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Consumer Financial Protection Bureau (CFPB) Consumer Financial Products Mortgage Loan Originators

Goodwin

Increased Industry Attention on RESPA Section 8: Escue v. United Wholesale Mortgage, LLC

Goodwin on

On April 2, 2024, a putative class action was brought against United Wholesale Mortgage (UWM) alleging, among other claims, violations of Section 8(a) of the Real Estate Settlement Procedures Act (RESPA). The lawsuit contains...more

Venable LLP

CFPB Homes in on Mortgage "Junk Fees"

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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

Goodwin

CFPB Files Complaint Against Mortgage Originator For Allegedly Inaccurate HMDA Reporting

Goodwin on

On October 10, 2023, the Consumer Financial Protection Bureau (CFPB) announced that it filed a complaint​ against a residential mortgage loan originator and servicer alleging that the company violated the Home Mortgage...more

Goodwin

CFPB Enters into Consent Orders with Mortgage Loan Originator and Real Estate Brokerage Firm for Illegal Kickbacks

Goodwin on

On August 17, 2023, the Consumer Financial Protection Bureau (CFPB) announced that it had taken action against a residential mortgage loan originator that provided illegal incentives to real estate brokers and agents in...more

Hudson Cook, LLP

CFPB Fines Residential Mortgage Loan Originator $1.75 Million for Kickbacks Involving Referrals to Originator by Brokers

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The Real Estate Settlement Procedures Act prohibits mortgage loan originators from offering incentives to other companies in exchange for referring homebuyers to them for mortgage loans. The Bureau alleged that the...more

Troutman Pepper

CFPB’s 2022 Fair Lending Report Focuses on Bias in Mortgage Lending, Redlining, Home Appraisals, Small Business Lending, and Shows...

Troutman Pepper on

As shown by a new report, the Consumer Financial Protection Bureau (CFPB or Bureau) is focusing its fair lending work on mortgage origination and pricing, small business lending, redlining, and the use of artificial...more

Orrick, Herrington & Sutcliffe LLP

Indiana will allow certain licensees to sponsor non-employee mortgage loan originators

On May 4, the Indiana governor signed SB 452 to amend Indiana code governing financial institutions. Among other things, the Act amends a provision to require the Department of Financial Institutions to adopt emergency rules...more

Orrick, Herrington & Sutcliffe LLP

CFPB seeks feedback on LO comp

On March 10, the CFPB issued a Request for Comment (RFC) seeking feedback on the Regulation Z Mortgage Loan Originator Rules, including the provisions often referred to as the Loan Originator Compensation or “LO Comp” Rule. ...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

You Can Still Comment on the TRID Rule Assessment

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As we previously reported, the CFPB is conducting an assessment of the TILA/RESPA Integrated Disclosure (TRID) Rule. Although the comment period associated with the Federal Register notice regarding the assessment ended on...more

Ballard Spahr LLP

CFPB publishes Fall 2019 rulemaking agenda

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The CFPB has published its Fall 2019 rulemaking agenda as part of the Fall 2019 Unified Agenda of Federal Regulatory and Deregulatory Actions, which is coordinated by the Office of Management and Budget....more

Ballard Spahr LLP

CFPB Publishes FAQs on Temporary Authority

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The CFPB recently published SAFE Act FAQs addressing temporary authority. The CFPB identifies the following categories of loan originators under the SAFE Act, as amended by the Economic Growth, Regulatory Relief, and...more

Alston & Bird

CFPB Issues New Edition of Supervisory Highlights

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A&B Abstract: The Summer 2019 edition of the CFPB’s Supervisory Highlights indicates recent examination focuses for several categories of consumer credit products....more

Ballard Spahr LLP

CFPB 2019 fair lending report highlights alternative scoring models

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The CFPB’s annual fair lending report covering its 2018 activities was published in today’s Federal Register.  While most of the report recycles information about which we have previously blogged, it does contain the...more

White & Case LLP

Consumer financial services: The road ahead: Mortgage origination and servicing

White & Case LLP on

In 2018, the CFPB issued multiple rules, and Congress passed legislation, to clarify, revise and update the regulatory framework applicable to the home mortgage origination and servicing market....more

Ballard Spahr LLP

CFPB Revised Loan Originator Rule and HOEPA Rule Guides

Ballard Spahr LLP on

The CFPB recently issued revised versions of the small entity compliance guides for the Loan Originator Rule and the Home Ownership and Equity Protection Act (HOEPA) Rule....more

Ballard Spahr LLP

CFPB Provides Additional Guidance on HMDA Partial Exemption

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The CFPB recently released an interpretive and procedural rule to implement and clarify the partial exemption from the Home Mortgage Disclosure Act (HMDA) adopted in the Economic Growth, Regulatory Relief, and Consumer...more

Ballard Spahr LLP

CFPB Releases Summer 2017 Supervisory Highlights

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Earlier this week the CFPB released its Summer 2017 Supervisory Highlights, which covers supervisory activities generally completed between January through June of 2017. The report touts the $14 million total restitution...more

Ballard Spahr LLP

CFPB Spring 2017 Supervisory Highlights focuses on mortgage origination/servicing, student loan servicing deficiencies, service...

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The CFPB’s newly-released Spring 2017 edition of Supervisory Highlights covers supervisory activities generally completed between September and December 2016. The report indicates that supervisory resolutions resulted in...more

Ballard Spahr LLP

Regular CFPB Service Provider Examinations Have Begun; More Service Providers to Face Examinations

Ballard Spahr LLP on

At the program held on April 7 titled “The State of Consumer Protection Initiatives” at the American Bar Association Business Law Section Consumer Financial Services Committee 2017 Spring Meeting, Peggy Twohig, the CFPB’s...more

Ballard Spahr LLP

CFPB unveils Consumer Credit Trends web-based tool

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The CFPB has unveiled “Consumer Credit Trends,” which it describes as “a web-based tool to help the public monitor developments in consumer lending and forecast potential future risks.”...more

BakerHostetler

CFPB Publishes List of Rural Counties and Underserved Areas

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We have an update to our September 23 post regarding the CFPB’s expanded definition of “small creditors” and “rural areas” for purposes of meeting the requirements of qualified mortgages. As first reported by Housing Wire,...more

Stinson LLP

CFPB Issues RESPA and Marketing Services Agreements Compliance Bulletin

Stinson LLP on

On October 8, 2015, the Consumer Financial Protection Bureau (CFPB) issued a compliance bulletin concerning marketing services agreements (MSAs) under the Real Estate Settlement Procedures Act (RESPA). RESPA - RESPA...more

Carlton Fields

CFPB Reports Continued Mortgage Servicing and Other Violations of Consumer Financial Law

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In its Supervisory Highlights released earlier this summer, the CFPB reported its examination observations in consumer reporting, debt collection, mortgage origination and servicing, fair lending, and student loan servicing....more

Baker Donelson

The New Paradigm in Vendor Management Under the CFPB

Baker Donelson on

This past July marked the fifth anniversary of the creation of the Consumer Financial Protection Bureau (CFPB), a period marked by sweeping changes to the regulatory and administrative environment in which financial...more

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