Mortgage Loan Originators Consumer Financial Protection Bureau

Mortgage Loan Originators are individuals who are paid to assist borrowers with residential mortgage transactions by taking applications and offering or negotiating terms.
News & Analysis as of

Federal, State Authorities Announce Substantial Mortgage Settlement

On June 17 the DOJ, the CFPB, HUD, and 49 state attorneys general and the District of Columbia’s attorney general announced a $968 million consent judgment with a large mortgage company to resolve numerous federal and state...more

SunTrust Settles with DOJ for US$968 Million

On June 17, the United States Department of Justice announced a US$968 million settlement with SunTrust Mortgage Inc. Other parties to the settlement are the Department of Housing and Urban Development, the Consumer Financial...more

A Review And Analysis Of The CFPB’s Focus And Enforcement Activity Related To Mortgage Origination And Servicing

Title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (“the Act”) created and authorized the Consumer Financial Protection Bureau (“CFPB” or “the Bureau”) to implement, examine for compliance with,...more

CFPB Mortgage Servicing and Origination Examining Procedures

The beginning of 2014 marked the implementation of new rules for mortgage servicers, lenders and brokers. According to CFPB Director Richard Cordray in his testimony before the House Financial Services Committee, the goal...more

CFPB Continues To Aggressively Pursue RESPA Violations

On January 15, 2014, the Consumer Financial Protection Bureau ("CFPB") ordered a small mortgage lender in Missouri and its president to pay $81,076 for violating the anti-kickback provisions of the Real Estate Settlement...more

CFPB Announces First Steps In HMDA Rulemaking Process, Launches Additional HMDA Data Tools

On February 7, the CFPB announced the first public phase of its rulemaking to expand the scope of HMDA data reporting, as required by the Dodd-Frank Act. The CFPB is asking small businesses to provide feedback on its initial...more

CFPB Updates Mandatory Mortgage Publications

On January 10, 2014, the CFPB published a notice in the Federal Register that three mortgage publications lenders are required to provide to borrowers have been revised to reflect certain mortgage rules that went into effect...more

CFPB issues revised mortgage servicing and origination exam procedures

The CFPB has revised its examination procedures for mortgage servicing and mortgage origination. The revisions are intended to update the CFPB’s existing examination procedures to reflect the new mortgage rules which became...more

Agencies Finalize Exemptions To Higher-Priced Mortgage Loan Appraisal Requirements

On December 12, the Federal Reserve Board, the CFPB, the FDIC, the FHFA, the NCUA, and the OCC, issued a final rule supplementing their January 2013 interagency appraisal rule. As described in detail in our Special Alert, the...more

CFPB Sues Mortgage Insurer Over Illegal Kickback Scheme

It looks like yet another illegal kickback scheme involving mortgage insurance has been uncovered in the residential mortgage industry. Recently the Consumer Financial Protection Bureau (“CFPB”) filed a lawsuit in the U.S....more

CFPB Settles with Mortgage Company over Loan Originator Compensation Incentives

The CFPB announced a proposed consent order against a mortgage company and two of its senior officers, alleging that the mortgage company, through the actions of such officers, steered consumers into mortgages with higher...more

CFPB settles lawsuit challenging loan officer bonuses

For mortgage industry members wondering how serious the CFPB will be when enforcing the Regulation Z loan originator compensation rule (“LO Compensation Rule”) we now have an answer— $13 million dollars serious. ...more

CFPB ramps up enforcement of HMDA

The CFPB announced on October 9, 2013 that they entered into consent orders with two financial institutions that allegedly misreported HMDA data. The CFPB also issued Bulletin 2013-11, which provides guidance on compliance...more

CFPB Finalizes Additional Modifications To Certain Mortgage Rules

On September 13, the CFPB issued final amendments to its Mortgage Servicing and Loan Originator Compensation rules. The CFPB’s press release states that the amendments (i) clarify what servicer activities are prohibited in...more

CFPB Finalizes Amendments to Mortgage Rules

The Consumer Financial Protection Bureau (CFPB) has finalized several amendments and clarifications to the mortgage rules that had been proposed on June 24, 2013. The amendments include revisions to the CFPB's mortgage...more

Infobytes Special Alert: CFPB Finalizes Additional Amendments To The 2013 Mortgage Rules

On September 13, 2013, the Consumer Financial Protection Bureau (“CFPB”) finalized another set of amendments (the “Amendments”) to its January 2013 mortgage rules. Whereas previous amendments focused largely on the...more

The Mini-Correspondent Channel: Pros and Cons

Several years ago, our firm, Lenders Compliance Group, provided unique guidance to the mortgage division of a bank. The bank wished to build a special origination platform for its mortgage brokers. At that time, the...more

CFPB Issues Report On Examination Findings, Other Supervisory Activities

This afternoon, the CFPB released its summer 2013 Supervisory Highlights report, which covers supervisory activity from November 2012-June 2013. This is the second such report the CFPB has released; the first report came out...more

CFPB Releases Second Update Of Examination Procedures For Mortgage Rules

On August 15, the CFPB released new TILA and RESPA examination procedures, updated to cover all mortgage origination rules issued through May 29, 2013 and all mortgage servicing rules issued through July 10, 2013. ...more

Financial Services Bulletin: Action at the FRB, CFPB and OCC

Agencies Propose Rule Exempting Certain Mortgages from Appraisal Requirements - On Wednesday, July 10, 2013, the Board of Governors of the Federal Reserve System (the “Fed”), Bureau of Consumer Financial Protection,...more

CFPB Proposes Modifying Mortgage Rules

CFPB Proposes Modifying Mortgage Rules - On June 24, 2013, the Consumer Financial Protection Bureau (CFPB) proposed seven separate “clarifications” and “narrow revisions” to certain mortgage rules it first issued in...more

CFPB files lawsuit challenging loan officer bonuses

It appears the CFPB wants to send a warning through the lawsuit it filed yesterday in a Utah federal court against a mortgage company and two of its officers for allegedly paying illegal bonuses to loan officers that were...more

Steering Consumers to Expensive Mortgage Loans

The CFPB announced that it had filed a complaint yesterday in a federal district court against Utah-based Castle & Cooke Mortgage, LLC (“C & C”) and two of its officers for illegally giving bonuses to loan officers who...more

Special Alert: CFPB Proposes Additional Changes To Mortgage Rules

On June 24, 2013, the Consumer Financial Protection Bureau (“CFPB”) issued another set of proposed amendments to its January 2013 mortgage rules....more

CFPB Proposes Changes to Points and Fees, Loan Originator Compensation Provisions

As we reported in CFPB Monitor, the Consumer Financial Protection Bureau proposed changes earlier this week to the mortgage rules adopted in January 2013. Comments on the proposal are due July 22, 2013....more

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