News & Analysis as of

Enforcement Actions Real Estate Settlement Procedures Act

Ballard Spahr LLP

DC Attorney General Settles with Four Title Company Joint Venture Organizers

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The District of Columbia (DC) Office of the Attorney General (OAG) recently entered into settlements with four title companies in connection with title company joint ventures that included the companies and real estate agents...more

Hudson Cook, LLP

CFPB Takes Action Against Mortgage Servicer for Alleged Order Violations and Servicing Errors

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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

Goodwin

CFPB Enters Into Consent Order With Mortgage Servicer Resolving Allegations of Improper Foreclosure Practices

Goodwin on

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

Hudson Cook, LLP

CFPB Bites of the Month - July 2024

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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

Goodwin

CFPB Enters into Consent Orders with Reverse Mortgage Servicers for $16.5 Million

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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

Hudson Cook, LLP

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

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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

Adams and Reese LLP

FDIC Sends Clear Message in Recent Enforcement Action: BaaS/Fintech Partnerships are a High-Risk Compliance Area

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Last month, the Federal Deposit Insurance Corporation (“FDIC”) took action against a bank for alleged unsafe or unsound banking practices. This, in and of itself, is not usual or newsworthy. What is unusual and newsworthy,...more

Davis Wright Tremaine LLP

Banking and Consumer Regulatory Digest - August 2023

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

Goodwin

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

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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

Orrick, Herrington & Sutcliffe LLP

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

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

Hudson Cook, LLP

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

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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

Goodwin

Federal Reserve and OCC Release 2023 Bank Stress Test Scenarios

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On February 9, the Federal Reserve released its hypothetical scenarios for its 2023 bank stress tests, and on February 10, the OCC also released hypothetical economic and financial market scenarios to be used by covered...more

Orrick, Herrington & Sutcliffe LLP

FDIC issues November enforcement actions

On December 30, the FDIC released a list of orders of administrative enforcement actions taken against banks and individuals in November. The FDIC made public nine orders consisting of “two consent orders; two orders...more

BCLP

New CFPB Consent Decree May Highlight Loss Mitigation Issues for 2021

BCLP on

What’s old is new again. 2021 will bring a new U.S. Administration and hopefully positive developments with regard to the COVID-19 pandemic, but it also is likely to see further adverse economic impacts....more

Perkins Coie

Consumer Financial Protection Bureau And Multiple States Enter Into Settlement With Nationstar Mortgage, LLC For Alleged Unlawful...

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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

Goodwin

SEC Adopts Rule Providing New Regulatory Framework For Fund-Of-Funds

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In the News. The Securities and Exchange Commission (SEC) announced that it adopted Rule 12d1-4 under the Investment Company Act of 1940 (the 1940 Act), providing a new regulatory framework for fund-of-funds and final...more

Manatt, Phelps & Phillips, LLP

RESPA: CFPB Issues FAQs, Rescinds 2015 Marketing Services Agreements Guidance

In a significant action, the Consumer Financial Protection Bureau (CFPB) has abruptly rescinded a 2015 compliance bulletin concerning marketing services agreements (MSAs) while also issuing RESPA Section 8 (referral fee...more

Wiley Rein LLP

Wiley Consumer Protection Download (October 12, 2020)

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Welcome to Wiley’s update on recent developments and what’s next in consumer protection at the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC). In this newsletter, we analyze recent regulatory...more

Goodwin

CFPB Settles with Colorado Mortgage Servicer for $1.52M for Alleged RESPA Violations

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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

BCLP

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

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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

Goodwin

FDIC Settles With Seattle-Based Bank Over Alleged RESPA Violations

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On November 6, 2019, the Federal Deposit Insurance Corporation (FDIC) announced a settlement with a Seattle-based bank over alleged violations of the Real Estate Settlement Procedures Act (RESPA). According to the FDIC,...more

White & Case LLP

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

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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

Goodwin

CFPB Dismisses Administrative Proceedings Against PHH Corp.

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On June 7, 2018, the Consumer Financial Protection Bureau (CFPB) issued an order dismissing administrative proceedings against PHH Corp. The dismissal follows a January ?31, 2018 opinion by the U.S. Court of Appeals for the...more

Foley & Lardner LLP

RESPA and UDAAP Enforcement Following The PHH Decision: What To Expect

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As anyone who is associated with the residential real estate settlement services industry can appreciate, resolution of the PHH case by the full bench of the D.C. Circuit Court of Appeals has brought much-needed clarity and...more

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