Residential Real Estate Administrative Agency Consumer Protection

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CFPB Issues Final Decision in In Re: PHH Corp.: First Agency Decision in Contested Administrative Proceeding

Earlier this month, the Consumer Financial Protection Bureau (CFPB) issued the Director’s final decision in the CFPB’s enforcement action against PHH Corp. (PPH). The decision is the agency’s first ruling in a contested...more

CFPB and Florida AG Obtain Judgment Against Law Group and Corporate Affiliates for “Mass-Joinder” Foreclosure Relief Scam

On May 29, a final order was entered against a law group and its corporate affiliates in an action brought by the CFPB and the State of Florida. The July 2014 complaint alleged that the law group and its affiliates violated...more

CFPB takes aim (again) at loan originator compensation

Two days after announcing a proposed consent order with a mortgage company and its CEO to settle charges that the company paid bonuses and higher commissions to loan officers in violation of the Regulation Z loan originator...more

CFPB Director Cordray Issues First-Ever Agency Appellate Decision in RESPA Case

The Director of the Federal Consumer Financial Protection Bureau (CFPB), Richard Cordray, issued a decision yesterday in the first appeal of a Bureau administrative enforcement action. Cordray’s decision upholds in part,...more

CFPB Orders Mortgage Originator to Pay $19 Million for Steering Violations – CEO to Pay $1 Million

The CFPB filed a complaint in federal district court against RPM Mortgage, Inc. and its CEO, Erwin Robert Hirt, for illegally paying bonuses and higher commissions to loan originators to incentivize them to steer consumers...more

CFPB settles loan originator compensation case

The CFPB has entered into a proposed consent order with a mortgage company and its CEO to settle charges that the company paid bonuses and higher commissions to loan officers in violation of the Regulation Z loan originator...more

NYDFS Superintendent Lawsky Delivers Remarks on Reforming New York Foreclosure Process

On May 19, NYDFS Superintendent Lawsky delivered remarks at the Mortgage Bankers Association’s National Secondary Market Conference & Expo regarding New York’s “broken judicial foreclosure process.” Noting that the state’s...more

CFPB Enforcement Action Appeals: Quick Resolution with Unchecked Discretion

On March 9, 2015, Consumer Financial Protection Bureau (CFPB) Director Richard Cordray presided over oral argument in the first appeal hearing of an administrative enforcement action. The appeal involves two companies that...more

FDIC Hosts Teleconference on CFPB Mortgage Rules

On May 21, the FDIC’s Division of Depositor and Consumer Protection is scheduled to host a teleconference that will focus on the implementation of the new mortgage rules issued by the CFPB in 2013. According to the FDIC,...more

OCC Updates Consumer Compliance Examination Manual To Incorporate Integrated Disclosures

The Office of the Comptroller of the Currency has released revised TILA and RESPA chapters of its examination manual for consumer compliance exams. The revised chapters incorporate the detailed procedural and substantive...more

Shelby Draft Regulatory Relief Bill Addresses Various Residential Mortgage Issues

On May 12, 2015 Senator Richard Shelby (R-AL) released a draft of a regulatory reform bill entitled the Financial Regulatory Improvement Act of 2015. The draft bill addresses various residential mortgage lending issues, a...more

OCC updates consumer compliance examination manual to incorporate integrated disclosures

The Office of the Comptroller of the Currency has released revised TILA and RESPA chapters of its examination manual for consumer compliance exams. The revised chapters incorporate the detailed procedural and substantive...more

FHFA Release Results of Fannie Mae and Freddie Mac Dodd-Frank Stress Tests

On April 30, the Federal Housing Finance Agency (FHFA) released a report providing the results of annual stress tests Fannie Mae and Freddie Mac are required to undergo under the Dodd-Frank Act. The report provide updated...more

CFPB and Maryland AG Bring RESPA Enforcement Action Against Title Company and Six Individuals

On April 29, the CFPB and the Maryland Attorney General announced a joint enforcement action against a Maryland title company and six individuals for participation in a mortgage-kickback scheme in violation of RESPA and state...more

CFPB settles action against land developers for ILSA violations

The CFPB recently announced that it had entered into a consent order with a land-development company and several individuals involved in the company’s operations to settle charges that the respondents violated the Interstate...more

CFPB and FTC Announce Settlement with National Mortgage Servicing Company

On April 21, the CFPB and the FTC announced a joint enforcement action against a national mortgage servicing company, ordering the company to pay roughly $63 million in relief and penalties for allegedly mishandling home...more

OCC Issues Updated RESPA Examination Guidance to Supervised Institutions

On April 14, the OCC issued the “Real Estate Settlement Procedures Act” booklet as part of the Comptroller’s Handbook, which is prepared for use by OCC examiners in connection with their examination and supervision of...more

CFPB Continues Focus on Mortgage Lender Advertising

Last week, the CFPB announced an enforcement action against RMK Financial Corporation d/b/a Majestic Home Loans (RMK) related to deceptive mortgage advertising practices....more

CFPB targets another mortgage lender for deceptive advertising

The CFPB has announced the settlement of an enforcement action against a California-based mortgage lender for alleged deceptive advertising practices, including the use of advertisements that the CFPB claimed falsely led...more

Director Cordray Appears Before House Financial Services Committee

CFPB Director Richard Cordray recently appeared before the House Financial Services Committee to answer questions regarding the Bureau’s Semi-Annual Report to Congress and the President, which it published on December 4,...more

Director Cordray Conducts First Ever CFPB Enforcement Appeal Hearing

On March 9, 2015, Consumer Financial Protection Bureau (CFPB) Director Richard Cordray held oral arguments in the first appeal of a CFPB administrative enforcement action. Both counsel for the CFPB and Respondents PHH...more

The CFPB & UDAAP: A ‘Know It When You See It’ Standard?

The Consumer Financial Protection Bureau’s (CFPB) continued and expanded reliance on its sweeping authority to prohibit unfair, deceptive, and abusive acts or practices (UDAAP) continues to command the attention of financial...more

Massachusetts Mortgage Lender Fined For Conducting Business at Unapproved Branch Location

On February 27, the Massachusetts Division of Banks entered into a consent order with a mortgage lender resolving allegations that it violated state and federal regulations. Under the terms of the consent order, the mortgage...more

New Requirements Regarding Flood Insurance in Massachusetts

On July 23, 2014 , Governor Deval Patrick signed into law “An Act Further Regulating Flood Insurance”, effective November 20, 2014. Links to the Act and to “Frequently Asked Questions” prepared by the Massachusetts Division...more

Disparate impact on the ropes: federal district court vacates HUD rule

A federal district court in Washington, D.C. dealt a heavy blow on Monday to HUD’s position that disparate impact claims are cognizable under the Fair Housing Act (FHA). In American Insurance Association v. U.S. Department of...more

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