An Inside Look as a Juror - FCRA Focus Podcast
On August 21, 2024, the CFPB issued a Consent Order against the Company citing alleged failure to provide accurate information about loss mitigation options and improper handling of loan modifications. The Consent Order...more
On August 21, 2024, the Consumer Financial Protection Bureau (CFPB) announced that it entered into a consent order with a Florida-based mortgage servicer, resolving allegations related to the mortgage servicer’s...more
In many states, a company that services a residential mortgage loan by collecting payments from borrowers must hold a mortgage servicer license. What can come as a surprise, however, is that those licenses can also apply to...more
On June 18, 2024, the Consumer Financial Protection Bureau (CFPB or Bureau) announced that it has entered into consent orders with two companies totaling $16.5 million in civil penalties and consumer redress,...more
It is usually no surprise to companies operating in the financial services space that they may need a state license to make or service consumer loans. That is particularly true when the loans are highly regulated residential...more
On July 1, 2023, the New Jersey Division of Consumer Affairs, Office of Consumer Protection (Division) entered into a consent order with a national mortgage servicer. According to the Division’s press release, the...more
The CFPB announced this week that it has entered into a consent order with ACI Worldwide Corp. and one of its subsidiaries, ACI Payments, Inc., in connection with more than 1.4 million erroneous electronic fund transfer...more
On November 17, 2022, the Consumer Financial Protection Bureau (CFPB) announced that it entered into a consent order with a California-based mortgage servicer concerning its purported failure to provide certain borrowers...more
The Office of the Comptroller of the Currency (OCC) issued a $250 million civil penalty against Wells Fargo Bank, NA for flaws in the bank’s home loan loss mitigation program. In addition, the OCC issued a cease-and-desist...more
The New York Department of Financial Services (NYDFS) has announced its second regulatory enforcement action against a regulated entity (a New York licensed mortgage banker and loan servicer) for violating NYDFS’s...more
The Consumer Financial Protection Bureau (CFPB) announced today that it has entered into a settlement with Nationstar Mortgage, LLC, d/b/a “Mr. Cooper,” one of the nation’s largest mortgage servicers and the largest non-bank...more
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...more
On August 10, 2018, the Board of Governors of the Federal Reserve (“Board of Governors”) announced that a national bank had consented to the assessment of a civil money penalty totaling $8.6 million pursuant to the Federal...more
A degree of uncertainty hangs over the Consumer Financial Protection Bureau (CFPB) following the November 2017 resignation of its first director, Richard Cordray. On his last day in office, Cordray appointed his chief of...more
The CFPB recently announced that it has entered into a consent order with Fay Servicing, LLC (“Fay”) to settle alleged mortgage servicing violations. A copy of the consent order can be found here. As is typical for CFPB...more
On April 10, 2017, the California Department of Business Oversight (DBO) announced? that it had entered into a consent order with a Michigan-based residential mortgage lender and servicer over allegations that the firm was...more
On January 23, the Consumer Financial Protection Bureau (CFPB) announced that it entered into a consent order with a mortgage servicer, resolving alleged violations of the Real Estate Settlement Procedures Act (RESPA), the...more
In case you missed it, here is what the Consumer Financial Protection Bureau (CFPB) was up to over the last month: Enforcement Actions and Litigation - Enforcement Action Against First National Bank of Omaha - ...more
The Consumer Financial Protection Bureau (CFBP) recently took action against a payment processing company, Paymap Inc. (Paymap), and mortgage servicing company, LoanCare, LLC (LoanCare), for deceptive conduct in connection...more