News & Analysis as of September 20, 2024

Mortgages › Bonuses

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The term "mortgage" typically refers to a mortgage loan. A mortgage loan is a financing instrument where an individual or business borrows money to purchase property (usually real property) and... more +

CFPB Steps Up Oversight of Companies’ Compensation Programs Following Wells Fargo Scandal

Bilzin Sumberg on 12/5/2016

The Consumer Financial Protection Bureau (CFPB) will likely be weakened by the incoming Trump administration and its Republican allies in Congress. Exactly how, and how much, remains to be seen, however—and, in the meantime,...more

Financial Services Industry: Be Aware of Proposed White Collar Overtime Regulations

Baker Donelson on 9/28/2015

The financial services area received a defeat earlier this year when the United States Supreme Court in March upheld the Department of Labor's (DOL) Administrative Interpretation concluding that mortgage loan officers do not...more

CFPB settles lawsuit challenging loan officer bonuses

Ballard Spahr LLP on 11/8/2013

For mortgage industry members wondering how serious the CFPB will be when enforcing the Regulation Z loan originator compensation rule (“LO Compensation Rule”) we now have an answer— $13 million dollars serious. ...more

CFPB Demonstrates its Broad Scope

Baker Donelson on 9/20/2013

While it has only just begun its third year, the CFPB has already left its mark with a series of recent enforcement actions. Below are four examples of how the CFPB has wielded the broad scope of its mandate....more

CFPB Commences Action For Violation Of Loan Originator Compensation Rules

Stinson - Corporate & Securities Law Blog on 7/30/2013

The CFPB filed a complaint in federal district court against a Utah-based mortgage company, Castle & Cooke Mortgage LLC, and two of its officers for illegally giving bonuses to loan officers who steered consumers into...more

CFPB files lawsuit challenging loan officer bonuses

Ballard Spahr LLP on 7/25/2013

It appears the CFPB wants to send a warning through the lawsuit it filed yesterday in a Utah federal court against a mortgage company and two of its officers for allegedly paying illegal bonuses to loan officers that were...more

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