Consumer Protection Residential Real Estate General Business

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The Writing is On the Wall – The CFPB Wants MSAs Gone; What Does This Mean for You?

The CFPB's mission is to promote policies and adopt regulations to allow consumers to make a fully educated decision when they purchase any consumer loan product, with the goal of such consumers taking control over their...more

Can Contract Ambiguity Cause Liability for Unfair Trade Practices?

Most of the time, a contract breach—even if intentional—does not violate N.C. Gen. Stat. § 75-1.1. A contract breach, however, can turn into a 75-1.1 violation if the breach is accompanied by “substantial aggravating...more

Final HMDA rule makes significant changes

As we previously reported, the CFPB has issued a final rule amending Regulation C, which implements the Home Mortgage Disclosure Act. The final rule makes many significant changes, including changes to the rule’s coverage and...more

CFPB issues Fall 2015 supervisory report

In its Fall 2015 Supervisory Highlights, which covers supervision work generally completed between May and August 2015, the CFPB highlights legal violations resolved using non-public supervisory actions involving consumer...more

Potential PMI Pitfall: Recalculating PMI Termination Date After Loan Modification May Lead to Litigation Exposure

In August, the CFPB issued a compliance bulletin to clarify lenders’ obligations to terminate Private Mortgage Insurance (PMI) charges under 12 U.S.C. § 4902. One subject that the bulletin did not address—but which is...more

Kentucky Court Affirms Consumer Act Claim Does Not Apply to Real Estate Transactions

In Kennedy v. Parks, the Kentucky Court of Appeals affirmed that the Kentucky Consumer Protection Act (CPA) does not apply to real estate transactions. In Kennedy, the plaintiffs entered into a contract with a builder...more

The CFPB Strongly Scrutinizes MSAs Under RESPA

The Consumer Financial Protection Bureau (CFPB) recently provided guidance discouraging mortgage industry participants from entering into marketing services arrangements (MSAs). An MSA is an agreement under which a settlement...more

CFPB Issues Final Rule to Improve Information About Access to Credit in the Mortgage Market

On October 15, 2015, the Consumer Financial Protection Bureau (CFPB) issued a final rule to implement amendments to the Home Mortgage Disclosure Act (HMDA) made by the Dodd-Frank Wall Street Reform and Consumer Protection...more

Summary of Final Rule Amending HMDA and What It Means for Covered Institutions

The Consumer Financial Protection Bureau (CFPB) has released a final rule amending Regulation C, which implements the Home Mortgage Disclosure Act (HMDA), requiring most lenders to report certain information about mortgage...more

CFPB Finalizes Rule to Update Reporting Requirements of the HMDA

On October 15, the CFPB finalized a rule amending Regulation C to update the reporting requirements of the HMDA. The final rule changes what data financial institutions must provide to Federal agencies. ...more

CFPB issues final HMDA rule

The CFPB has issued a final rule amending Regulation C, its Home Mortgage Disclosure Act regulation. The changes, which, in part, implement the Dodd-Frank Act’s amendments to HMDA, expand the scope of data required to be...more

CFPB Finalizes New HMDA Reporting Requirements

The Consumer Financial Protection Bureau (CFPB) finalized a rule yesterday aimed at providing the public and regulators with meaningful information concerning the lending practices of financial institutions....more

CFPB Issues RESPA and Marketing Services Agreements Compliance Bulletin

On October 8, 2015, the Consumer Financial Protection Bureau (CFPB) issued a compliance bulletin concerning marketing services agreements (MSAs) under the Real Estate Settlement Procedures Act (RESPA). RESPA - RESPA...more

New Landmark Consumer Disclosure Rules Trigger Privacy Concerns

The Consumer Financial Protection Bureau’s new “Know Before You Owe” mortgage disclosure rule is designed to prevent surprises at the closing table, but with increased transparency come concerns over borrower and seller...more

CFPB Bulletin Cautions That Marketing Services Agreements Often Violate RESPA

Lenders utilizing “marketing services agreements” (“MSAs”) beware: On October 8, the Consumer Financial Protection Bureau (“CFPB”) issued a new bulletin strongly cautioning that MSAs often violate Real Estate Settlement...more

CFPB Warns Again About Marketing Services Agreements

Following up on a series of enforcement actions against industry participants engaged in “marketing services agreements” (“MSAs”), the CFPB issued a Compliance Bulletin (No. 2015-15) entitled “RESPA Compliance and Marketing...more

Special Alert: CFPB Issues Guidance Regarding Marketing Services Agreements

On October 8, 2015, the Consumer Financial Protection Bureau (“CFPB”) published a compliance bulletin providing guidance to mortgage industry participants regarding the permissibility of marketing services agreements (“MSAs”)...more

CFPB Publishes Bulletin on Respa Compliance and Marketing Services Agreements

For some time now, the residential lending community has been concerned that the Consumer Financial Protection Bureau has taken unclear positions with respect to marketing services agreements (MSA’s) in its enforcement...more

TRID Enforcement – Grace Period or Not?

Earlier this year, on June 3, the Consumer Financial Protection Bureau’s (CFPB) Director responded to Congressional requests for a grace period for enforcement of Truth in Lending Act and Real Estate Settlement Procedures Act...more

Cordray Submits Letter to Trade Associations Regarding TRID Compliance

On October 1, CFPB Director Richard Cordray, on behalf of the FFIEC, responded to correspondence from the American Bankers Association and other trade associations seeking guidance as to their compliance with the Bureau’s...more

CFPB Reports Continued Mortgage Servicing and Other Violations of Consumer Financial Law

In its Supervisory Highlights released earlier this summer, the CFPB reported its examination observations in consumer reporting, debt collection, mortgage origination and servicing, fair lending, and student loan servicing....more

CFPB Expands “Small Creditor” and “Rural Area” Definitions for Qualified Mortgages

On September 21, the Consumer Financial Protection Bureau (“CFPB”) released final and revised versions of mortgage rules regarding small creditors. These changes should ease lenders’ ability to originate qualified mortgages...more

CFPB Releases New Online Tools for Consumers Ahead of the Know Before You Owe Initiative

In November 2013, as mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Consumer Financial Protection Bureau (“CFPB”) combined various federal mortgage disclosures that lenders are required to...more

CFPB Issues Compliance Bulletin on PMI Cancellation and Termination

The CFPB recently issued Compliance Bulletin 2015-03, addressing the cancellation and termination requirements for private mortgage insurance (PMI) under the Homeowners Protection Act of 1998 (HPA). We note that this Bulletin...more

Consumer Financial Protection Bureau Takes Action Against Payment Processing Company and Mortgage Servicer

The Consumer Financial Protection Bureau (CFBP) recently took action against a payment processing company, Paymap Inc. (Paymap), and mortgage servicing company, LoanCare, LLC (LoanCare), for deceptive conduct in connection...more

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