Illegal Mortgage Leads
For two years, an executive of a Countrywide Financial Corp. unit was successfully operating a mortgage leads business using data he stole from the company. He downloaded the records of 20,000 borrowers each week -- until he was caught.
Rene Leonard Rebollo Jr. was a senior financial analyst at Full Spectrum Lending in Pasadena, Calif., according to a criminal complaint against him.
He earned $63,000 annually plus an annual bonus of around $2,000.
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LendingTree Faces Class Action Over Data Breach
LendingTree LLC, which recently disclosed that former employees helped a number of mortgage companies steal the personal information of loan prospects, is now facing a class-action lawsuit over the data breach.
Mortgage Leads Litigation
LendingTree filed a fraud lawsuit against several individuals and companies over stolen lead data.
Meltdown Stokes Privacy Violations
Two mortgage companies are facing government legal actions for failing to adequately secure the private information of former borrowers and applicants. The case of one of the companies, which shut down this summer, is likely to be repeated across the country given the scale of the mortgage meltdown. And if branch managers of local operations fail to secure files upon the closing of local offices -- officers and directors could be held criminally liable.
Best Leads Practices Recommended
Lead generation companies are being asked to voluntarily adopt a set of best practices.
P2P Network Exposed Private Borrower Data
The social security numbers and other personal information of more than 5,200 ABN AMRO Mortgage Group borrowers were inadvertently opened to access by anyone using an online file sharing network as a result of actions by a former employee.
Public Filing Contained Private Data
Credit Suisse First Boston Mortgage Securities Corp. has paid $500,000 in penalties for disclosing the personal information of more than 1,000 borrowers in a public filing.
Lead Generation Scrutinized
Aggressive lead generation tactics are prompting regulatory inquiry at both state and federal levels, according to a recent industry report.
Bigger is Better in Offshoring
Data security, company size and cost are big factors in deciding to offshore mortgage functions, according to a recent survey of mortgage providers.
Company Sued for Dumping Files
The Aloha state has sued a defunct escrow company and its former president for recklessly discarding the personal information of some 1,000 borrowers, sellers, real estate agents, mortgage brokers, and former employees.
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