Mortgages, Fees | JD Supra

Structured Finance Spectrum - Summer 2024

Alston & Bird on 8/7/2024

Welcome to the latest edition of the Spectrum, covering hot-topic issues in the structured finance markets in the U.S. and UK. This edition features the new UK securitization regime, eHELOCs, and climate risk disclosures....more

Chopra Delivers Testimony to Congress on Semi-Annual Report

Ballard Spahr LLP on 6/17/2024

On June 4, 2024, the CFPB issued its Semi-Annual Report to Congress covering the period beginning April 1, 2023 and ending September 30, 2023. On June 12, 2024, CFPB Director Chopra appeared before the Senate Banking...more

CFPB Probing Alleged “Junk Fees” in Mortgage Closing Costs

Troutman Pepper on 6/4/2024

On May 30, the Consumer Financial Protection Bureau (CFPB or Bureau) issued a request for information (Request) regarding alleged “junk fees” in closing costs charged by mortgage lenders and related settlement service...more

Nutter Bank Report: May 2024

Nutter McClennen & Fish LLP on 5/31/2024

Headlines 1. Supreme Court Upholds the Constitutionality of the CFPB’s Funding Structure The Supreme Court has ruled that the statutory authorization that allows the CFPB to draw funds from the earnings of the Federal Reserve...more

CFPB Releases RFI on Mortgage Closing Costs

Brownstein Hyatt Farber Schreck on 5/31/2024

On May 30, the Consumer Financial Protection Bureau (CFPB) released a Request for Information (RFI) regarding mortgage closing costs. The seven-page RFI provided nine questions about the impact of closing costs, and how they...more

CFPB Director Addresses Credit Report Fees Before the Mortgage Bankers Association

Ballard Spahr LLP on 5/28/2024

As part of the CFPB’s crusade against junk fees, CFPB Director, Rohit Chopra addressed credit report fees in prepared remarks at the Mortgage Bankers Association’s Secondary & Capital Markets Conference & Expo 2024. While...more

CFPB Homes in on Mortgage "Junk Fees"

Venable LLP on 5/6/2024

Recent releases from the Consumer Financial Protection Bureau (CFPB) show that the mortgage industry is in the crosshairs of the CFPB's campaign against so-called junk fees. Earlier this year, the CFPB indicated its interest...more

These Are Junk Fees

Cadwalader, Wickersham & Taft LLP on 5/3/2024

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

CFPB Bemoans “Junk Fees” in Mortgage Servicing

Goodwin on 5/3/2024

On April 24, 2024, the CFPB released its Supervisory Highlights, Mortgage Servicing Edition, (Issue 33, Spring 2024) which provides insight on the CFPB’s current focus in examining mortgage loan servicers. According to the...more

CFPB issues new report on price complexity and highlights implications for junk fees initiative

Ballard Spahr LLP on 5/3/2024

As part of its junk fees initiative, the CFPB released a new report, “Price Complexity in Laboratory Markets.” In its press release about the report, the CFPB states that because it “suggests consumers tend to pay more for...more

CFPB Crusade Continues: Mortgage Servicers and "Junk Fees"

Husch Blackwell LLP on 5/2/2024

Continuing its vigorous effort to eliminate so-called “junk fees,” and detailing other problematic mortgage servicer activities, the Consumer Financial Protection Bureau (CFPB) recently released its Spring 2024 Supervisory...more

CFPB Releases Special Edition of its Supervisory Highlights Focusing on Mortgage Servicers’ Alleged “Junk Fees”

Troutman Pepper on 4/29/2024

On April 24, the Consumer Financial Protection Bureau (CFPB or Bureau) released a special edition of its Supervisory Highlights report focusing on examinations of the residential mortgage servicing market that were completed...more

CFPB Announces Update in Continued War on Mortgage Servicing Junk Fees

Sheppard Mullin Richter & Hampton LLP on 4/29/2024

On April 24, the CFPB released its latest edition of Supervisory Highlights detailing the agency’s actions taken to combat “junk fees” it alleges are charged by mortgage servicers. This spotlight on fees in mortgage servicing...more

CFPB Bites of the Month - March 2024 - Here Comes the Sun and the CFPB

Hudson Cook, LLP on 4/1/2024

In this month's article, we share some of our top "bites" covered during the March 2024 webinar. Bite 10: CFPB Issues Statement on Privacy and Personal Data - On February 28, 2024, the CFPB issued a statement on...more

CFPB’s War on Mortgage Fees Continues

Alston & Bird on 3/19/2024

What Happened? Immediately following President Biden’s State of the Union Address announcing plans to lower homebuyer and refinancing costs, the CFPB issued a blog post seeking public input on how mortgage closing costs...more

CFPB Targets Mortgage Closing Costs as Junk Fees

Husch Blackwell LLP on 3/19/2024

On March 8, 2024, the CFPB issued a blog post signaling a new front in its focus on “junk fees”—mortgage closing costs. Notably, the CFPB suggests that title insurance, credit report and appraisal, origination, and other...more

VA Proposes Supplemental Refinance Loan Rule

Ballard Spahr LLP on 3/11/2024

As previously reported, in November 2022 the Department of Veterans Affairs (VA) issued a proposal to update its rules for interest rate reduction refinancing loans (often referred to as “IRRRLs”) to conform with VA loan...more

Nutter Bank Report: February 2024

Nutter McClennen & Fish LLP on 2/29/2024

The U.S. Department of Justice (DOJ) and state authorities have agreed to a consent order with a large national bank to resolve allegations that the bank engaged in a pattern or practice of lending discrimination by affecting...more

VA Addresses Assumption Fees

Ballard Spahr LLP on 2/28/2024

The U.S. Department of Veterans Affairs (VA) recently issued Circular 26-23-10, Change 1, Circular 26-24-5 and an Exhibit to address fees that may be imposed in connection with the assumption of a VA-guaranteed home loan....more

CFPB Bites of the Month - 2023 Annual Review - Mortgage

Hudson Cook, LLP on 1/24/2024

In this article, we share a timeline of our monthly "bites" for 2023 applicable to mortgage along with some additional related information. ...more

CFPB Bites of the Month - January 2024 - A Hazy Shade of Winter With the CFPB

Hudson Cook, LLP on 1/19/2024

In this month's article, we share some of our top "bites" for the prior and current month covered during the January 2024 webinar....more

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

Sheppard Mullin Richter & Hampton LLP on 10/2/2023

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

New Mortgage Fees Tied to Credit Scores Gain Media Attention, Raise Questions

Harris Beach PLLC on 5/25/2023

On May 1, 2023, new loan-level price adjustments (“LLPAs”) for single-family mortgages purchased by Fannie Mae and Freddie Mac (the “agencies”) went into effect. The Federal Housing Finance Agency (“FHFA”) – the independent...more

Junk Fees Continue to be Focus of CFPB, Biden Administration

Sheppard Mullin Richter & Hampton LLP on 5/2/2023

On March 8, the CFPB released a special edition of its Supervisory Highlights reporting on unlawful junk fees that were uncovered in a variety of servicing markets, including bank account deposits, auto loan servicing,...more

[Webinar] Hot Topics in Fair Servicing - April 13th, 11:00 am - 12:00 pm PT

Davis Wright Tremaine LLP on 4/7/2023

The national and administrative focus on advancing racial equity and support for underserved communities keeps fair servicing in the foreground as a top priority for mortgage servicers. In this webinar, you’ll hear from a...more

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