The Consumer Financial Protection Bureau has slapped two financial institutions with enforcement actions and one with a civil suit for implying in ads to consumers that they had an official relationship with a government agency. The enforcement actions against Flagship Financial Group and American Preferred Lending cite ads describing those lenders as “HUD-approved” and “FHA-approved”… Read More »

Settlement services providers wondering how mortgage lenders will respond to the Consumer Financial Protection Bureau’s (CFPB’s) Integrated Mortgage Disclosure requirements have gotten an answer from two of the largest ones.  In order to ensure that the disclosures are delivered accurately and within the tight deadlines the rules require, Wells Fargo and Bank of America have… Read More »

The RESPA winds are blowing again and they seem to be nearing gale force. The Consumer Financial Protection Bureau (CFPB), which has replaced the Department of Housing and Urban Development (HUD) as RESPA’s primary enforcer, recently socked New Day Financial with a $2 million penalty for violating the anti-kickback provision of the law by paying… Read More »

Proposal Would Provide Surviving Family Members and Other Homeowners with Same Protections as Original Borrower WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (CFPB) proposed additional measures to ensure that homeowners and struggling borrowers are treated fairly by mortgage servicers. The proposal would require servicers to provide certain borrowers with foreclosure protections more than… Read More »

The CFPB is proposing changes to the TILA-RESPA Integrated Disclosure Rule issued last year. Commonly referred to as the “Know Before You Owe Rule,” it clarified the disclosure process so that borrowers could have a much clearer understanding of all fees and related expenses involved in a loan.   This week, two changes to that… Read More »

The CFPB is proposing changes to the TILA-RESPA Integrated Disclosure Rule issued last year. Commonly referred to as the “Know Before You Owe Rule,” it clarified the disclosure process so that borrowers could have a much clearer understanding of all fees and related expenses involved in a loan.   This week, two changes to that… Read More »

Flagstar Bank of Maryland has been hit with a massive fine ($10M) and will be forced to pay $27.5M in restitution to almost 7000 of its borrowers, after being cited by the CFPB for a string of poor business practices that led to an estimated 2000 unnecessary foreclosures. According to CNN:   The agency cited… Read More »

Lighthouse Title has agreed to pay $200,000 for RESPA violations, after a CFPB review. Lighthouse violated conditions of the RESPA laws by making agreements with real estate brokers to provide marketing services in exchange for referrals. RESPA, which has been enforced by the CFPB since it took over from HUD in 2011, specifically prohibits any… Read More »