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Mortgages › Borrowers › Consumer Financial Protection Bureau (CFPB)

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 +
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 uses that property as collateral for the loan. less -
Sheppard Mullin Richter & Hampton LLP

CFPB Penalizes VA Lender for Misrepresenting Cost of Cash-Out Refinance Loans

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On August 29, the CFPB issued a consent order against a non-bank direct mortgage lender for misrepresenting the cost of its cash-out refinance loans, which are guaranteed under the VA home loan program, to active-duty...more

Holland & Knight LLP

CFPB Proposes New Restrictions on Mortgage Servicers Before Commencing Foreclosures

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The Consumer Financial Protection Bureau (CFPB) on July 10, 2024, announced a proposed rule that would require servicers to more intently assist borrowers throughout a "loss mitigation review cycle" before being permitted to...more

Orrick, Herrington & Sutcliffe LLP

CFPB and FHFA release data from the National Survey of Mortgage Originations

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On July 1, the CFPB and FHFA released updated loan-level data from 2013-2021 through the National Survey of Mortgage Originations (NSMO). The NSMO, established in 2014, gathers quarterly data from borrowers who recently...more

Orrick, Herrington & Sutcliffe LLP

CFPB reports on borrowers’ issues with their mortgage servicers

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Recently, the CFPB released a report examining the experiences of mortgage borrowers who struggled to make payments during the Covid-19 pandemic. For the report, the CFPB used a dataset from the 2020 American Survey of...more

Troutman Pepper

CFPB Proposes New “Streamlined” Mortgage Servicing Rules

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As we predicted here, the Consumer Financial Protection Bureau (CFPB or Bureau) last week proposed new and, in some cases, streamlined rules governing what mortgage servicers must do after a borrower becomes delinquent. The...more

Cooley LLP

CFPB Proposes Complete Overhaul of Requirements for Servicing Delinquent Mortgages

Cooley LLP on

On July 10, 2024, the Consumer Financial Protection Bureau (CFPB) issued a proposed rule that, if implemented, would completely revise the current regulatory framework governing how mortgage servicers assist delinquent...more

Orrick, Herrington & Sutcliffe LLP

CFPB bans two companies for reverse mortgage servicing violations

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On June 18, the CFPB issued an order against two reverse mortgage servicing companies (along with certain affiliates and subsidiaries), after determining that the companies misrepresented loan defaults and failed to respond...more

Sheppard Mullin Richter & Hampton LLP

CFPB Cracks Down on Mortgage Servicers, Alleging Harmful Practices Against Older Homeowners

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On June 18, the CFPB settled enforcement actions against two mortgage servicers who serviced reverse mortgages on behalf of HUD, for their systemic failure to respond to consumer requests for assistance, resulting in...more

Troutman Pepper

Troutman Pepper Weekly Consumer Financial Services Newsletter - June 2024

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To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week...more

Cadwalader, Wickersham & Taft LLP

These Are Junk Fees

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In the Consumer Financial Protection Bureau’s (“CFPB’s”) most recent Supervisory Highlights, published on April 24th, the agency identified a wide variety of fees that were improperly charged to mortgage borrowers. As...more

Alston & Bird

CFPB’s Message to Mortgage Servicers: Make Sure You Comply with RESPA’s Force-Placed Insurance Requirements

Alston & Bird on

A&B Abstract: In Case You Missed It:  At the recent Federal Housing Finance Agency’s Symposium on Property Insurance, CFPB Director Rohit Chopra spoke about force-placed insurance and conveyed the following message: “The...more

Orrick, Herrington & Sutcliffe LLP

CFPB releases 2022 HMDA data

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On September 27, the CFPB released a data point report titled 2022 Mortgage Market Activity and Trends, which analyzes residential mortgage lending activity and trends for 2022. The 2022 HMDA data reflects the fifth year of...more

