News & Analysis as of

Settlement Mortgage Loan Originators

Goodwin

CFPB Settles with Nonbank Mortgage Originator for $4 Million

Goodwin on

On June 18, 2024, the Consumer Financial Protection Bureau (CFPB) announced that it has filed a proposed order that would require a Florida-based nonbank mortgage loan originator to pay a $3.95 million penalty for allegedly...more

Bradley Arant Boult Cummings LLP

New DOJ Redlining Settlement Continues Enforcement Trend

In a continuation of enforcement activity related to redlining under October 2021’s Combatting Redlining Initiative, the U.S. Department of Justice (DOJ) announced on May 31, 2023, that ESSA Bank & Trust has agreed to pay $3...more

Hudson Cook, LLP

CFPB Bites of the Month - April 2023 - Stress Awareness Month and the CFPB

Hudson Cook, LLP on

In this month's article, we share some of our top "bites" for the prior month covered during the April 2023 webinar....more

Goodwin

2021 Year in Review: Consumer Finance

Goodwin on

[co-authors: Amelie Hopkins, and Collin Grier] The year 2021 started with the hope of COVID-19 vaccines and a return to (relative) normalcy, only to conclude with new variants that presented new challenges and extended...more

Ballard Spahr LLP

CFPB settles second loan originator compensation case

Ballard Spahr LLP on

The CFPB entered into a stipulated order and final judgment with Franklin Loan Corporation (Franklin) to settle allegations that Franklin paid its employee loan originators compensation based on the interest rates charged on...more

Orrick - Finance 20/20

SunTrust Settles with DOJ for US$968 Million

Orrick - Finance 20/20 on

On June 17, the United States Department of Justice announced a US$968 million settlement with SunTrust Mortgage Inc. Other parties to the settlement are the Department of Housing and Urban Development, the Consumer Financial...more

Goodwin

CFPB Settles with Mortgage Company over Loan Originator Compensation Incentives

Goodwin on

The CFPB announced a proposed consent order against a mortgage company and two of its senior officers, alleging that the mortgage company, through the actions of such officers, steered consumers into mortgages with higher...more

Bilzin Sumberg

Citigroup Resolves Mortgage Buyback Dispute With Fannie Mae

Bilzin Sumberg on

$968 Million Settlement - During the aftermath of the financial crisis, Fannie Mae and Freddie Mac have been aggressively demanding that Wall Street and big bank aggregators repurchase millions of defaulted and...more

Bilzin Sumberg

Big Banks Fail 2012 Fannie Mae Star Program

Bilzin Sumberg on

According to a report released Tuesday by Fannie Mae, the big banks who love to act like “injured innocents” when it comes to making mortgage repurchase and indemnification demands on loan originators had their own...more

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