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CFPB Fines Real Estate Company $500,000 For RESPA Violations

The Consumer Financial Protection Bureau (CFPB) ordered the largest real estate company in Alabama to pay $500,000 for allegedly inadequate disclosures to consumers during the home-buying process....more

CFPB orders New Jersey title services company to pay for illegal mortgage referrals

On June 12, the CFPB announced that it has issued a Consent Order under which a New Jersey title services company, Stonebridge Title Services Inc., agreed to pay a $30,000 civil money penalty for paying illegal kickbacks for...more

CFPB Fines Realty Firm $500K Over RESPA Disclosures

On May 28, the CFPB ordered the largest real estate company in Alabama to pay a $500,000 civil penalty to settle claims that the company provided inadequate disclosures of its relationship with an affiliated title insurance...more

Individual Liability in CFPB Enforcement Proceedings

To date, the CFPB has brought 12 cases—out of more than three dozen total CFPB enforcement cases—in which it named individuals as defendants or respondents liable for violations of consumer protection statutes. Below, we...more

Mortgage Lead Generator To Pay $250,000 in FTC Settlement on Deceptively Advertised Mortgage Rate Charges

GoLoansOnline.com, Inc., a Houston, Texas-based mortgage lead generator, will pay the Federal Trade Commission $250,000 under a settlement announced earlier this month of claims it operated mortgage lending websites that...more

Court Strikes Class Action Allegations Citing Individualized Causation Issues

A Pennsylvania federal district court granted defendant CitiMortgage’s motion to strike class allegations under Rule 23(d)(1)(D), because it was clear from the complaint that plaintiffs could not meet the requirements for...more

C.D. Cal. Limits Scope Of RESPA Kickback Safe Harbor For “Services Actually Performed”

On April 29, the U.S. District Court for the Central District of California held that RESPA’s preclusion of liability for otherwise illegal kickbacks based on “services actually performed” relates only to “settlement...more

Fidelity Mortgage Consent Order Sends Strong Message the CFPB Will Enforce Laws, No Matter Size of Violator

On January 16, 2014, the CFPB issued a Consent Order resolving a claim that Fidelity Mortgage Corporation (Fidelity), a mortgage lender, and its president, Mark Figert, violated RESPA Section 8 by paying illegal kickbacks to...more

Developers Beware: Consumer Protection Procedures Act Strikes Again in D.C.

A recent court decision emphasizes the need for real estate developers to proceed with caution when making representations to potential home buyers in the District of Columbia, as well as in other jurisdictions with similar...more

CFPB settles RESPA referral fee charges against mortgage lender based on rent payments

The CFPB has announced that it has issued a Consent Order to settle charges that a mortgage lender and its principal violated RESPA Section 8 by paying illegal kickbacks to a bank in exchange for mortgage loan referrals....more

Editorial: Who’s The Fairest Lender Of Them All? As Government Scrutiny Intensifies, Don’t Get Snowed Under By Fair-Lending Laws

In the past few years, the federal government has devoted substantial resources to scrutinizing and litigating what it perceives to be unfair, deceptive or abusive mortgage-lending practices. Looking forward, all indications...more

CFPB Settles with Mortgage Insurance Company for Violations of RESPA

The CFPB announced it had entered into a consent order with a mortgage insurance company following the CFPB’s filing of a complaint in the United States District Court for the Southern District of Florida against the company...more

JPMorgan Finalizes $13 Billion Settlement With Department of Justice

On November 19, the U.S. Department of Justice announced that JPMorgan Chase & Co. has agreed to pay $13 billion to settle a number of federal and state RMBS-related civil claims against JPMorgan and two institutions that...more

New York Announces Mortgage Discount Fees Enforcement Action

On October 23, New York Governor Andrew Cuomo announced a $3 million penalty against a mortgage lender that the New York State Department of Financial Services (DFS) determined engaged in deceptive practices concerning...more

CFPB Files Complaint Alleging Violations of RESPA

Based on an investigation by HUD beginning more than two years ago, the CFPB filed a complaint in the United States District Court for the Western District of Kentucky against a law firm that provides settlement services...more