Sheppard Mullin Richter & Hampton LLP

CFPB 2022 Loan Data: Decrease in Originations; Increase Loan Payments, Fees

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On September 27, the CFPB released its annual report on residential mortgage lending activity and trends for 2022. Under the Home Mortgage Disclosure Act (HMDA), the CFPB requires financial institutions to collect and provide...more

Ballard Spahr LLP

CFPB Director Rohit Chopra Addresses Mortgage Post-Crisis Reforms and Importance of Consumer Protection Regulations

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Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra recently addressed The Mortgage Collaborative National Conference recounting the Congressional response to the mortgage industry crisis that began in 2008 that...more

Husch Blackwell LLP

CFPB Affirms HUD RESPA Guidance Related to Housing Credit Counselors

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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

Ballard Spahr LLP

CFPB Summer 2023 Supervisory Highlights looks at auto origination and servicing, consumer reporting, debt collection, deposits,...

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The CFPB has released the Summer 2023 edition of Supervisory Highlights.  The report discusses the Bureau’s examinations in the areas of auto origination and servicing, consumer reporting, debt collection, deposits, mortgage...more

Katten Muchin Rosenman LLP

Mortgage Bankers Association Files Amici Brief in CFPB Constitutionality Case

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On May 15, the Mortgage Bankers Association, the National Association of Home Builders, and the National Association of Realtors filed a joint amici curiae (friend of the court) brief in connection with the case challenging...more

Sheppard Mullin Richter & Hampton LLP

CFPB’s RESPA Advisory Addresses Digital Mortgage Comparison-Shopping Platforms, Lead Generation

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On February 7, the CFPB issued an Advisory Opinion to address the applicability of RESPA section 8 to operators of certain digital technology platforms that enable consumers to comparison shop for mortgages and other real...more

Sheppard Mullin Richter & Hampton LLP

District Court Dismisses CFPB Redlining Action Against Nonbank, Limits ECOA’s Reach

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On February 3, the U.S. District Court for the Northern District of Illinois issued an opinion and order dismissing with prejudice the CFPB’s complaint for violations of the ECOA against a mortgage lender and its owner...more

Ballard Spahr LLP

CFPB Addresses Mortgage Financing Options in a Higher Rate Environment

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The CFPB recently addressed mortgage financing options in view of the current higher mortgage loan interest rate environment. The CFPB comments on adjustable rate mortgage (ARM) loans, temporary buydowns, home equity lines...more

Ballard Spahr LLP

CFPB and FHFA Publish Updated Data From National Survey of Mortgage Originations

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The CFPB and Federal Housing Finance Agency (FHFA) recently published for public use updated loan level data from the National Survey of Mortgage Originations (NSMO). The data also provide updated mortgage performance and...more

Bradley Arant Boult Cummings LLP

The Future of Default Servicing

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As fears of a recession grow, it would be prudent for everyone—servicers and regulators alike—to think hard about default servicing improvements and reforms. More than two years after the COVID-19 pandemic took hold of the...more

Ballard Spahr LLP

CFPB Warns Mortgage Lenders That Failure to Have Appraisal Reconsideration Policies Can Violate Federal Law

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In a recent blog post the CFPB warned mortgage lenders that “[l]enders that fail to have a clear and consistent method to ensure that borrowers can seek a reconsideration of value risk violating federal law.”...more

Perkins Coie

CFPB’s May 2022 Mortgage Servicers Metrics Report

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On May 16, 2022, the Consumer Financial Protection Bureau (CFPB) published its second metrics report as part of its ongoing supervisory monitoring of mortgage servicers’ COVID-19 pandemic response. The data collected is part...more

Sheppard Mullin Richter & Hampton LLP

CFPB Report on Mortgage Servicers Examines Industry Responses After Pandemic Protections End

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On May 16, the CFPB released a report examining metrics on mortgage servicers’ responses to the COVID-19 pandemic.  According to the report, homeowners are still facing significant risks and challenges in working with...more

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