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» VISIT US ONLINE @ DSNEWS.COM 85 85 KANSAS Credit Suisse to Pay $400 Million in RMBS Litigation After allegedly selling toxic residential mortgage-backed securities which led to the failure of three credit unions, Credit Suisse Securities has agreed to pay a $400 million settlement. e National Credit Union Administration (NCUA) settled with Credit Suisse, one of Switzerland's largest banks, ending a litigation that has lasted nearly five years. e NCUA filed a motion for voluntary dismissal in Kan- sas federal court. "We are pleased that with the finalization of this settlement, another legacy matter has been resolved," Nicole Sharp, a spokeswoman for Credit Suisse, said in a statement. e NCUA alleged in its complaint that Credit Suisse made false statements about the quality of mortgages underlying around 20 securities it sold to Lenexa, Kansas-based U.S. Central Federal Credit Union; San Dimas, California-based Southwest Corporate Federal Credit Union; and Plano, Texas-based West- ern Corporate Federal Credit Union prior to the financial crisis, Law360 reported. Credit Suisse had previously seen these claims trimmed in original litigation, and the bank fought to dismiss the case entirely. In 2013, U.S. District Judge John Lungstrum rejected federal claims related to 12 residential mortgage-backed securities sold by Suisse Bank and purchased by U.S. Central Federal Credit Union, Western Corporate Federal Credit Union, and Southwest Federal Credit Union. Judge Lungstrum preserved the federal claims of eight other banks. e bank had previously reached a settle- ment of $50 million with the NCUA following the failure of several other credit unions in April 2016. Law360 noted the NCUA has seen around $5.1 billion in settlements from several banks over the sales of mortgage-backed securities to five failed federal credit unions. "NCUA has pursued litigation for nearly six years with the aim of holding responsible parties accountable and reducing the burden of stabilization fund assessments on credit unions," NCUA Acting Board Chairman J. Mark McWatters said in a statement. is now an "authorized report supplier" for Fannie Mae's Day 1 Certainty program, which exempts lenders from representations and warranties and helps expedite the lending process. DataVerify's 4506-T IRS Tax Transcript Verification services are now available through Fannie Mae's Desktop Underwriter, which validates loan application data upfront as part of the Day 1 Certainty program. DataVerify's offering allows for e-signatures and streamlines workflow. "Being an Authorized Report Supplier for Day 1 Certainty from Fannie Mae allows DataVerify to continue providing lenders a single platform for consistent and efficient lending decisions backed by the protections of Day 1 Certainty from Fannie Mae," DataVerify President Kent S. Johnson said. Brad Bogel, SVP at DataVerify, said, "DataVerify is proud to be part of this industry-changing program, with the integration of DataVerify Validation Services. Having a direct integration to Day 1 Certainty from Fannie Mae services ensures our customers a secure and efficient method for evaluating and delivering 4506-T IRS Tax Transcript information." OHIO Chase Mortgage Offers Reward for Chase Sapphire Homebuyers For a limited time, Chase Mortgage is partnering with Chase Sapphire to offer Sapphire customers 100,000 reward points on their credit cards when they purchase a home loan with Chase Mortgage. e offer is aimed at millennial homebuyers, who make up half of Chase Sapphire customers. "We want to show the true benefit of being a Chase customer throughout the many stages of life, whether it's opening your first credit card or buying your first home," said Amy Bonitatibus, Chief Marketing Officer for Chase Mortgage in Columbus, Ohio. "We designed this exclusive mortgage offer for our Chase Sapphire customers to reach a new wave of homebuyers." Chase experienced an increase in millennial home loan borrowers and anticipates more of its millennial customers will become homebuyers in the near future. Millennials contributed to 36 percent of home loan originations at Chase in 2016, up from 20 percent in 2015. "Half of Chase Sapphire customers are millennials, many of whom are looking to buy their first home now or in the near future," said Pam Codispoti, President of Chase Branded Cards. "With tremendous enthusiasm around the new Sapphire Reserve card and ongoing popularity of Sapphire Preferred, this is another way to provide even more value to our shared customers." All customers who held a Chase Sapphire, Sapphire Preferred, or Sapphire Reserve card before May 7 are eligible for the reward offer, which lasts through August 6. e offer applies to mortgage purchase loans only and is not available on refinance loans or home equity lines of credit. MISSOURI DataVerify Joins Day 1 Certainty Program DataVerify, a risk mitigation, data verification, and decision management provider based in Chesterfield, Missouri, THE LEADER IN DEFAULT SERVICING NEWS Help shape the next issue of DS News. Drop us a line at Editor@DSNews.com.

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