News & Analysis as of

Marketing Services Agreements

CFPB investigating Zillow for RESPA compliance

by Ballard Spahr LLP on

For years many industry participants wondered if allowing their real estate agents or loan officers to engage in co-marketing on Zillow Group applications and websites posed a risk to their companies under RESPA. The...more

RESPA Two-Step: CFPB Shows Continued Expansive Interpretation of Section 8

by Morrison & Foerster LLP on

On January 31, 2017, the Consumer Financial Protection Bureau (“CFPB”) announced a Consent Order (“Order”) with Prospect Mortgage LLC and certain of its affiliates (“Lender”). The CFPB alleged in the Order widespread...more

CFPB Takes First MSA-Related Action in Nearly Two Years; Orders Mortgage Lender to Pay $3.5M Civil Penalty for Kickbacks

by Goodwin on

On January 31, 2017, the Consumer Financial Protection Bureau (CFPB) announced that it ordered a California-based mortgage lender to pay $3.5 million in civil penalties for an illegal mortgage kickback scheme. According to...more

Mission Accomplished … First Circuit Bankruptcy Appellate Panel Acknowledges Post-Rejection Rights of Licensee of Trademarks

by Sullivan & Worcester on

The Bankruptcy Appellate Panel (“BAP”) for the First Circuit recently upheld a licensee’s rights to use a debtor’s trademarks and logo after a rejection by the debtor of the underlying licensing and distribution agreement....more

Residential Real Estate Marketing Services Agreements: Not Worth the Regulatory Risk

by Poyner Spruill LLP on

The residential mortgage origination industry has long used Marketing Services Agreements (MSAs) to establish the terms of certain marketing arrangements. An MSA, written or oral, addresses the terms according to which a...more

CFPB Outlines Exam Priorities for 2016

by Ballard Spahr LLP on

The Consumer Financial Protection Bureau's (CFPB) deputy assistant director for origination recently warned mortgage lenders of the four main examination priorities for 2016—loan originator compensation plans, the...more

CFPB outlines exam priorities for 2016

by Ballard Spahr LLP on

The CFPB’s Deputy Assistant Director for origination recently warned mortgage lenders of the four main examination priorities for 2016—loan originator compensation plans, the ability-to-repay rule, the TILA-RESPA Integrated...more

The CFPB Strongly Scrutinizes MSAs Under RESPA

by McGuireWoods LLP on

The Consumer Financial Protection Bureau (CFPB) recently provided guidance discouraging mortgage industry participants from entering into marketing services arrangements (MSAs). An MSA is an agreement under which a settlement...more

A Response to the CFPB’S Recent Compliance Bulletin on MSAs

by Foley & Lardner LLP on

On October 8, 2015, the Consumer Financial Protection Bureau (CFPB or Bureau) issued a Compliance Bulletin on RESPA Compliance and Marketing Services Agreements (“MSAs”)(“Compliance Bulletin”).  The Compliance Bulletin’s...more

CFPB Guidance Cautions Against Marketing Services Agreements

by Goodwin on

On October 8, 2015, the CFPB issued compliance Bulletin 2015-05 cautioning against the use of marketing services agreements (MSAs), due to the “substantial legal and regulatory risk” of violating the Real Estate Settlement...more

Financial Services Weekly News - October 2015 #2

by Goodwin on

Regulatory Developments: FINRA Proposes Rules for Funding Portals - On Oct. 9 FINRA filed with the SEC a proposed rule change to adopt Funding Portal Rules 100 (general standards), 110 (funding portal application),...more

CFPB Identifies Substantial Risk and Grave Concerns in Guidance on Marketing Services Agreements

by Locke Lord LLP on

On October 8, 2015, the Consumer Financial Protection Bureau (CFPB) issued long overdue guidance (Bulletin 2015-05) regarding marketing services agreements (MSAs) and compliance with the Real Estate Settlement Procedures Act...more

CFPB Issues RESPA and Marketing Services Agreements Compliance Bulletin

by Stinson Leonard Street on

On October 8, 2015, the Consumer Financial Protection Bureau (CFPB) issued a compliance bulletin concerning marketing services agreements (MSAs) under the Real Estate Settlement Procedures Act (RESPA). RESPA - RESPA...more

CFPB Bulletin Cautions That Marketing Services Agreements Often Violate RESPA

by BakerHostetler on

Lenders utilizing “marketing services agreements” (“MSAs”) beware: On October 8, the Consumer Financial Protection Bureau (“CFPB”) issued a new bulletin strongly cautioning that MSAs often violate Real Estate Settlement...more

CFPB Warns Again About Marketing Services Agreements

by Reed Smith on

Following up on a series of enforcement actions against industry participants engaged in “marketing services agreements” (“MSAs”), the CFPB issued a Compliance Bulletin (No. 2015-15) entitled “RESPA Compliance and Marketing...more

CFPB Bulletin on Marketing Services Agreements: Not Per Se Unlawful, But . . . .

by Morrison & Foerster LLP on

The Consumer Financial Protection Bureau (CFPB) on October 8, 2015 issued Compliance Bulletin 2015-05, RESPA Compliance and Marketing Services Agreements (Bulletin). The Bulletin represents another significant signpost along...more

CFPB Publishes Bulletin on Respa Compliance and Marketing Services Agreements

For some time now, the residential lending community has been concerned that the Consumer Financial Protection Bureau has taken unclear positions with respect to marketing services agreements (MSA’s) in its enforcement...more

Marketing Services Agreements Pose Grave Compliance Risk – Mortgage and Real Estate Industry on Notice

The CFPB issued Compliance Bulletin 2015-05 (Bulletin) today, which sets forth its position concerning the use of Marketing Services Agreements (MSAs) by mortgage companies and settlement service providers. Importantly, the...more

CFPB Watch: MSAs Going the Way of Arbitration Clauses?

by MoFo Reenforcement on

Following a now familiar approach, the CFPB issued a bulletin today that suggests deep disapproval of an entirely legal practice. This time, its target is marketing servicing agreements (MSAs), which are agreements that...more

Debilitating Uncertainty Highlights CFPB RESPA Enforcement

by Locke Lord LLP on

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

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