A New World for Mortgage Banking – What You Need to Know About the CFPB’s Final Mortgage Servicing Rules
On August 21, 2024, the CFPB issued a Consent Order against the Company citing alleged failure to provide accurate information about loss mitigation options and improper handling of loan modifications. The Consent Order...more
On August 21, 2024, the Consumer Financial Protection Bureau (CFPB) announced that it entered into a consent order with a Florida-based mortgage servicer, resolving allegations related to the mortgage servicer’s...more
In this month's article, we share some of our top "bites" for the prior and current month covered during the July 2024 webinar....more
On June 18, 2024, the Consumer Financial Protection Bureau (CFPB or Bureau) announced that it has entered into consent orders with two companies totaling $16.5 million in civil penalties and consumer redress,...more
The CFPB entered into consent orders with a Home Equity Conversion Mortgage ("HECM," also known as a "reverse mortgage") servicing contractor, its subcontractor, and two of its subcontractor's subsidiaries. The U.S....more
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
The following newsletter provides a roundup summarizing enforcement actions, guidance, rulemakings, and other public statements taken by a federal and/or state financial services regulatory agency, specifically focusing on:...more
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
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
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
The Consumer Financial Protection Bureau (CFPB) announced today that it has entered into a settlement with Nationstar Mortgage, LLC, d/b/a “Mr. Cooper,” one of the nation’s largest mortgage servicers and the largest non-bank...more
On May 11, 2020, the Consumer Financial Protection Bureau (CFPB) settled with a Colorado-based mortgage servicer that serviced a portfolio of mortgage loans worth approximately $112.69 billion. According to the CFPB, the...more
Focus areas included FCRA, Fair Lending, ancillary fees and services (such as lender placed flood insurance), TCPA, privacy and data security and other topics. Consumer Financial Protection Bureau’s Director Kathleen...more
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
To commemorate its fifth anniversary, the CFPB released a series of “fact sheets” touting its initiatives. The “fact sheets” consist of the following: CFPB: By the numbers. The CFPB lists various statistics, such as...more
Yesterday, the Consumer Financial Protection Bureau (CFPB) announced the issuance of a consent decree with a former mortgage loan officer arising out of alleged violations of the Real Estate Settlement Procedures Act’s...more
The constitutionality of the CFPB’s structure was front and center at this past Tuesday’s oral argument in PHH Corporation et al. v. CFPB before the U.S. Court of Appeals for the D.C. Circuit. The case involves PHH’s appeal...more
This update analyzes the trends and patterns in the Consumer Financial Protection Bureau’s publicly available enforcement actions. Leveraging the analysis in our December 2014 White Paper, CFPB Enforcement by the Numbers...more
On November 3, the Consumer Financial Protection Bureau (CFPB) released its fall 2015 supervisory report concerning enforcement actions from May 2015 through August 2015. The Bureau highlights violations in the mortgage...more
Since certain regulatory and enforcement authority transferred from the Department of Housing and Urban Development (HUD) to the Consumer Financial Protection Bureau (CFPB) in 2011, the CFPB has become increasingly active in...more
On August 5, 2015, PHH Corp. (“PHH”) won a stay of the $109M penalty handed down by Consumer Financial Protection Bureau (“CFPB”) director Rich Cordray. Cordray’s aggressive legal reasoning and the harsh penalties he imposed,...more
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
RESPA Section 8 enforcement is back. It was in abeyance during the transition of RESPA enforcement from HUD to the CFPB over the last few years. In fact, the last announced HUD Section 8 settlement dates from almost three...more
The CFPB announced it has entered into a consent order with a mortgage lender, engaged primarily in loss-mitigation refinancing, for violations of Section 8 of the Real Estate Settlement Procedures Act. Section 8 of RESPA...more
The Consumer Financial Protection Bureau filed an administrative enforcement action against PHH Corporation, alleging a nearly 15-year “mortgage insurance kickback scheme” by its mortgage origination and reinsurance...more