As previously reported, both the House and Senate passed bills to ban “trigger leads,” except in limited circumstances, although the versions of the bills that were previously passed are slightly different. The one difference...more
8/4/2025
/ Consumer Financial Products ,
Consumer Privacy Rights ,
Consumer Reporting Agencies ,
Creditors ,
Financial Services Industry ,
Lead Generators ,
Lenders ,
Mortgage Servicers ,
Mortgages ,
Pending Legislation ,
Real Estate Transactions ,
Reporting Requirements ,
Telecommunications ,
Text Messages
A federal judge has rejected the Trump Administration’s request to release from court supervision a bank that had been accused of discriminatory lending....more
7/29/2025
/ Banks ,
Consumer Financial Products ,
Department of Justice (DOJ) ,
Discriminatory Lending Practices ,
ECOA ,
Enforcement Actions ,
Fair Housing Act (FHA) ,
Financial Institutions ,
Financial Services Industry ,
Mortgage Lenders ,
Mortgages ,
Redlining ,
Settlement ,
Statutory Violations ,
Trump Administration
Recently, a complaint was filed against loanDepot.Com, LLC (“loanDepot”) in the U.S. District Court for the District of Maryland alleging violations of the Truth in Lending Act (TILA)/Regulation Z loan originator compensation...more
7/21/2025
/ Consumer Financial Products ,
Financial Services Industry ,
Lenders ,
Loans ,
Mortgage Lenders ,
Mortgage Loan Originators ,
Mortgages ,
Originator Compensation ,
Putative Class Actions ,
Real Estate Transactions ,
Regulation Z ,
Regulatory Violations ,
Rulemaking Process ,
Truth in Lending Act (TILA)
The U.S. Senate recently passed H.R. 1815, the VA Home Loan Program Reform Act, to reauthorize partial claims with U.S. Department of Veterans Affairs (VA) guaranteed home loans. The U.S. House of Representatives passed the...more
7/17/2025
/ Borrowers ,
Consumer Financial Products ,
Debt ,
Department of Veterans Affairs ,
Financial Services Industry ,
Foreclosure ,
Lenders ,
Loans ,
Mortgages ,
New Legislation ,
Proposed Legislation ,
Real Estate Transactions ,
Regulatory Agenda ,
Veterans
Recently the U.S. Department of Housing and Urban Development (HUD) rescinded various FHA mortgage loan requirements in a series of five Mortgagee Letters....more
7/11/2025
/ Appraisal ,
Borrowers ,
Consumer Financial Products ,
Executive Orders ,
Federal Housing Administration (FHA) ,
Financial Regulatory Reform ,
Financial Services Industry ,
Housing Market ,
HUD ,
Lenders ,
Mortgages ,
Real Estate Market ,
Regulatory Requirements
The House has passed legislation that would ban “trigger leads,” except in limited circumstances. The “Homebuyers Privacy Protection Act of 2025,” H.R. 2808, passed the House by voice vote. ...more
As previously reported, in March 2025 the CFPB and Townstone Financial (Townstone) filed a joint motion with a U.S. District Court seeking to reverse the November 2024 consent order between the parties that resolved CFPB...more
6/16/2025
/ Appeals ,
Consent Order ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Discriminatory Lending Practices ,
ECOA ,
Financial Institutions ,
Financial Services Industry ,
FRCP 60(b) ,
Government Agencies ,
Judicial Authority ,
Mortgages ,
Redlining ,
Regulation B ,
Settlement Agreements
The House Financial Services Committee has approved a bill that would restrict the use of “trigger leads” in the mortgage industry. ...more
6/13/2025
/ Borrowers ,
Consumer Reporting Agencies ,
Fair Credit Reporting Act (FCRA) ,
Financial Regulatory Reform ,
Financial Services Committee ,
Financial Services Industry ,
Homebuyer Protection Acts ,
Lead Generators ,
Mortgage Lenders ,
Mortgages ,
Proposed Legislation ,
Regulatory Agenda ,
Regulatory Requirements ,
State Attorneys General ,
Unsolicited Advertisements
The CFPB recently made filings with the Office of Management and Budget (OMB) regarding the following rules...more
6/10/2025
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Reporting Agencies ,
