News & Analysis as of

Mortgage Brokers

CFPB Loses Another RESPA Case

by Ballard Spahr LLP on

A federal district court recently ruled against the CFPB in a long-standing case under the Real Estate Settlement Procedures Act (RESPA) involving a Louisville, Kentucky law firm Borders & Borders, PLC (Borders). In the...more

Mortgage Broker Remuneration Reforms – What You Need to Know

by K&L Gates LLP on

Concerns have been raised by the Australian Government in recent times in relation to the effect of current remuneration structures in the mortgage broking market on the quality of consumer outcomes. During 2016, the...more

Financial Services Weekly News - April 2017 #4

by Goodwin on

Editor's Note - State Regulators Sue OCC Over Federal FinTech Charter. On April 26, the Conference of State Bank Supervisors (CSBS) sued the Office of the Comptroller of the Currency (OCC) in the U.S. District Court for...more

Massachusetts AG Settles With Mortgage Broker and Insurance Agent Over Alleged Deceptive Practices

by Goodwin on

On April 12, 2017, the Massachusetts Attorney General’s Office (AG) announced that it had reached a settlement with a mortgage broker, its employee, and an insurance agent, resolving allegations that they had preyed on...more

Who is a Mortgage Broker? Just Ask the Fed.

by Dorsey & Whitney LLP on

The United States Court of Appeals for the Second Circuit recently affirmed a magistrate judge’s decision in the District Court for the Eastern District of New York to dismiss a complaint brought under the Truth in Lending...more

Current Developments In Risk Management For Mortgage Brokers

by Buchalter on

Whether a mortgage broker is acting as the agent of a borrower in negotiating a loan from a wholesale lender, or arranging a loan by bringing together a proposed borrower and lender, or acting as a lender and originating the...more

Expect New Cybersecurity Regs from New York DFS

by Locke Lord LLP on

DFS identified several areas that would be the subject of specific requirements in the potential regulations. These include requirements for (i) cyber security policies and procedures, (ii) third-party service provider...more

ARB Rejects CFPA Whistleblower Claim On Protected Activity Grounds

On November 6, 2015, the DOL’s Administrative Review Board affirmed the dismissal of Consumer Financial Protection Act (“CFPA”) whistleblower claims of a terminated mortgage broker, concluding that the complainant did not...more

The CFPB Strongly Scrutinizes MSAs Under RESPA

by McGuireWoods LLP on

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

Multi-State Mortgage Committee Issues Expectations for Use of Electronic Tools in State Examinations

by Alston & Bird on

On September 29, 2015, the Multi-State Mortgage Committee (MMC) and Conference of State Bank Supervisors (CSBS) issued an industry bulletin – Supervisory Expectations Regarding the Use of Electronic Examination Tools –...more

Regulators Demand “Good Faith Efforts” for TRID Implementation

Why it matters - Federal regulators said they don’t expect perfection from banks trying to comply with the new mortgage disclosure requirements but will not turn a blind eye with regard to enforcement. In letters to...more

#Retweet the #CFPB: How Social Media is Affecting Consumer Advocacy

by Baker Donelson on

Social media has become an integral part of our society, and now it's playing a big role in our industry, too. The Consumer Financial Protection Bureau (CFPB) is harnessing the power of Facebook and Twitter not only to create...more

CFPB and DOJ announce redlining settlement

by Ballard Spahr LLP on

Consistent with recent indications from CFPB and Department of Justice officials that more redlining cases would soon be coming, the CFPB and DOJ have announced a proposed consent order with Hudson City Savings Bank to settle...more

Montana Temporarily Reduces Licensing Renewal Fees

by Ballard Spahr LLP on

Montana has adopted a temporary rule to reduce certain licensing renewal fees by 50 percent for the period of January 1, 2016 through December 31, 2016. The Department of Administration believes that adopting the Uniform...more

CFPB and DOJ Announce Joint Action Against Hudson City Savings Bank, F.S.B.

by Stinson Leonard Street on

On September 24, 2015, the Consumer Financial Protection Bureau (CFPB) and the Department of Justice (DOJ) announced a joint action against Hudson City Savings Bank, F.S.B. (Hudson). The complaint alleges that Hudson...more

No deference for CFPB amicus brief from Ninth Circuit

by Ballard Spahr LLP on

Many readers probably remember Edwards v. First American Financial Corp. for its ill-fated journey to the U.S. Supreme Court. The Supreme Court had granted certiorari to decide the issue of whether a plaintiff who brings a...more

Real Estate News - August 2015

by Barley Snyder on

Coming Soon… New Closing (no, Consummation…) Rules! Now Starting October 3, 2015 Instead of August 1, 2015 - What?! We can’t call it a closing anymore? Under new federal regulations regarding the Truth in Lending Act...more

Upper Tribunal Finds That Individual Lacked Integrity Due To Recklessness

by Allen & Overy LLP on

In this case report, we consider the decision of the Upper Tribunal (Tax and Chancery Chamber) in Ghanshyam Batra v Financial Conduct Authority [2014] UKUT 214 (TCC), in which the Upper Tribunal upheld the FCA's decision to...more

Consumer Financial Protection Bureau: The Consumer Financial Protection Bureau's new "Know Before You Owe" Mortgage Disclosure...

by Nexsen Pruet, PLLC on

The Consumer Financial Protection Bureau (“CFPB”) recently issued or perhaps had to issue a proposed amendment to the “Know Before You Owe mortgage disclosure rule,” also known as the “TILA-RESPA Integrated Disclosure” rule,...more

Louisiana To Increase Licensing Fees in August

by Ballard Spahr LLP on

The state of Louisiana has amended its licensing fees applicable to mortgage lenders, mortgage brokers, mortgage servicers, and mortgage loan originators. Renewing licensees and new applicants will see an increase in state...more

Oklahoma Amends SAFE Act

by Ballard Spahr LLP on

Governor Mary Fallin signed SB-377 on May 12, amending provisions relating to the Oklahoma SAFE Act (the Act). The amendment clarifies the Act by adding references to “mortgage lenders” and “servicing” throughout the Act and...more

CFPB, DOJ Join in Fair Lending Enforcement Action Against Provident

by McGuireWoods LLP on

On Thursday, the CFPB and the Department of Justice (DOJ) filed a joint complaint against the second-largest private mortgage company in the United States alleging it engaged in discriminatory lending practices from 2006 to...more

Montana Amends Mortgage Licensing Provisions

by Ballard Spahr LLP on

Among the state mortgage law changes made, the terms "mortgage lender," "mortgage broker," "mortgage servicer," and "mortgage loan originator" were amended to include entities that hold themselves out to the public as being...more

Supreme Court Says Agencies Can Change Rule Interpretation Without Notice and Comment

Companies subject to federal agency regulations sometimes face situations where measures taken to comply with such rules work one day, and then result in violations of those rules the next. Federal administrative agencies...more

Summary Judgment Affirmed by Sixth Circuit in Broker Commission Price-Fixing Litigation

by McDermott Will & Emery on

On November 13, 2014, the Sixth Circuit Court of Appeals upheld the dismissal of price-fixing claims against two home brokerage service firms in Kentucky, McMahon Co. and HomeService of America, Inc. Hyland, et al. v....more

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