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Consumer Financial Protection Bureau (CFPB) › Reverse Mortgages › Enforcement Actions

Goodwin

2024 Year in Review: Mortgage Origination and Servicing

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With the change in administration, enforcement actions at the federal level are expected to decrease, reflecting President Trump’s focus on deregulation. Indeed, during President Trump’s first term, the number of enforcement...more

Ballard Spahr LLP

Massachusetts AG sues Hometap, saying company offers illegal home equity investments that really are reverse mortgages

Ballard Spahr LLP on

Alleging that a Boston company “pervasively and systematically violated the state’s consumer protection laws, including mortgage and foreclosure prevention laws, putting financially vulnerable homeowners at high risk of...more

Hudson Cook, LLP

CFPB Bites of the Month - July 2024 - The CFPB Shines Like the 4th of July

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In this month's article, we share some of our top "bites" for the prior and current month covered during the July 2024 webinar....more

Hudson Cook, LLP

[Webinar] CFPB Bites of the Month: The CFPB Shines Like the 4th of July - July 17th, 12:30 pm ET

Hudson Cook, LLP on

Please join Eric Johnson and Justin Hosie as they recap recent CFPB actions and enforcements, including negative equity findings from the Auto Finance Data Pilot; compliance dates for the Small Business Lending Rule; the...more

Goodwin

CFPB Enters into Consent Orders with Reverse Mortgage Servicers for $16.5 Million

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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

Hudson Cook, LLP

CFPB Imposes Bans from Reverse Mortgage Servicing, $11.5 Million Restitution, and $5 Million in Civil Money Penalties for...

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The CFPB entered into consent orders with a Home Equity Conversion Mortgage ("HECM," also known as a "reverse mortgage") servicing contractor, its subcontractor, and two of its subcontractor's subsidiaries. The U.S....more

Goodwin

CFPB Enters Into Consent Order with Mortgage Lender for $140,000

Goodwin on

On April 27, 2021, the Consumer Financial Protection Bureau (CFPB) announced that it had entered into a consent order with a reverse mortgage broker and lender, resolving allegations that the company violated the Mortgages...more

Spilman Thomas & Battle, PLLC

All Consuming - Financial Litigation Insights: Issue 5, September 2020

Spilman Thomas & Battle, PLLC on

Three Important Ways the COVID-19 Pandemic is Changing the Delivery of Consumer Financial Services - The world continues to come to grips with the daily changes brought by the COVID-19 pandemic. Schools contemplate...more

Smith Debnam Narron Drake Saintsing & Myers,...

CFPB Consent Orders Serve as a Reminder to Mortgage Industry on Advertising Practices

Smith Debnam Narron Drake Saintsing & Myers,... on

A recent series of CFPB consent orders should remind the mortgage industry to carefully monitor its advertising practices. The MAP Rule prohibits deceptive and misleading commercial communications regarding any term of any...more

Bradley Arant Boult Cummings LLP

CFPB Releases New Reverse Mortgage Study Raising Marketing Practice Concerns

Bradley Arant Boult Cummings LLP on

A recent study released by the Consumer Finance Protection Bureau (CFPB) regarding reverse mortgages suggests the CFPB is looking closely at the industry and the study may well be an omen of enhanced future enforcement...more

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