Debt Collection ,
Dodd-Frank ,
Financial Services Industry ,
Loan Origination Funds ,
Mortgages ,
OMB ,
Proposed Rules ,
Regulation X ,
Regulation Z ,
Regulatory Agenda ,
RESPA ,
Rulemaking Process ,
Truth in Lending Act (TILA)
Contending that policies implemented by guidance represent an unfair regulatory burden and might be contrary to federal law, the CFPB is rescinding 67 guidance documents issued since the bureau began operating in 2011....more
5/19/2025
/ Biden Administration ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Deregulation ,
Executive Orders ,
Financial Regulatory Reform ,
Financial Services Industry ,
Guidance Documents ,
Mortgages ,
Regulatory Reform ,
Regulatory Requirements ,
RESPA ,
Trump Administration ,
UDAAP
President Trump recently signed an Executive Order entitled “Restoring Equality of Opportunity and Meritocracy“ to eliminate the use of disparate impact liability. The U.S. Department of Housing and Urban Development (HUD)...more
5/5/2025
/ Civil Rights Act ,
Constitutional Challenges ,
Consumer Financial Products ,
Deregulation ,
Disparate Impact ,
ECOA ,
Enforcement Actions ,
Executive Orders ,
Fair Housing Act (FHA) ,
Financial Regulatory Reform ,
Financial Services Industry ,
HUD ,
Mortgages ,
Regulatory Agencies ,
SCOTUS ,
Texas Dept of Housing v Inclusive Communities ,
Title VII ,
Trump Administration ,
Unfair or Deceptive Trade Practices
Recently, the U.S. Department of Housing and Urban Development (HUD) issued Mortgagee Letter 2025-13 to revise the exclusive listing period for certain parties in connection with HUD real estate owned (REO) properties, and...more
4/30/2025
/ Affordable Housing ,
Claims Without Conveyance of Title (CWCOT) ,
Federal Housing Administration (FHA) ,
Foreclosure Sales ,
Government Agencies ,
Housing Market ,
HUD ,
Lenders ,
Mortgagee Letters ,
Mortgages ,
Real Estate Market ,
Real Estate Transactions ,
Regulatory Reform ,
REO Portfolios
As previously reported, last year the U.S. Department of Veterans Affairs (VA) launched a Veterans Affairs Servicing Purchase (VASP) program, which VA characterized as a “last-resort tool” for VA home loan borrowers facing...more
4/28/2025
/ Borrowers ,
Consumer Financial Products ,
Department of Veterans Affairs ,
Federal Funding ,
Financial Regulatory Reform ,
Financial Services Industry ,
Government Agencies ,
Lenders ,
Loans ,
Military Service Members ,
Mortgages ,
Regulatory Oversight ,
Regulatory Requirements ,
Veterans
In January 2025 the U.S. Department of Housing and Urban Development (HUD) issued Mortgagee Letter 2025-06 revising servicing and claims requirements and loss mitigation options for FHA insured mortgage loans effective...more
4/23/2025
/ Borrowers ,
Consumer Financial Products ,
Federal Housing Administration (FHA) ,
Financial Services Industry ,
HUD ,
Loss Mitigation ,
Mortgage Lenders ,
Mortgage Servicers ,
Mortgagee Letters ,
Mortgages ,
New Regulations ,
Real Estate Transactions ,
Regulatory Oversight ,
Regulatory Requirements
The CFPB is rescinding its existing enforcement and supervision priority documents, according to a memo sent to bureau staff by CFPB Chief Legal Officer Mark Paoletta....more
4/18/2025
/ Banks ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Discriminatory Lending Practices ,
Enforcement Priorities ,
Fair Lending ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Mortgages ,
Non-Bank Lenders ,
Regulatory Reform ,
Student Loans ,
Supervisory Guidance ,
Trump Administration
Legislation to prohibit so-called “trigger leads” in the homebuying process once again has been reintroduced in the House and Senate....more
4/16/2025
/ Borrowers ,
Consumer Financial Products ,
Consumer Reporting Agencies ,
Credit Reports ,
Fair Credit Reporting Act (FCRA) ,
Financial Regulatory Reform ,
Financial Services Industry ,
Lead Generators ,
Lenders ,
Mortgage Lenders ,
Mortgages ,
Proposed Legislation ,
Real Estate Transactions ,
