Since late July, the CFPB has issued seven consent orders against mortgage companies in which the CFPB asserts that the companies engaged in false and misleading advertising to service members and veterans. ...more
9/10/2020
/ Consent Order ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Enforcement Actions ,
False Advertising ,
Financial Services Industry ,
Mortgages ,
Regulation Z ,
Title X ,
Unfair or Deceptive Trade Practices ,
Veterans Administration
On August 21, 2020, the CFPB announced the issuance of a consent order against Go Direct Lenders, Inc. (Go Direct). This follows consent orders discussed in a previous blog post, that were announced on July 24, 2020 against...more
8/28/2020
/ Advertising ,
Consent Order ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
IRS ,
MAP Rule ,
Misleading Statements ,
Mortgage Lenders ,
Regulation Z ,
Unfair or Deceptive Trade Practices
On July 24, 2020, the CFPB announced the issuance of consent orders against Sovereign Lending Group, Inc. (Sovereign) and Prime Choice Funding, Inc. (Prime Choice). The CFPB indicated in their announcement that these consent...more
8/13/2020
/ Advertising ,
Consent Order ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
MAP Rule ,
Misleading Statements ,
Misrepresentation ,
Mortgage Lenders ,
Regulation Z ,
Unfair or Deceptive Trade Practices
On June 23, 2020, the CFPB published a new interpretive rule (the “Interpretive Rule”) to update the Home Mortgage Disclosure Act (HMDA) data fields that are used to identify “underserved” areas. ...more
6/25/2020
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Financial Services Industry ,
HMDA ,
Interpretive Rule ,
Low-Income Issues ,
Mortgages ,
Qualified Mortgage Rule ,
Real Estate Transactions ,
Regulation Z ,
Underserved Locations
COVID-19 and social distancing protocols are presenting new challenges for us all. The real estate and mortgage industry is no exception. These challenges are impacting lenders, borrowers, and service providers, such as title...more
The CFPB recently published 10 new TRID FAQs related to lender credits.
Previously the CFPB staff provided informal verbal guidance regarding lender credits, and the 2017 amendments to the TRID rule, often referred to as...more
The CFPB recently published ten new TRID FAQs related to lender credits.
Previously the CFPB staff provided informal verbal guidance regarding lender credits, and the 2017 amendments to the TRID rule, often referred to as...more
2/28/2020
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Disclosure Requirements ,
Financial Institutions ,
Financial Services Industry ,
Loan Estimates ,
Mortgage Lenders ,
Mortgages ,
Regulation Z ,
Regulatory Requirements ,
TILA-RESPA Integrated Disclosure Rule (TRID)
Although the 2017 amendments to the TRID rule, often referred to as TRID 2.0, added commentary to TRID provisions of Regulation Z and, particularly, Appendix D to Regulation Z, that addresses multiple advance construction...more
12/20/2019
/ Closing Documents ,
Construction Loans ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Financial Services Industry ,
Loan Estimates ,
Mortgages ,
New Guidance ,
Regulation Z ,
Regulatory Requirements ,
TILA-RESPA Integrated Disclosure Rule (TRID)