ACI Worldwide, a payment processing company, and ACI Payments, one of its subsidiaries, are under investigation for their part in a $2.3 billion mortgage fraud. According to a Department of Justice report, the companies are suspected of aiding a $2.3 billion unauthorized transfer of payments from nearly 500,000 homeowners serviced by Mr. Cooper, one of the top mortgage servicers in the country.
The details of the investigation are still unclear and the companies are yet to respond to the accusations. Nevertheless, the Department of Justice has launched an investigation to find out who is responsible for the massive fraud. This incident is indicative of the issues that the mortgage industry still faces. It is essential that financial institutions improve their security protocols and ensure that all payment processing is done in accordance with state and federal laws. In addition, it is important that firms invest in the necessary software and infrastructure to prevent similar frauds in the future.
You can read this full article at: https://www.housingwire.com/articles/aci-worldwide-to-pay-25m-for-illegally-processing-mortgage-payments/(subscription required)
Note Servicing Center provides professional, fully compliant loan servicing for private mortgage investors so they can avoid the aggravation of servicing their own loans and just relax and get paid. Contact us today for more information.
Share This Story, Choose Your Platform!
Related Posts
Disclaimer
The information provided in this article is for general educational and informational purposes only and does not constitute legal, financial, investment, tax, or professional advice. Note Servicing Center, Inc. is a licensed loan servicer and does not provide legal counsel, investment recommendations, or financial planning services. Reading this content does not create an attorney-client, fiduciary, or advisory relationship of any kind.
Nothing in this article constitutes an offer to sell, a solicitation of an offer to buy, or a recommendation regarding any security, promissory note, mortgage note, fractional interest, or other investment product. Any references to notes, yields, returns, or investment structures are illustrative and educational only. Past performance is not indicative of future results, and all investments involve risk, including the potential loss of principal.
Note investing, real estate transactions, and lending activities are subject to federal, state, and local laws that vary by jurisdiction and change over time. Before making any decision based on the information in this article, you should consult with a qualified attorney, licensed financial advisor, certified public accountant, or other appropriate professional who can evaluate your specific circumstances.
While we make reasonable efforts to ensure the accuracy of the information presented, Note Servicing Center, Inc. makes no warranties or representations regarding the completeness, accuracy, or current applicability of any content. We disclaim all liability for actions taken or not taken in reliance on this article.