MI Update; Upcoming Events; Company Earnings Speak to Housing/Mortgage Market Health

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Posted To: Pipeline Press

”Rob, I've heard that the fines that a company pays to the CFPB are tax deductible. So therefore the money is just transferred from one government agency to another. True?" Fines are never deductible , like a traffic citation or a penalty paid due to late taxes. But monies paid back to borrowers from prior years do indeed reduce income, and are deductible in the current year. Speaking of penalties, remember Taylor Bean & Whitaker Mortgage Corp.? Disgraced former chairman Lee Farkas has asked the U.S. Supreme Court to review his conviction and 30-year sentence over an alleged $2.9 billion fraud scheme, blaming his plight on error-prone trial and appeals court lawyers. Before moving on, my note yesterday about Lenders One providing a $4,000 credit for its members to join the Community...(read more)

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Source: http://www.mortgagenewsdaily.com/channels/pipelinepress/08122015-mortgage-insurance.aspx

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