Mortgages, Military Service Members

CFPB Penalizes VA Lender for Misrepresenting Cost of Cash-Out Refinance Loans

Sheppard Mullin Richter & Hampton LLP on 9/9/2024

On August 29, the CFPB issued a consent order against a non-bank direct mortgage lender for misrepresenting the cost of its cash-out refinance loans, which are guaranteed under the VA home loan program, to active-duty...more

CFPB Bites of the Month - April 2024 - Won't Get Fooled Again, CFPB

Hudson Cook, LLP on 5/2/2024

In this month's article, we share some of our top "bites" covered during the April 2024 webinar....more

CFPB Bites of the Month - 2023 Annual Review - Mortgage

Hudson Cook, LLP on 1/24/2024

In this article, we share a timeline of our monthly "bites" for 2023 applicable to mortgage along with some additional related information. ...more

CFPB report highlights problems military families have experienced with digital payment apps

Ballard Spahr LLP on 6/26/2023

On June 20, 2023, the Consumer Financial Protection Bureau (“CFPB”) issued its Office of Servicemember Affairs Annual Report, which analyzes consumer complaints received from servicemembers, veterans, and their families for...more

CFPB Bites of the Month - March 2023 - Beware the Ides of March and the CFPB

Hudson Cook, LLP on 3/27/2023

In this month's article, we share some of our top "bites" for the prior month covered during the March 2023 webinar....more

CFPB consent order shuts down mortgage lender focused on servicemembers

Ballard Spahr LLP on 3/17/2023

On February 27, 2023, the Consumer Financial Protection Bureau (CFPB) entered into a consent order against RMK Financial Corporation d/b/a Majestic Home Loan (RMK), a California-based mortgage lender, based on allegations...more

New CFPB report encourages creditors to proactively apply SCRA interest rate benefits

Ballard Spahr LLP on 12/16/2022

On December 7, 2022, the CFPB issued a report recommending that creditors proactively provide Servicemember Civil Relief Act (“SCRA”) interest rate benefits to eligible customers, bypassing the statute’s requirements of a...more

Court Holds Ohio’s SCRA Not Applicable to Residential Mortgages

McGlinchey Stafford on 2/1/2022

In a case of first impression in Ohio, the Fairfield County Court of Common Pleas held that R.C. § 1343.031, Ohio’s version of the Servicemembers Civil Relief Act (SCRA), does not apply to residential mortgages. This decision...more

CFPB Office of Servicemember Affairs issues 2020 Annual Report

Ballard Spahr LLP on 5/18/2021

On May 6, 2021, the CFPB’s Office of Servicemember Affairs issued its eighth annual report summarizing its activities from January 1 through December 31, 2020. The report discussed the Office’s consumer outreach and...more

OCC Finalizes “True Lender” Rule

Goodwin on 10/29/2020

In the News. The Office of the Comptroller of the Currency (OCC) finalized its “true lender” rule, which establishes that a national bank or federal savings association (bank) is the “true lender” of a loan if, as of the...more

CFPB, FTC And 50 States Show Power In Numbers With Operation Corrupt Collector

Goodwin on 10/2/2020

In the News. The Consumer Financial Protection Bureau (CFPB), along with the Federal Trade Commission (FTC) and more than 50 federal and state law enforcement partners, announced Operation Corrupt Collector, a nationwide law...more

CFPB Settles with Mortgage Company to Address Deceptive Loan Advertisements Sent to Servicemembers and Veterans

Goodwin on 9/16/2020

On September 14, 2020, the Consumer Financial Protection Bureau (“CFPB”) announced that it had entered into a consent order with a mortgage broker and lender that advertises and offers mortgage loans guaranteed by the United...more

North Carolina Servicemembers Civil Relief Act: An Expansion of Existing Federal Protections

K&L Gates LLP on 7/17/2020

Within the past several years, North Carolina and the federal government have enacted a number of protections for consumers in various aspects of litigation. For example, Congress recently enacted the Coronavirus Aid, Relief,...more

VA Extends Eviction Moratorium Through August 31

Ballard Spahr LLP on 6/23/2020

On June 18, 2020, the U.S. Department of Veterans Affairs (VA) in Circular 26-20-23 (dated June 17, 2020) extended the eviction moratorium for properties secured by VA guaranteed loans from June 30, 2020 to August 31....more

CFPB issues Office of Servicemember Affairs 2019 annual report

Ballard Spahr LLP on 4/15/2020

Earlier this month, the Office of Servicemember Affairs (OSA) released its annual report covering the Office’s activities during fiscal year 2019, which covers the period of October 1, 2018 to September 30, 2019....more

VA Provides Interim Guidance on the Blue Water Navy Vietnam Veterans Act of 2019

Ballard Spahr LLP on 8/27/2019

The U.S. Department of Veterans Affairs recently issued Circular 26-19-23to provide interim guidance on the provisions of the Blue Water Navy Vietnam Veterans Act of 2019 (Blue Water Act) that affect VA’s Loan Guaranty...more

North Carolina Enacts Servicemember Protections

Alston & Bird on 8/12/2019

A&B Abstract: North Carolina is the latest state to extend the protections of the federal Servicemembers Civil Relief Act (“SCRA”), 50 U.S.C. §§ 3901 et seq., to active duty members of its National Guard. ...more

CFPB Complaint Report Highlights Servicemember Complaints in 2018 from All 50 States

Ballard Spahr LLP on 3/25/2019

The CFPB recently published the latest complaint snapshot report which detailed complaint numbers, trends, and top issues reported by servicemembers, veterans, and their families across the country....more

CFPB issues report on servicemember first-time homebuyer mortgage loans

Ballard Spahr LLP on 3/5/2019

The CFPB has issued a report, “Mortgages to First-time Homebuying Servicemembers,” that focuses on mortgage loans made from 2006 to 2016 to first-time homebuyers who are serving in the military or are veterans....more

CFPB issues annual report on servicemember complaints

Ballard Spahr LLP on 1/29/2019

The CFPB’s Office of Servicemember Affairs has released its annual report on complaints submitted to the Bureau by servicemembers....more

CFPB Settles With VA Lender Regarding Claims of Deception

Ballard Spahr LLP on 12/10/2018

The CFPB recently filed a complaint and a proposed stipulated final judgment and order to address claims that Village Capital & Investments LLC (Village) engaged in deceptive acts and practices in the solicitation of veterans...more

California Further Expands Protections to Servicemembers, Restricts Credit Reporting About Active Duty Status, Requires Written...

Ballard Spahr LLP on 10/5/2018

On September 19, 2018, California enacted AB-3212. The Bill amends the California Military and Veterans Code to expand the protections offered to qualifying servicemembers under state law and to impose new criminal penalties...more

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