Mortgages, Civil Monetary Penalty, Consumer Financial Protection Bureau (CFPB)

CFPB Terminates Two Consent Orders Addressing Overdraft Fees and Mortgage Servicing Violations

Sheppard Mullin Richter & Hampton LLP on 7/11/2025

On July 1, the CFPB terminated two separate consent orders, one involving a federal credit union and the other involving a national mortgage servicer. Both orders stemmed from 2024 enforcement actions and involved alleged...more

CFPB terminates consent order against mortgage servicer

Orrick, Herrington & Sutcliffe LLP on 7/7/2025

On July 1, the CFPB announced that it terminated a consent order against a mortgage servicer after finding that the company had “fulfilled several obligations,” including payment of a $2 million civil money penalty and $3...more

CFPB seeks to vacate redlining settlement and refund civil money penalty to firm

Orrick, Herrington & Sutcliffe LLP on 3/28/2025

On March 26, the CFPB, in its first press release in over 50 days, announced its intention to seek to vacate a redlining settlement previously imposed on a nonbank retail-mortgage creditor and broker based in Chicago. As...more

CFPB Enters Into Consent Order With Mortgage Servicer Resolving Allegations of Improper Foreclosure Practices

Goodwin on 8/26/2024

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

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

Goodwin on 7/1/2024

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

CFPB Issues Order Against Nonbank Mortgage Company

Hudson Cook, LLP on 6/25/2024

On May 18, 2024, the CFPB filed a proposed stipulated final judgment and order with the Company to resolve allegations that the Company violated a 2019 CFPB consent order, HMDA, its implementing Regulation C, and the CFPA....more

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

Hudson Cook, LLP on 6/24/2024

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

CFPB Bites of the Month - 2023 Annual Review - Mortgage

Hudson Cook, LLP on 1/24/2024

In this article, we share a timeline of our monthly "bites" for 2023 applicable to mortgage along with some additional related information. ...more

CFPB Enters into Consent Orders with Mortgage Loan Originator and Real Estate Brokerage Firm for Illegal Kickbacks

Goodwin on 8/28/2023

On August 17, 2023, the Consumer Financial Protection Bureau (CFPB) announced that it had taken action against a residential mortgage loan originator that provided illegal incentives to real estate brokers and agents in...more

CFPB Fines Residential Mortgage Loan Originator $1.75 Million for Kickbacks Involving Referrals to Originator by Brokers

Hudson Cook, LLP on 8/21/2023

The Real Estate Settlement Procedures Act prohibits mortgage loan originators from offering incentives to other companies in exchange for referring homebuyers to them for mortgage loans. The Bureau alleged that the...more

CFPB Slaps Mortgage Payments Processor with $25 Million Penalty for Unauthorized Mortgage Payments

Shipkevich PLLC on 7/6/2023

On June 27, 2023, the CFPB reached a consent order with the companies regarding the more than 1.4 million erroneous electronic fund transfer payment instructions initiated by ACI through the ACH Network. The CFPB considers...more

CFPB Bites of the Month - March 2023 - Beware the Ides of March and the CFPB

Hudson Cook, LLP on 3/27/2023

In this month's article, we share some of our top "bites" for the prior month covered during the March 2023 webinar....more

FDIC Settles with Bank for Repeat RESPA Violations, Doubling Previous Fine

Sheppard Mullin Richter & Hampton LLP on 2/13/2023

The FDIC recently announced a consent order with an Oregon regional bank for violations of Section 8 of RESPA, the FTC Act, and the FRCA, resulting in a civil monetary penalty totaling $425,000. After conducting its...more

Lender Allegedly Used Unlawful And Misleading Tactics To Market Reverse Mortgages

Cozen O'Connor on 4/30/2021

The Consumer Financial Protection Bureau (“CFPB”) reached a settlement with reverse-mortgage lender Nationwide Equities Corporation (“Nationwide Equities”) to resolve allegations that it used false and misleading advertising...more

Damages Under Dodd-Frank: Federal Court Awards CFPB $59 Million in Unprecedented Penalties and Restitution Analysis

ArentFox Schiff on 11/13/2019

So much to say, so little time. Historically groundbreaking, a federal court in Madison, Wisconsin engaged in the most robust, methodical damages analysis under the Consumer Financial Protection Act, found in Title X of the...more

Court denies restitution sought by CFPB in lawsuit against biweekly mortgage payment companies

Ballard Spahr LLP on 9/21/2017

In another recent defeat for the CFPB, a California federal district court refused to award restitution sought by the CFPB in its lawsuit filed in May 2015 against two related companies offering a biweekly mortgage payment...more

CFPB Secures $7.9 Million Trial Verdict Against Mortgage Loan Servicer

Goodwin on 9/18/2017

On September 8, a federal judge in California ordered a national mortgage services company to pay a $7.9 million civil penalty based on false or misleading marketing statements it allegedly made to consumers about its...more

Court Accepts $39 Million Settlement Between CFPB and Mortgage Relief Law Firm

Goodwin on 6/29/2017

On June 21, 2017, a federal judge in the Western District of Wisconsin accepted a Stipulated Final Judgment and Order (“Stipulated Judgment?“) based on an agreement between the CFPB and the bankruptcy trustee of a now defunct...more

CFPB enters into consent orders with reverse mortgage companies to settle alleged advertising violations

Ballard Spahr LLP on 12/9/2016

The CFPB announced that it entered into consent orders with three reverse mortgage companies to settle the CFPB’s allegations that the companies engaged in deceptive advertising in violation of the Mortgage Acts and...more

Redlining Action Against BancorpSouth: The Department of Justice and the Consumer Financial Protection Bureau Join Forces

Maynard Nexsen on 9/19/2016

Late last year, the Department of Justice (“DOJ”) and the Consumer Financial Protection Bureau (“CFPB”) brought a joint action against Hudson City Savings Bank (“Hudson Bank”) for redlining. Hudson Bank, based in New Jersey,...more

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