowly approved by the players in March. The language the overall union membership voted on is not the same as what wound up in the deal that runs through the 2030 season. SOCCER-FIFA SCANDALTwo financial institutions settle in FIFA scandalNEW YORK (AP) — An Israeli bank and its Swiss subsidiary have agreed to pay over $30 million for their role in conspiring to launder more than $20 million in kickbacks to soccer officials.They are the first financial institutions implicated in the FIFA scandal to reach a resolution with U.S. prosecutors. According to the U.S. attorney’s office in Brooklyn, the institutions will forfeit $20.73 million and pay a fine of $9.33 as part of a non-prosecution agreement.The scheme took place through the banks’ Miami branch from 2010-15, with many of the payments tied to marketing rights for the Copa America.,Tampa Bay Lightning advance to face Dallas Stars in Stanley Cup finals, beating New York Islanders 2-1 in OT in Game 6 UNDATED (AP) — The Kansas City Chiefs have exercised their fifth-year option on Patrick Mahomes (mah-HOHMZ’), ensuring their star quarterback will be under contract for at least two more seasons.But general manager Brett Veach and coach Andy Reid are hoping to reach a long-term deal with the reigning Super Bowl MVP by the start of training camp. The contract could last four or five years and make Mahomes the first player in NFL history to make at least $40 million per season.Mahomes has completed almost 66% of his passes for 9,412 yards, 76 touchdowns and just 18 interceptions since being taken with the 10th overall pick in the 2017 draft.If the Chiefs are unable to sign Mahomes to a long-term deal, he would be due a base salary of $25 million for the 2021 season.In other NFL news: Associated Press May 1, 2020 — Hungarian Grand Prix organizers say spectators won’t be allowed at this year’s Formula One race if it goes ahead. The race is planned for Aug. 2 but Formula One officials are rewriting the 2020 schedule after the coronavirus pandemic forced cancellations and postponements. Hungarian race officials announced their plan after the government banned large gatherings through Aug. 15. F1 chairman Chase Carey says the season could start July 5 with the Austrian GP. He hopes 15-18 races can take place beginning in Europe before moving to Eurasia, Asia and the Americas.— The European Masters golf tournament scheduled for August in Switzerland has been canceled. Organizers say the decision came after the Swiss government extended a ban on gatherings of more than 1,000 people through August. The tournament in the Swiss Alps was scheduled for Aug. 27-30. Organizers say the course at Crans-sur-Sierre Golf Club will open to the public on May 11 as part of the easing of social restrictions.— The three biggest names in men’s pole vault will compete against each other in a rare sporting event during the coronavirus pandemic. And they’ll do it from their own backyards. Video links will connect world record holder Armand Duplantis, world champion Sam Kendricks and former Olympic champion Renaud Lavillenie in what’s being called “The Ultimate Garden Clash.” Duplantis will be in Louisiana, Kendricks in Mississippi and Lavillenie in France, and the event will be streamed on social media. Their challenge is to clear the most 5-meter jumps within 30 minutes.— This year’s Little League World Series and the championship tournaments in six other Little League divisions have been canceled. Little League President Stephen Keener said it would be “impossible” to hold the events amid ongoing restrictions on large gatherings and travel. The Little League World Series has been held every August since 1947 and has never been canceled. The annual major league game in Williamsport, which this year was to feature the Boston Red Sox and Baltimore Orioles on Aug. 23, has also been canceled.— The Dodgers will soon give fans an account credit for home games scheduled in March and April. The team hasn’t announced any plans for fans who have tickets to games later in the season. Dodger Stadium is set to host the All-Star Game in July. Officially, it has not been canceled, which the team noted in its information for fans. — Paris St. Germain has been officially crowned Ligue 1 champion of French soccer, two days after the government ruled that the league had to be canceled because of the pandemic. Handing PSG its seventh title in eight years was basically a formality, with the team 12 points ahead of second-place Marseille with 10 rounds of matches left to play. Other teams objected to the decision to finalize the league standings based on a points-per-game formula, with Lyon threatening to take legal action after missing a chance to qualify for the lucrative Champions League.— German chancellor Angela Merkel (AHN’-geh-lah MEHR’-kuhl) says a decision on whether the country’s soccer league can resume has been pushed back to next Wednesday. Soccer authorities had been hoping to receive the go-ahead to resume league games without fans as early as May 9. Merkel met with the country’s 16 state governors and warned there is still a danger that numbers of COVID-19 infections could rise if strict containment measures are relaxed too soon.— The New York Racing Association is seeking to resume live racing at Belmont Park without fans, and it wants to do the same thing this summer at Saratoga. NYRA says returning to racing would “provide a small sense of normalcy for fans across the country who can watch on television and online.” There has been no live racing in New York since March 15, although training has continued at Belmont Park. NYRA says thoroughbred racing provides $3 billion in annual economic impact and over 19,000 jobs in the state.NFL-NEWSChiefs pick up Mahomes option, work on long-term deal Update on the latest in sports: NCAA-TRANSFER WAIVERNCAA board recommends delaying change to transfer waiverUNDATED (AP) — The NCAA Board of Governors has recommended delaying a change to the transfer waiver process that would permit all athletes to switch schools once without sitting out a season.The NCAA announced the board’s recommendation Thursday after several days of meetings but added the Division I council could still a vote on making the waiver change in May and having it take effect immediately.Currently, NCAA rules require football, baseball, men’s hockey and men’s and women’s basketball players to sit out a season after transferring. Athletes in all other sports are allowed by rule a one-time exception so they can play right away after switching schools.