CFPB Files Suit under RESPA for Alleged Kickbacks to Affiliated Businesses

Last week, the Consumer Financial Protection Bureau announced that it filed suit against a Kentucky law firm, Borders & Borders, PLC, and its principals, alleging that the defendants violated Section 8 of the Real Estate...more

CFPB Sues Law Firm Over Alleged RESPA Violations

On October 24, the CFPB announced the filing of a lawsuit against a Kentucky law firm and its principals for allegedly violating Section 8 of RESPA by operating a network of affiliated companies in order to pay “kickbacks”...more

Nevada AG Announces RMBS Agreement

On October 17, Nevada Attorney General (AG) Catherine Cortez Masto announced that she had finalized an agreement with a financial institution that requires the financial institution to pay $11.5 million, without admitting...more

PHOENIX LIGHT SF LIMITED et al v. JPMORGAN CHASE & CO., J.P. MORGAN SECURITIES LLC. et al

COMPLAINT ALLEGING THAT JPMORGAN DEFENDANTS KNEW THAT THE REPRESENTATIONS IN THE OFFERING DOCUMENTS WERE FALSE AND MISLEADING

Every single one of the large financial institutions deserves to be closed and dissolved, their officers imprisoned and every single one of the regulators involved, including The Fed, SEC, OTS and OCC should be...more

PHILLIP R. CORVELLO v. WELLS FARGO BANK, NA, DBA America’s Servicing Company, DBA Wells Fargo Home Mortgage, Inc.

PHILLIP R. CORVELLO v. WELLS FARGO BANK, NA, RE: CLASS ACTION COMPLAINT FOR BREACH OF CONTRACT, BREACH OF IMPLIED COVENANT OF GOOD...

CLASS ACTION COMPLAINT FOR BREACH OF CONTRACT, BREACH OF IMPLIED COVENANT OF GOOD FAITH AND FAIR DEALING, VIOLATION OF THE UNFAIR COMPETITION LAW, AND PROMISSORY ESTOPPEL. THE 9TH CIRCUIT COURT OF APPEALS REVERSED THE...more

PHILLIP R. CORVELLO, Plaintiff-Appellant, v. WELLS FARGO BANK, NA, DBA America’s Servicing Company, DBA Wells Fargo Home Mortgage, Inc., Defendant-Appellee

Wells Fargo Mortgage Modification Lawsuits Revived by 9th Circuit Court of Appeals

Wells Fargo Mortgage Modification Lawsuits Revived by Court In a separate action involving Wells Fargo, a U.S. Court of Appeals held that the bank must face lawsuits by home loan borrowers for refusing to offer them...more

Department of Justice Sues Bank of America for Defrauding Investors in Connection with Sale of Over $850 Million of Residential...

Department of Justice Sues Bank of America for Defrauding Investors in Connection with Sale of Over $850 Million of Residential Mortgage-Backed Securities. The complaint alleges that Bank of America lied to investors about...more

RICHARD GEORGE; STEVEN LEAVITT and SANDRA LEAVITT, and all others similarly situated Plaintiffs, v. URBAN SETTLEMENT SERVICES d/b/a URBAN LENDING SOLUTIONS; BANK OF AMERICA, N.A.

CLASS ACTION COMPLAINT Re: Bank of America & Urban Lending Sued for Racketeering (RICO) on Fraudulent “Modification” Program

In a case that may have far-reaching consequences, a lawsuit was filed in federal court in Colorado accusing Bank of America of racketeering (RICO). It was a game to the bank. They intentionally lured people into what they...more

Wachovia Mortgage Corp. (Wells Fargo Bank) vs. Paul Posti et al.

Final Judgment Re: Judge Forces Permanent Modification After Mortgagor Complies with the Terms of The Trial Modification

A trial judge has ordered the lender to execute a permanent modification based upon the borrowers total compliance with the provisions of the trial modification. Wells Fargo (Wachovia) was given the terms of the...more

NEW YORK STATE DEPARTMENT OF FINANCIAL SERVICES vs DELOITTE FINANCIAL ADVISORY SERVICES LLP. RE: $10 MILLION FINE & A ONE-YEAR BAN...

Deloitte LLP’s financial advisory services unit agreed to pay $10 million and accept a one-year ban from consulting for New York-regulated banks to settle regulators’ allegations the firm mishandled its anti-money-laundering...more

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