News & Analysis as of

Consumer Financial Protection Bureau (CFPB) Real Estate Settlement Procedures Act Department of Housing and Urban Development

Bradley Arant Boult Cummings LLP

CFPB: Ineffective Loan Servicing Is an Abusive Act or Practice

In a consent order with a reverse mortgage servicer on June 18, 2024, the Consumer Financial Protection Bureau (CFPB) made the argument that failing to effectively service loans is abusive. The groundwork for this line of...more

Hudson Cook, LLP

CFPB Imposes Bans from Reverse Mortgage Servicing, $11.5 Million Restitution, and $5 Million in Civil Money Penalties for...

Hudson Cook, LLP on

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

Goodwin

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

Goodwin on

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

Husch Blackwell LLP

FDIC's Continued Focus on RESPA Section 8 Violations: What Bank and Non-Bank Lenders Should Know

Husch Blackwell LLP on

It is no secret that the Federal Deposit Insurance Corporation (FDIC) actively monitors its banks for compliance with Section 8 of the Real Estate Settlement Procedures Act (RESPA Section 8). However, in its March 2024...more

Ballard Spahr LLP

CFPB Highlights Applicable HUD-Issued RESPA Guidance

Ballard Spahr LLP on

The CFPB published guidance to remind the mortgage industry of numerous U.S. Department of Housing and Urban Development (HUD) policy statements that were issued before the CFPB assumed authority for enforcing the Real Estate...more

Husch Blackwell LLP

CFPB Affirms HUD RESPA Guidance Related to Housing Credit Counselors

Husch Blackwell LLP on

The Consumer Financial Protection Bureau (CFPB) has been making waves in the mortgage settlement services space with its renewed increased attention to the Real Estate Settlement Procedures Act’s (RESPA) anti-kickback...more

Orrick, Herrington & Sutcliffe LLP

CFPB posts guidance on RESPA

On September 1, the CFPB posted guidance to its website that affirms guidance on the Real Estate Settlement Procedures Act (RESPA) that the Department of Housing and Urban Development previously issued. ...more

Blank Rome LLP

Welcome to Internet and Mobile Marketing: HUD’s 1996 RESPA CLO Policy Statement Finally Refreshed

Blank Rome LLP on

A new Consumer Financial Protection Bureau (“CFPB”) advisory opinion refreshes the Department of Housing and Urban Development’s computer loan origination system policy statement for a new generation of online marketing...more

Goodwin

CFPB Advisory Opinion Details RESPA Implications for Mortgage Comparison Websites

Goodwin on

On February 7, the Consumer Financial Protection Bureau (CFPB) issued an Advisory Opinion detailing potential RESPA implications for companies that operate online mortgage and settlement service comparison platforms, as well...more

Davis Wright Tremaine LLP

Rescission of 2015 MSA Compliance Bulletin Further Evidence of CFPB's Gentler RESPA Section 8 Approach - But New FAQs Do Not...

On October 7, 2020, the CFPB announced that it was "provid[ing] clearer rules of the road for RESPA marketing service agreements" in the mortgage industry by rescinding its 2015 guidance regarding marketing services...more

Alston & Bird

CFPB Rescinds Compliance Bulletin on Marketing Services Arrangements and Issues FAQs on RESPA Section 8

Alston & Bird on

A&B ABstract: On October 7, 2020, the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) rescinded Compliance Bulletin 2015-05, RESPA Compliance and Marketing Services Agreements (“Bulletin 2015-05”).  In addition, the...more

BCLP

2019 Year in Review for Financial Services Class Actions - Highlighted class action and regulatory developments

BCLP on

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

Ballard Spahr LLP

CFPB addresses RESPA issue in its first no-action letter under the revised final policy

Ballard Spahr LLP on

In its first No-Action Letter under the new revised policy, the CFPB addresses a long-standing issue under the Real Estate Settlement Procedures Act regarding certain payment arrangements between mortgage lenders and housing...more

Ballard Spahr LLP

CFPB finalizes product sandbox proposal and changes to trial disclosure, no-action letter policies; discloses plans to propose...

