CFPB has launched investigations arising out of warning letters issued to mortgage lenders and brokers

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We previously reported that the Bureau had sent warning letters to many mortgage originators and brokers chastising them about certain advertising practices. Yesterday, at the ABA Consumer Financial Services Committee meeting, Chris Peterson (a policy analyst in the Bureau’s enforcement division) mentioned during his presentation that the Bureau has launched investigations of some recipients of these letters. That underscores the importance for companies who receive warning letters from the Bureau to promptly address issues raised by the Bureau. If these letters are ignored, it is an invitation for the Bureau to initiate an investigation of the company’s practices and such an investigation may not be limited to just advertising practices.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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