Search Results: Mortgage Orientation or Servicing

CFPB Issues Assessment of Rule Requiring Consolidation of Mortgage Disclosures

On October 1, 2020, the Consumer Financial Protection Bureau (CFPB) released its rule assessment for a final Rule relating to mortgage disclosures.  Known as the TRID Rule, the Bureau’s final Rule implemented requirements under the Consumer Financial Protection Act (CFPA) to integrate various mortgage loan disclosures under the Truth in…

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CFPB Announces Another Settlement with Mortgage Lender Resolving Allegations of Deceptive VA Loans

On October 26, 2020, the Consumer Financial Protection Bureau (CFPB) announced it had a reached a settlement with a Utah-based mortgage lender and broker, resolving allegations that the lender had engaged in deceptive ​acts and practices in violation of the Consumer Financial Protection Act, 12 U.S.C. §§ 5531, 5536 (CFPA),…

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CFPB Settles with Debt Collector for Over $15 Million

On October 15, 2020, the Consumer Protection Financial Bureau (CFPB) announced that it has reached a proposed settlement with the nation’s largest debt collector. The CFPB previously reached a consent order with this company in 2015 for alleged violations of the Consumer Financial Protection Act (CFPA), Fair Debt Collection Practices Act (FDCPA),…

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DOJ Files Complaint Against Lender for Alleged False Claims Act Violations

On September 25, 2020, the Department of Justice (DOJ) announced that it filed a complaint in the United States District Court for the District of Columbia​ against a national mortgage loan originator. The complaint alleges that the company violated the False Claims Act (FCA) by originating Home Equity Conversion Mortgage (HECM) loans…

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CFPB Continues to Target Misleading VA Mortgage Loan Advertisements

On September 14, 2020, the Consumer Financial Protection Bureau (CFPB) announced a settlement in its eighth case arising out of the CFPB’s “sweep of investigations” of mortgage companies allegedly mailing deceptive advertisements for VA-guaranteed mortgages to servicemembers and veterans.  According to the CFPB, the “ongoing sweep of investigations reflects the…

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CFPB Continues Streak of Consent Orders With VA Mortgage Lenders for Deceptive Practices

On September 2, 2020, the Consumer Financial Protection Bureau (CFPB) announced it had entered into a consent order with a Delaware-based VA-mortgage lender, resolving allegations that the company had engaged in deceptive practices against servicemembers and veterans.  The CFPB found that since April 2018 the Company had mailed current and former servicemembers misleading advertisements…

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CFPB Issues Consent Order Against Maryland-Based Mortgage Lender for Deceptive Practices Related to VA Loans

On September 1, 2020, the Consumer Financial Protection Bureau (“CFPB”) announced that it had issued a consent order against a Maryland-based corporation offering VA-guaranteed loans in twelve states.  According to the consent order, the CFPB found the company had sent consumers millions of advertisements containing deceptive or misleading statements and inadequate disclosures, in violation of…

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CFPB Settles with Mortgage Company to Address Deceptive Loan Advertisements Sent to Servicemembers and Veterans

On September 14, 2020, the Consumer Financial Protection Bureau (“CFPB”) announced that it had entered into a consent order with a mortgage broker and lender that advertises and offers mortgage loans guaranteed by the United States Department of Veterans Affairs (VA) through direct-mail advertisements sent primarily to United States military…

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CFPB Enters Into Consent Order With VA Lender Over Alleged UDAAP Violations

On August 26, 2020 the Consumer Financial Protection Bureau (CFPB) announced that it had entered into a consent order with a California-based mortgage lender, resolving allegations that the company violated the Consumer Financial Protection Act (CFPA) and Truth in Lending Act (TILA) by engaging in deceptive acts and practices with…

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CFPB Settles Another Case With Mortgage Company Over Allegedly Deceptive VA Loan Advertisements

On August 21, 2020, the Consumer Financial Protection Bureau (CFPB) announced that it had a reached a settlement with a California-based lender, resolving allegations that the lender had sent deceptive loan advertisements to servicemembers and veterans in violation of the Consumer Financial Protection Act (CFPA), the Mortgage Acts and Practices…

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CFPB Announces $1.1 Million Settlement with California-based Lenders to Resolve Allegations of Unfair and Deceptive Practices

On July 24, 2020, the Consumer Financial Protection Bureau (CFPB) announced that it entered consent orders (here and here) against two California-based mortgage lenders, resolving allegations that the lenders violated the Truth in Lending Act (TILA), 15 U.S.C. §§ 1601–1667f, and its implementing regulation, Regulation Z, 12 C.F.R. § 1026.24;…

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CFPB Settles with Three Companies Over Alleged UDAAP and FCRA Violations

On June 23, 2020, the Consumer Financial Protection Bureau (CFPB) announced that it reached a settlement with three companies that issued contracts for deeds with consumers.  According to the CFPB, between 2010 and 2016, these companies allegedly had a business plan of acquiring foreclosed properties in bulk and reselling them to consumers through seller financing…

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CSBS and CFPB Issue Joint Statement On CARES Act Mortgage Loan Forbearances

The Conference of State Bank Supervisors (CSBS) and the Consumer Financial Protection Bureau (CFPB) recently issued a joint statement concerning mortgage loan forbearances under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).  The joint statement signals the types of conduct that may become the focus of CFPB and…

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Fair Lending Considerations in a COVID-19 World: Fair Servicing and Consumer Relief in the U.S.

The sudden financial impact of the COVID-19 pandemic on consumers has led to calls for loan servicers and other interested parties to provide temporary or permanent relief for borrowers who are unable to continue making loan payments.  The Coronavirus Aid, Relief, and Economic Security Act (CARES Act), guidance in the…

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CFPB Settles with Colorado Mortgage Servicer for $1.52M for Alleged RESPA Violations

Colorado

On May 11, 2020, the Consumer Financial Protection Bureau (CFPB) settled with a Colorado-based mortgage servicer that serviced a portfolio of mortgage loans worth approximately $112.69 billion.  According to the CFPB, the Bureau found that the servicer violated the Real Estate Settlement Procedures Act (RESPA), 12 U.S.C. § 2601 et seq., and its implementing…

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CFPB Holds Public Advisory Committees Meeting on Impact of COVID-19

On May 1, 2020, the Consumer Financial Protection Bureau (Bureau or CFPB) held a joint virtual meeting of its four advisory committees:  the Consumer Advisory Board, the Community Bank Advisory Council, the Credit Union Advisory Council, and the Academic Research Council.  The meeting—the Bureau’s first public event since the onset…

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DOJ Settles False Claims Act Allegations Against Reverse Mortgage Lender for $2.47 Million

​On March 31, 2020, the U.S. Department of Justice (DOJ) announced that it had entered into a $2.47 million settlement agreement with a national reverse mortgage lender in order to resolve allegations that the bank’s predecessor entity had failed to meet the Department of Housing and Urban Development’s (HUD) criteria in originating and…

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New York Department of Financial Services Announces Settlement with Unlicensed Mortgage Lender

​On January 10, 2020, the New York Department of Financial Services (DFS) announced that, in concert with the New York Attorney General (New York AG), it had entered into a consent order and settlement with an unlicensed mortgage-lending business to resolve allegations that the business illegally made predatory, subprime loans in…

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