Consumer Protection Residential Real Estate

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CFPB Enforcement Update

This update analyzes the trends and patterns in the Consumer Financial Protection Bureau’s publicly available enforcement actions. Leveraging the analysis in our December 2014 White Paper, CFPB Enforcement by the Numbers...more

Interacting with Settlement Agents to Ensure TRID Compliance

Last October, the Consumer Financial Protection Bureau’s (CFPB) new integrated mortgage disclosure rule under the Truth in Lending Act and the Real Estate Settlement Procedures Act (commonly known as the TILA-RESPA Integrated...more

CFPB Director’s Divisive View of RESPA Limitations Period Central to Ongoing UDAAP Action

In the ongoing Integrity Advance enforcement action by the Consumer Financial Protection Bureau (“CFPB” or “Bureau”), the Office of Enforcement this month filed a brief arguing that its claims for alleged unfair, deceptive,...more

DOJ Settles Action Alleging Bank Discriminated Against Disability Income Recipients

The U.S. Department of Justice recently entered into a consent order with Evolve Bank & Trust to settle charges that the bank discriminated against mortgage loan applicants on the basis of disability and receipt of public...more

Consumer & Class Action Litigation Newsletter - January 2016

Plaintiff's Attempts to Turn Alleged "Clicking" and "Dead Air" into a TCPA Violation Rejected - Norman v. AllianceOne Receivables Mgmt., Inc., No. 15-1780, 2015 WL 9286778 (7th Cir. Dec. 22, 2015) - The Seventh...more

Can Lenders Foreclose While a Borrower’s Loan Modification Application is Under Review?

A recent decision by the California Court of Appeal held that the practice called “dual tracking” – when a lender forecloses on a property while the borrower’s application for a loan modification is under review – violates...more

The Consumer Financial Protection Bureau’s New Rule for Compliance with the Home Mortgage Disclosure Act

This past October 15th, the Consumer Financial Protection Bureau announced the purported finalization of its “new rule” for “updating the reporting requirements” under the Home Mortgage Disclosure Act HMDA.” The point of the...more

CFPB in 2016

A new year is upon us and what better resolution for the financial services industry than thinking ahead and planning for the CFPB's potential agenda in 2016? After the flurry of mortgage activity in both 2014 and 2015,...more

How the Current Regulatory and Legal Landscapes Can Lead to Fair Lending Violations

The CFPB's website states, "Other regulators focus on the safety and soundness of the financial institutions first. The CFPB is the first to focus primarily on the American consumer." The CFPB's actions, however, may have the...more

CFPB Releases Fall 2015 Report Touting Recovery of Millions Through Supervisory Actions

On November 3, the Consumer Financial Protection Bureau (CFPB) released its fall 2015 supervisory report concerning enforcement actions from May 2015 through August 2015. The Bureau highlights violations in the mortgage...more

CFPB Agrees to Give Originators a Grace Period for Compliance with New TRID Regulations

On the eve of the New Year, the Consumer Financial Protection Bureau (CFPB) took steps to calm industry concerns about the effect of the new TILA RESPA Integrated Disclosure (TRID) rules enacted by the CFPB. Effective October...more

The Moronta Decision in Massachusetts – Determining A Borrower’s Ability To Repay

A recent decision by the Massachusetts Court of Appeals highlights some of the challenges lenders may face when seeking the dismissal of allegations of unfair and deceptive lending practices in connection with a loan that...more

CFPB Construction Loan "Fact Sheet" Falls Far Short of Necessary Guidance

The Consumer Financial Protection Bureau (CFPB) has issued a "fact sheet" regarding the disclosure of construction-to-permanent loans under the TILA/RESPA Integrated Disclosure (TRID) rule, which the CFPB refers to as the...more

CFPB Releases Guidance on Construction Loan Disclosures

On January 12, the CFPB released a Construction Loans Fact Sheet reviewing the basics of construction loan disclosures under the TILA/RESPA Integrated Disclosure (“TRID”) Rule. This resource briefly summarizes the TRID...more

Residential Real Estate Marketing Services Agreements: Not Worth the Regulatory Risk

The residential mortgage origination industry has long used Marketing Services Agreements (MSAs) to establish the terms of certain marketing arrangements. An MSA, written or oral, addresses the terms according to which a...more

CFPB engaged in process to allow public input on privacy questions under new HMDA rule

On January 11, Elena Babinecz, a CFPB attorney, spoke as part of a panel relating to the revised HMDA rule at the Winter Meeting of the Consumer Financial Services Committee of the Business Law Section of the American Bar...more

CFPB Issues RFI for HMDA Data Resubmission Final Rule

On January 7, 2016, the Consumer Financial Protection Bureau (CFPB) issued a request for information (RFI) seeking feedback and additional information on what modifications may be appropriate to the CFPB’s Home Mortage...more

CFPB construction loan “fact sheet” falls far short of necessary guidance

The CFPB has issued what it calls a “fact sheet” regarding the disclosure of construction-to-permanent loans under the TILA/RESPA Integrated Disclosure (TRID) rule, which the CFPB refers to as the Know Before You Owe rule....more

Nevada Deals a New Hand

Holders of Mortgage Servicing Rights are not Subject to Licensing as Mortgage Servicers in Nevada. In July 2015, the Nevada legislature dealt the mortgage industry a new hand when it passed Assembly Bill 480 (2015) (“AB...more

CFPB Issues Request for Information Regarding HMDA Disclosure Guidelines

On January 7, the CFPB announced that it will request public feedback on the resubmission of mortgage lending data reported under HMDA. Upon publication in the Federal Register, the Request for Information Regarding Home...more

TRID Liability Will Be A Dominant Issue In 2016

Oct. 3, 2015, was a watershed moment for the mortgage origination industry and the Consumer Financial Protection Bureau. On that date, the CFPB’s long-awaited Know Before You Owe: TILA-RESPA Integrated Disclosure (TRID) rule...more

Know Before You Sell: CFPB Letter on “Know Before You Owe” Implementation

In response to a written request from the Mortgage Bankers Association (MBA), Richard Cordray, Director of the Consumer Financial Protection Bureau (CFPB), penned a response dated December 29, 2015, addressing implementation...more

CFPB Issues Letter on TRID Enforcement and Liability

On December 29, 2015, CFPB Director Richard Cordray sent a letter to the president of the Mortgage Bankers Association regarding implementation of the CFPB’s Know Before You Owe mortgage disclosure rule (more commonly known...more

CFPB seeks input on HMDA resubmissions

The CFPB has issued a request for information (RFI) seeking information on what changes to the CFPB’s HMDA Resubmissions Guidelines may be appropriate. The RFI responds to comments received by the CFPB in connection with its...more

Mortgage company pays $7.4 million to settle TCPA violations

Mortgage Investors Corp. (MIC) settled a class action this week for $7.4 million for its alleged violations of the Telephone Consumer Protection Act (TCPA) in an Oregon federal court. Plaintiffs stated in their complaint that...more

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