Mortgages, Unfair or Deceptive Trade Practices

Texas Mortgage Loan Rule Changes

McGlinchey Stafford on 7/1/2024

The Texas Department of Savings and Mortgage Lending has proposed a wide-ranging overhaul of its rules concerning residential mortgage loan originators (RMLOs), loan companies, mortgage bankers, and servicers. Some of the...more

CFPB Releases Special Edition of its Supervisory Highlights Focusing on Mortgage Servicers’ Alleged “Junk Fees”

Troutman Pepper on 4/29/2024

On April 24, the Consumer Financial Protection Bureau (CFPB or Bureau) released a special edition of its Supervisory Highlights report focusing on examinations of the residential mortgage servicing market that were completed...more

CFPB Supervisory Highlights Reflect Continued Emphasis on “Junk Fees”

McGlinchey Stafford on 4/26/2024

On April 24, 2024, the Consumer Financial Protection Bureau (CFPB) released the latest edition of its Supervisory Highlights, this time targeting so-called “junk fees” in the mortgage servicing industry. According to the...more

Troutman Pepper Weekly Consumer Financial Services Newsletter - April 2024 # 2

Troutman Pepper on 4/10/2024

To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week...more

9 Consumer Finance Issues to Note From CFPB Report

Troutman Pepper on 12/15/2023

In July, the Consumer Financial Protection Bureau published a report highlighting various unfair, deceptive, and abusive acts or practices it claims to have uncovered during its supervisory examinations from July 2022 to...more

CFPB Brings RESPA Section 8 Into 21st Century With Digital Marketing Risk Advisory Opinion

Cooley LLP on 2/9/2023

On February 7, 2023, the Consumer Financial Protection Bureau issued an advisory opinion warning operators of digital mortgage comparison platforms of specific practices the bureau may view as violating Section 8 of the Real...more

9th Circuit affirms decision in FCRA, CFPA, and TSR suit

Orrick, Herrington & Sutcliffe LLP on 1/11/2023

In December, the U.S. Court of Appeals for the Ninth Circuit affirmed a district court’s ruling holding an individual liable for violations of the FCRA, the TSR, and the CFPA after the defendant, who allegedly “played a...more

Agencies highlight downpayment assistance, child privacy in regulatory agendas

Orrick, Herrington & Sutcliffe LLP on 1/11/2023

Recently, the Office of Information and Regulatory Affairs released fall 2022 regulatory agendas for the FTC and HUD. With respect to an FTC review of the Children’s Online Privacy Protection Rule (COPPA) that was commenced...more

District Court approves $2.8 million settlement in FDCPA convenience fee class action

Orrick, Herrington & Sutcliffe LLP on 1/6/2023

On December 22, the U.S. District Court for the Southern District of Florida granted preliminary approval of a $2.8 million settlement in an FDCPA class-action suit resolving allegations that convenience fees were charged...more

CFPB Fall 2022 Supervisory Highlights looks at auto servicing, consumer reporting, credit card account management, debt...

Ballard Spahr LLP on 11/21/2022

The CFPB has released the Fall 2022 edition of its Supervisory Highlights. The report discusses the Bureau’s examinations in the areas of auto servicing, consumer reporting, credit card account management, debt collection,...more

New Class Action Claims Non-Compliance with Mortgage Forbearance Mandates

Bilzin Sumberg on 10/12/2021

Millions of homeowners have signed up for a forbearance under the CARES Act, which gives homeowners with a federally-backed mortgage loan the right to obtain a temporary reduction or suspension of mortgage payments by way of...more

Mortgage Brokers File Class Action Against Leading Wholesale Mortgage Lender

Bilzin Sumberg on 5/6/2021

United Wholesale Mortgage (UWM), the nation’s largest wholesale mortgage lender, announced on March 4, 2021, that it would no longer do business with mortgage brokers who also worked with Rocket Mortgage (the online loan...more

CFPB Bites of the Month - December Top 20

Hudson Cook, LLP on 12/18/2020

Each month, we host a 30-minute webinar outlining the month's key announcements and takeaways from the CFPB to be considered by financial services providers. It was a particularly busy month at the CFPB, so as an extra...more

$91M Nationstar Mortgage Settlement Resolves CFPB and State Claims of Illegal Loan Servicing Practices

Seyfarth Shaw LLP on 12/10/2020

On December 7, 2020, the Consumer Financial Protection Bureau (CFPB) along with attorneys general from all 50 states and the District of Columbia and bank regulators from 53 jurisdictions covering 48 states and Puerto Rico,...more

California Enacts Consumer Debt Collector Licensing Administered by DFPI

Buchalter on 12/7/2020

During the 2019 legislative session, California enacted SB 908 – the Debt Collection Licensing Act, Financial Code Division 25, Sections 100000, et seq., requiring consumer debt collectors who are collecting on their own...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 Issues Additional Consent Orders for False and Misleading Mortgage Advertising

Ballard Spahr LLP on 9/10/2020

Since late July, the CFPB has issued seven consent orders against mortgage companies in which the CFPB asserts that the companies engaged in false and misleading advertising to service members and veterans. ...more

Financial Services Update: Week Ending November 1, 2019

Carlton Fields on 11/8/2019

Financial Services Update - FCCPA and FDCPA: The plaintiff did not demonstrate a genuine issue of material fact that medical providers and their attorney violated the FCCPA and FDCPA by conditioning medical services on a...more

Real Property, Financial Services, & Title Insurance Update: July 22 - August 9, 2019

Carlton Fields on 8/14/2019

Real Property Update - Quiet Title / Extinguishment: mortgage merged and ceased to be an encumbrance when the mortgage on land and the equity of redemption in the same land become united in the same person - Young Land...more

New York legislature moves to impose new requirements on reverse mortgage industry

Hogan Lovells on 6/27/2019

Originators and servicers of HECMs who do business in New York should take action now to prepare to comply with the new bill’s requirements. Ensuring compliance may require a thorough review of commercial advertisements and...more

CFPB Winter 2019 Supervisory Highlights focuses on deposits, mortgage loan servicing, and remittances

Ballard Spahr LLP on 3/15/2019

The CFPB’s Winter 2019 Supervisory Highlights discusses the Bureau’s examination findings in the areas of automobile loan servicing, deposits, mortgage loan servicing, and remittances....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

Regulation by Enforcement is Dead

Ballard Spahr LLP on 10/16/2018

Addressing the Mortgage Bankers Association (MBA) 2018 Annual Convention in Washington, DC on October 15, 2018, BCFP Acting Director Mick Mulvaney advised that regulation by enforcement is dead, and that he does not care much...more

2018 West Virginia Legislative Session, the WVCCPA and the West Virginia Safe Mortgage Licensing Act

Spilman Thomas & Battle, PLLC on 3/29/2018

The 2018 West Virginia legislative session was a busy one regarding consumer finance law. Legislators focused on the West Virginia Consumer Credit and Protection Act and the West Virginia Safe Mortgage Licensing Act. The West...more

CFPB defends judgment in enforcement action against biweekly mortgage payment companies

Ballard Spahr LLP on 1/18/2018

Despite the CFPB’s change in position after Mick Mulvaney’s appointment regarding the need for Nationwide Biweekly Administration to post a bond to stay execution of the $7.9 million judgment obtained by the CFPB, the CFPB...more

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