Regulatory Agenda
The CFPB has announced that Home Mortgage Disclosure Act (HMDA) Modified Loan Application Register (LAR) data for 2024 are now available on the Federal Financial Institutions Examination Council’s (FFIEC) HMDA Platform for...more
4/8/2025
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Data Collection ,
Disclosure Requirements ,
FFIEC ,
Financial Institutions ,
Financial Services Industry ,
HMDA ,
Loan Applications ,
Mortgage Lenders ,
Mortgages ,
Regulatory Requirements ,
Reporting Requirements
In the waning hours of the first Trump Administration the U.S. Department of Housing and Urban Development (HUD) announced that effective January 19, 2021 individuals who are classified under the “Deferred Action for...more
4/1/2025
/ Affordable Housing ,
DACA ,
Federal Housing Administration (FHA) ,
Financial Institutions ,
Financial Regulatory Reform ,
Foreign Nationals ,
HUD ,
Immigration ,
Mortgages ,
Non-Resident Aliens ,
Real Estate Market ,
Real Estate Transactions ,
Trump Administration
Saying that the bureau under the Biden Administration abused its power, the CFPB is seeking to reverse its settlement with Townstone Financial....more
3/28/2025
/ Abuse of Power ,
Biden Administration ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Discriminatory Lending Practices ,
ECOA ,
Enforcement Actions ,
Financial Services Industry ,
Mortgage Loan Originators ,
Mortgages ,
Redlining ,
Regulation B ,
Regulatory Authority ,
Settlement ,
Small Business ,
Statutory Violations ,
Trump Administration ,
Vacated
Led by the California Mortgage Bankers Association, five lenders have made commitments to provide mortgage relief for the victims of the California wildfires....more
1/23/2025
/ Banking Sector ,
Banks ,
California ,
Consumer Financial Products ,
Financial Institutions ,
Financial Services Industry ,
Foreclosure ,
Loans ,
Mortgage Lenders ,
Mortgages ,
Real Estate Market ,
Relief Measures ,
Wildfires
The CFPB recently issued a final rule increasing the asset exemption threshold for the Truth in Lending Act (TILA) requirement to maintain an escrow account for a higher-priced mortgage loan (HPML)....more
12/24/2024
/ Asset Management ,
Consumer Financial Protection Bureau (CFPB) ,
Economic Growth Regulatory Relief and Consumer Protection Act ,
Escrow Accounts ,
Exemptions ,
Final Rules ,
High-Priced Mortgage Loans (HPML) ,
Loans ,
Mortgages ,
Regulation Z ,
Threshold Requirements ,
Truth in Lending Act (TILA)
As previously reported, this summer the U.S. Department of Housing and Urban Development (HUD) filed a housing discrimination charge under the Fair Housing Act against an appraisal company, individual appraiser, appraisal...more
12/18/2024
/ Appraisal ,
Appraisers ,
Declaratory Judgments ,
Discriminatory Lending Practices ,
Disparate Impact ,
Enforcement Actions ,
Fair Housing Act (FHA) ,
Housing Market ,
HUD ,
Mortgage Lenders ,
Mortgages ,
Race Discrimination ,
Statutory Violations ,
Truth in Lending Act (TILA)
The U.S. Department of Housing and Urban Development (HUD) has extended from January 1, 2025 until July 1, 2025, the compliance date for certain provisions of the department’s rule entitled “Modernization of Engagement with...more
The CFPB has issued a final rule regarding various annual adjustments it is required to make under provisions of Regulation Z under the Truth in Lending Act (TILA) that implement the CARD Act, Home Ownership and Equity...more
The U.S. Department of Veterans Affairs (VA) recently proposed rules to modify the requirements for the reporting of VA guaranteed mortgage loans, and the rules regarding when the VA would assert a defense for a partial or...more
12/2/2024
/ Borrowers ,
Consumer Financial Products ,
Fees ,
Financial Regulatory Reform ,
Financial Services Industry ,
Guaranty Claims ,
Loans ,
Mortgages ,
Proposed Rules ,
Real Estate Transactions ,
Regulatory Agenda ,
Regulatory Requirements ,
Veterans ,
Veterans Administration