Mortgages, Consumer Financial Products

CFPB Briefly Releases Semi-Annual Rulemaking Agenda Amidst Uncertainty

Troutman Pepper Locke on 8/22/2025

As has been well-documented, the Consumer Financial Protection Bureau (CFPB or Bureau) is navigating a period of significant uncertainty. Just last week, the U.S. Court of Appeals for the District of Columbia vacated a...more

AI in the Financial Services Industry

Ballard Spahr LLP on 8/19/2025

The recent American Association of Residential Mortgage Regulators Annual Conference included a presentation highlighting the rising use of Artificial Intelligence (“AI”) in the Financial Services industry. As this will...more

FHFA directs Fannie Mae, Freddie Mac to develop plans to use cryptocurrency as assets without conversion to dollars

Ballard Spahr LLP on 8/15/2025

The FHFA has directed Fannie Mae and Freddie Mac to prepare proposals for consideration of cryptocurrency as an asset for reserves in their single-family risk assessments, without a conversion to dollars....more

Ninth Circuit Revives Washington Consumer Protection Claims over “HomeOwner Agreement”

Sheppard Mullin Richter & Hampton LLP on 8/15/2025

On August 7, the U.S. Court of Appeals for the Ninth Circuit reversed a district court’s dismissal of a putative class action alleging violations of the Washington Consumer Protection Act (WCPA) against a company offering a...more

FCA publishes final rules on simplifying mortgage lending rules under the MRR

A&O Shearman on 8/7/2025

The UK Financial Conduct Authority (FCA) has published final policy statement PS25/11, accompanied by a press release, finalising the first set of reforms under the Mortgage Rule Review (MRR). These changes aim to simplify...more

Senate Passes House Version of Trigger Leads Bill

Ballard Spahr LLP on 8/4/2025

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

Federal Judge rejects request to release ESSA Bank from redlining settlement

Ballard Spahr LLP on 7/29/2025

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

UK Mortgage Rule Review: FCA takes first step in introducing targeted flexibilities into the regulatory framework

Hogan Lovells on 7/29/2025

The FCA has finalised the changes that were proposed in May this year to make it easier for customers to engage with mortgage providers and make reductions to mortgage terms and remortgaging easier. This includes removing the...more

New York Court of Appeals to Review FAPA’s Constitutionality and Retroactive Application

Troutman Pepper Locke on 7/25/2025

As a follow up to our May post, FAPA in the Spotlight Again: Second Circuit Renews Call for NY Court of Appeals Review, the New York Court of Appeals has finally agreed to consider New York’s Foreclosure Abuse Prevention...more

Putative Class Action Lawsuit Filed Against loanDepot Alleging Loan Originator Compensation Rule Violations

Ballard Spahr LLP on 7/21/2025

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

New York Legislature Passes Bill Banning Rent Minimum Provisions in Real Estate Loan Documents

Jones Day on 7/18/2025

On June 13, both houses of New York's legislature passed a bill, S1163, that prohibits "rent minimums" in real estate secured loan documents....more

Congress Passes Legislation to Help Protect Veterans from Foreclosure by Reauthorizing Partial Claims with VA Home Loans

Ballard Spahr LLP on 7/17/2025

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

Judge Denies Joint Motion to Vacate CFPB Settlement with a Chicago-Based Non-Bank Lender

Goodwin on 7/16/2025

An Illinois federal district court judge presiding over a revived redlining case denied a joint motion to vacate a 2024 voluntary settlement between the Consumer Financial Protection Bureau (CFPB) and a Chicago-based non-bank...more

HUD Rescinds Various FHA Mortgage Loan Requirements

Ballard Spahr LLP on 7/11/2025

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

House passes ‘trigger leads’ bill

Ballard Spahr LLP on 6/25/2025

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

Court Denies CFPB/Townstone Bid to Undo Consent Order

Ballard Spahr LLP on 6/16/2025

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

CFPB Files Rulemaking Items With Office of Management and Budget

Ballard Spahr LLP on 6/10/2025

The CFPB recently made filings with the Office of Management and Budget (OMB) regarding the following rules...more

CFPB Publishes Additional Proposals to Rescind "Unnecessary" Rules and Regulations

Holland & Knight LLP on 5/28/2025

The CFPB continues on its path to rescind what it considers to be unnecessary regulatory guidance, with two additional proposals recently published. First, the agency published an interim final rule on May 16, 2025, to...more

CFPB rescinds 67 guidance documents

Ballard Spahr LLP on 5/19/2025

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

CFPB Shifts Focus Away From Small Business Lending and Buy Now, Pay Later Loans.

Goodwin on 5/12/2025

The Consumer Financial Protection Bureau (Bureau) recently announced that it is deprioritizing certain enforcement and supervision actions. The Bureau explained that it will instead focus its limited resources on what it...more

Disparate Impact Executive Order and HUD to Reconsider Disparate Impact Rule

Ballard Spahr LLP on 5/5/2025

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

VA Winding Down VASP Program

Ballard Spahr LLP on 4/28/2025

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

Slimmed-Down CFPB to Focus on Bank Oversight, Concrete Consumer Harm

Cooley LLP on 4/24/2025

On April 16, the Consumer Financial Protection Bureau (CFPB) sent an internal memorandum to CFPB staff describing its 2025 supervisory and enforcement priorities. Not surprisingly, the memo highlights its intended departure...more

HUD further revises servicing and claims requirements and loss mitigation options

Ballard Spahr LLP on 4/23/2025

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

CFPB Suggests Shift In Supervision and Enforcement Priorities

Katten Muchin Rosenman LLP on 4/23/2025

On April 16, the Consumer Financial Protection Bureau (CFPB) seemingly provided its employees with a memorandum outlining its ongoing supervisory and enforcement priorities (Memo). Although the Memo has not been made publicly...more

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