Ballard Spahr LLP on

The CFPB has finalized its proposed revisions to its Policy to Encourage Trial Disclosure Programs” (TDP Policy) and policy on “no-action” letters (NAL Policy) and has also finalized its proposal to create a new “product...more

Ballard Spahr LLP

CFPB Issues Guidance On Applicability Of TRID Rule To Assumptions

Ballard Spahr LLP on

The CFPB recently issued a factsheet addressing whether a Loan Estimate and Closing Disclosure are required in connection with the assumption of a residential mortgage loan....more

Ballard Spahr LLP

D.C. Circuit Rules CFPB's View of RESPA Was Wrong but Its Structure is Constitutional

Ballard Spahr LLP on

On January 31, 2018, the en banc D.C. Circuit handed down its opinion in the PHH v. CFPB case, which we've discussed at length. It held, 7 to 3, that the CFPB's single-director-removable-only-for-cause structure is...more

Clark Hill PLC

CFPB is Constitutional, But Makes $100 Million Mistake In Interpreting the Law

Clark Hill PLC on

The D.C. Circuit Court of Appeals issued its long awaited decision in PHH v. Consumer Financial Protection Bureau, holding by a 7-3 decision that the Consumer Financial Protection Bureau’s (CFPB or Bureau) single-Director...more

Burr & Forman

Fall 2017 Consumer Financial Protection Bureau Update

Burr & Forman on

The Consumer Financial Protection Bureau (“CFPB” or “Bureau”) is a U.S. government agency created by the Dodd-Frank Wall Street Reform and Consumer Protection Act. The CFPB is the first federal agency tasked solely with the...more

Foley & Lardner LLP

CFPB Loses Borders Case: the Court Construes RESPA’s Statutory ABA Exemption according to its Plain Language

Foley & Lardner LLP on

On July 12, 2017, a federal district court in Kentucky issued a summary judgment ruling for the defense in the ongoing Borders & Borders case brought by the Consumer Financial Protection Bureau (CFPB or Bureau). In this...more

Ballard Spahr LLP

CFPB Loses Another RESPA Case

Ballard Spahr LLP on

A federal district court recently ruled against the CFPB in a long-standing case under the Real Estate Settlement Procedures Act (RESPA) involving a Louisville, Kentucky law firm Borders & Borders, PLC (Borders). In the...more

Ballard Spahr LLP

PHH and United States respond to CFPB’s petition for rehearing en banc; PHH seeks leave to file supplemental response

Ballard Spahr LLP on

PHH and the United States have filed responses with the D.C. Circuit to the CFPB’s petition for rehearing en banc.  The D.C. Circuit invited the Solicitor General to file a response expressing the views of the United States...more

Morrison & Foerster LLP

Ten Questions and Nine Answers about PHH and the Future of the CFPB Director

The potentially explosive combination of the D.C. Circuit’s October decision in PHH v. CFPB and the outcome of the presidential election has spurred a host of questions about how the PHH litigation may proceed and about the...more

Hinshaw & Culbertson LLP

Consumer Financial Services Newsletter - November 2016

Hinshaw & Culbertson LLP on

D.C. Circuit Delivers First Blow to CFPB, Trump Win Delivers Second - The future of the Consumer Financial Protection Bureau (CFPB) is up for grabs following a landmark Court of Appeals Decision, PHH Corporation v....more

Ballard Spahr LLP

What the PHH decision means for the CFPB’s UDAAP authority

Ballard Spahr LLP on

In addition to its implications for CFPB rulemaking, the D.C. Circuit’s decision in PHH Corporation v. CFPB has significant implications for the CFPB’s authority to enforce federal consumer financial protection laws as well...more

Carlton Fields

Structure Of CFPB Found To Be Unconstitutional But Agency Survives With Cut To Director’s Power

Carlton Fields on

The DC Circuit Court of Appeals recently held that the single-director structure of the Consumer Financial Protection Bureau (“CFPB”) was unconstitutional, and gave the President the authority to fire the director at will in...more

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