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CFPB Announces Eighth Consent Order for False and Misleading Mortgage Advertising of VA-Guaranteed Mortgages

On September 14, 2020, the CFPB announced a consent order against ClearPath Lending, Inc. (ClearPath), which includes a civil money penalty of $625,000 and requirements to prevent future violations. The consent order...more

CFPB Issues Additional Consent Orders for False and Misleading Mortgage Advertising

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

CFPB Issues Additional Consent Order for False and Misleading Mortgage Advertising

On August 21, 2020, the CFPB announced the issuance of a consent order against Go Direct Lenders, Inc. (Go Direct). This follows consent orders discussed in a previous blog post, that were announced on July 24, 2020 against...more

CFPB Issues Consent Orders for False and Misleading Advertising for VA Mortgages

On July 24, 2020, the CFPB announced the issuance of consent orders against Sovereign Lending Group, Inc. (Sovereign) and Prime Choice Funding, Inc. (Prime Choice). The CFPB indicated in their announcement that these consent...more

The Mortgage Bankers Association, the American Land Title Association, and the National Association of Realtors Publish Model...

On July 1, 2020, the Mortgage Bankers Association (MBA) announced cooperation with the American Land Title Association (ALTA) and the National Association of Realtors (NAR) in the development of a model remote notarization...more

CFPB Publishes Interpretive Rule Changing HMDA Fields Used to Identify “Underserved” Areas

On June 23, 2020, the CFPB published a new interpretive rule (the “Interpretive Rule”) to update the Home Mortgage Disclosure Act (HMDA) data fields that are used to identify “underserved” areas. ...more

CFPB Publishes TRID FAQ’s and a Factsheet on Treatment of Title Insurance Premiums

On June 9, 2020, the CFPB published four new TRID FAQ’s and a TRID Factsheet (“Factsheet”). While the Factsheet is focused solely on the handling of title insurance disclosures under the rule, the FAQ’s cover various topics,...more

New York Senate Bill Amends Expanded Forbearance Relief Granted by Previous Bill

As noted in our alert on June 9, 2020, New York Senate Bill S8243C was delivered to the Governor on June 5, 2020. The same day, New York Senate Bill S8428 was also delivered to Governor Andrew Cuomo....more

New York Senate Bill Grants Expanded Forbearance Relief for Some New York Homeowners

On June 5, 2020, New York Senate Bill S8243C was delivered to Governor Andrew Cuomo and, if signed, will be effective immediately. The bill provides for expanded COVID-19 forbearance relief options dating back to March 7,...more

California Governor and Financial Services Agree to COVID-19 Consumer Relief

On Wednesday, March 25, 2020, California Governor Gavin Newsom and a long list of mortgage lenders and servicers—including major banks and nearly 200 state-chartered banks, credit unions, and servicers—reached an agreement to...more

Illinois Stay at Home Order: Mortgage Industry Can Continue

As part of the ongoing response to the COVID-19 pandemic, Illinois Governor JB Pritzker issued a “stay home” or “shelter-in-place” order on March 20, 2020, via Executive Order 2020-10 (Order)....more

NY Allows Remote Notarization for Real Estate and Mortgage Industries

On March 20, 2020, Governor Andrew Cuomo of New York issued Executive Order 202.7 (Order). This Order makes an important directive, effective through April 18, 2020, pursuant to the Governor’s authority during a disaster or...more

Financial Services Sector a ‘Critical Infrastructure’ Amid CA ‘Shelter-in-Place’

As part of the ongoing response to the COVID-19 pandemic, Governor Gavin Newsom of California issued a “stay home” or “shelter-in-place” order on March 19, 2020, via Executive Order N-33-20 (Order)....more

Update: COVID-19 & Real Estate and Mortgage Closings

The impact of the coronavirus (COVID-19) on real estate and mortgage closings is rapidly evolving. Several new policies and procedures have been established by title insurance underwriters related to the impact over the past...more

COVID-19 And Social Distancing Protocols Affect Mortgage Industry

COVID-19 and social distancing protocols are presenting new challenges for us all. The real estate and mortgage industry is no exception. These challenges are impacting lenders, borrowers, and service providers, such as title...more

CFPB Publishes TRID FAQs on Treatment of Lender Credits

The CFPB recently published 10 new TRID FAQs related to lender credits. Previously the CFPB staff provided informal verbal guidance regarding lender credits, and the 2017 amendments to the TRID rule, often referred to as...more

CFPB Publishes TRID FAQ’s on Treatment of Lender Credits

The CFPB recently published ten new TRID FAQs related to lender credits. Previously the CFPB staff provided informal verbal guidance regarding lender credits, and the 2017 amendments to the TRID rule, often referred to as...more

CFPB Publishes TRID Guides on Construction Loans

Although the 2017 amendments to the TRID rule, often referred to as TRID 2.0, added commentary to TRID provisions of Regulation Z and, particularly, Appendix D to Regulation Z, that addresses multiple advance construction...more

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