News & Analysis as of September 26, 2024

Mortgage Loan Originators

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The term "mortgage" typically refers to a mortgage loan. A mortgage loan is a financing instrument where an individual or business borrows money to purchase property (usually real property) and... more +

Increased Industry Attention on RESPA Section 8: Escue v. United Wholesale Mortgage, LLC

Goodwin on 6/10/2024

On April 2, 2024, a putative class action was brought against United Wholesale Mortgage (UWM) alleging, among other claims, violations of Section 8(a) of the Real Estate Settlement Procedures Act (RESPA). The lawsuit contains...more

CFPB Enters into Consent Orders with Mortgage Loan Originator and Real Estate Brokerage Firm for Illegal Kickbacks

Goodwin on 8/28/2023

On August 17, 2023, the Consumer Financial Protection Bureau (CFPB) announced that it had taken action against a residential mortgage loan originator that provided illegal incentives to real estate brokers and agents in...more

Key Takeaways from the CFPB’s First Public Enforcement Action Alleging Violations of RESPA Section 8 Since 2017

Orrick, Herrington & Sutcliffe LLP on 8/23/2023

The Consumer Financial Protection Bureau (CFPB) has issued a consent order to a residential mortgage loan originator to resolve allegations that it provided illegal incentives to real estate brokers and agents in exchange for...more

CFPB Fines Residential Mortgage Loan Originator $1.75 Million for Kickbacks Involving Referrals to Originator by Brokers

Hudson Cook, LLP on 8/21/2023

The Real Estate Settlement Procedures Act prohibits mortgage loan originators from offering incentives to other companies in exchange for referring homebuyers to them for mortgage loans. The Bureau alleged that the...more

CFPB Guidance Affects Mortgage Comparison-Shopping Websites

Cadwalader, Wickersham & Taft LLP on 2/17/2023

The Consumer Financial Protection Bureau (“CFPB”) issued guidance on February 7 in the form of an Advisory Opinion intended to “protect mortgage borrowers from pay-to-play digital comparison-shopping platforms.” Specifically,...more

You Can Still Comment on the TRID Rule Assessment

Ballard Spahr LLP on 2/6/2020

As we previously reported, the CFPB is conducting an assessment of the TILA/RESPA Integrated Disclosure (TRID) Rule. Although the comment period associated with the Federal Register notice regarding the assessment ended on...more

Consumer financial services: The road ahead: Mortgage origination and servicing

White & Case LLP on 3/6/2019

In 2018, the CFPB issued multiple rules, and Congress passed legislation, to clarify, revise and update the regulatory framework applicable to the home mortgage origination and servicing market....more

CFPB issues Summer 2016 Supervisory Highlights

Ballard Spahr LLP on 7/6/2016

In its Summer 2016 Supervisory Highlights, which covers supervision work generally completed between January and April 2016, the CFPB highlights violations found by its examiners involving automobile origination, debt...more

CFPB Issues RESPA and Marketing Services Agreements Compliance Bulletin

Stinson LLP on 10/14/2015

On October 8, 2015, the Consumer Financial Protection Bureau (CFPB) issued a compliance bulletin concerning marketing services agreements (MSAs) under the Real Estate Settlement Procedures Act (RESPA). RESPA - RESPA...more

CFPB Reports Continued Mortgage Servicing and Other Violations of Consumer Financial Law

Carlton Fields on 10/6/2015

In its Supervisory Highlights released earlier this summer, the CFPB reported its examination observations in consumer reporting, debt collection, mortgage origination and servicing, fair lending, and student loan servicing....more

Montana Temporarily Reduces Licensing Renewal Fees

Ballard Spahr LLP on 9/28/2015

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 Examination Resource Guide

MoFo Reenforcement on 7/31/2015

CFPB has explained to industry participants what to expect in examinationss, both in terms of exam process and covered laws & regs. SUPERVISION AND EXAMINATION MANUAL – VERSION 2.0 First issued in 10/2011, revised &...more

CFPB Issues First Appellate Ruling

Morgan Lewis on 6/11/2015

In affirming its own decision, the Consumer Financial Protection Bureau (CFPB) leaves few protections for targets in its administrative enforcement proceedings. If you are subject to a CFPB administrative proceeding, or...more

CFPB finalizes amendments to TILA/RESPA integrated disclosures rule and loan originator rule

Ballard Spahr LLP on 1/23/2015

On Tuesday, January 20, the CFPB promulgated its first final rule of 2015, a series of minor amendments to the TILA/RESPA integrated disclosures (TRID) rule. The substantive changes to the TRID rule are (1) an extension of...more

CFPB Launches New Regulatory Implementation Page to Ensure Industry Is Ready to Comply With New Mortgage Rules

Foley & Lardner LLP on 6/27/2013

The Consumer Financial Protection Bureau (“CFPB”) recently announced that it has launched a Regulatory Implementation page that consolidates all of the new 2013 mortgage rules and related implementation materials....more

CFPB Proposes Amendments To Mortgage Rules Under RESPA, TILA And ECOA

Stinson - Corporate & Securities Law Blog on 6/25/2013

In January, the CFPB issued several new mortgage rules under the Dodd-Frank Act. ...more

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