Mortgages, Consumer Lenders, Consumer Financial Protection Bureau (CFPB)

Shifting Priorities: Bureau Memorandum Provides Insight into New Era for CFPB

Goodwin on 5/5/2025

The first 100 days of the Trump administration have included dramatic changes at the Consumer Financial Protection Bureau. The agency has retreated from many of its enforcement litigations, initiated reductions in force...more

CFPB Issues Warning on Risks of Home Equity Contracts, Takes Legal Action to Ensure Compliance with TILA

Sheppard Mullin Richter & Hampton LLP on 1/20/2025

On January 17, 2024, the Consumer Financial Protection Bureau (CFPB) issued a report, consumer advisory, and filed an amicus brief addressing the risks associated with home equity contracts (HECs)—financial products often...more

DOJ, CFPB file complaint, propose order against mortgage company for alleged redlining

Orrick, Herrington & Sutcliffe LLP on 10/21/2024

On October 15, the CFPB and DOJ announced an enforcement action against a mortgage company, alleging it engaged in redlining against majority-Black neighborhoods in the greater Birmingham, Alabama area. According to the...more

Judge refuses to dismiss most reverse discrimination counts in case against Colony Ridge

Ballard Spahr LLP on 10/8/2024

Saying that reverse redlining is a form of discrimination, the U.S. District Court for the Southern District of Texas has refused to dismiss a discrimination case alleging that Texas developer Colony Ridge specifically...more

CFPB’s Chopra: government must tackle spiraling refinance, homeowners’ insurance costs

Ballard Spahr LLP on 9/25/2024

As interest rates drop, the CFPB is exploring ways to streamline mortgage rules to make the refinancing process easier and closing costs less expensive, Director Rohit Chopra said at a housing conference sponsored by the...more

Troutman Pepper Weekly Consumer Financial Services Newsletter - September 2024

Troutman Pepper Locke on 9/9/2024

To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week... ...more

CFPB Orders Mortgage Lender to Pay $2.25 Million for Allegedly Deceiving Servicemembers and Veterans

Troutman Pepper Locke on 9/3/2024

Last week, the Consumer Financial Protection Bureau (CFPB or Bureau) announced it had entered into a consent order with NewDay USA, a Florida-based non-bank direct mortgage lender, over allegations that the lender misled...more

CFPB Addresses “Contracts for Deeds,” a Mortgage-Like Product That Has Recently Gained Popularity

Cadwalader, Wickersham & Taft LLP on 8/26/2024

On August 13th, the Consumer Financial Protection Bureau (“CFPB”) published a consumer advisory as well as an advisory opinion addressing “contracts for deeds”, which are also variously called a “bond for deed”, “land...more

CFPB Advises Against Certain Contract-for-Deed Practices

Troutman Pepper Locke on 8/16/2024

This week, the Consumer Financial Protection Bureau (CFPB or Bureau) issued an advisory opinion and a research report addressing contract-for-deed home financing, also known as a “land contract,” “land installment contract,”...more

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

Hudson Cook, LLP on 7/30/2024

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

Troutman Pepper Weekly Consumer Financial Services Newsletter - July 2024 # 4

Troutman Pepper Locke on 7/26/2024

To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week...more

CFPB Releases Long-Awaited Proposal to Amend Regulation X Loss Mitigation Rules

Alston & Bird on 7/23/2024

What Happened? On July 10, 2024, the Consumer Financial Protection Bureau (CFPB or Bureau) proposed a rule to amend provisions of its Mortgage Servicing Rules to significantly revamp requirements relating to borrowers...more

Highlights from the CFPB’s Spring 2024 Semi-Annual Regulatory Agenda

Troutman Pepper Locke on 7/22/2024

The Consumer Financial Protection Bureau (CFPB or Bureau) recently released its semi-annual regulatory agenda, outlining its planned rulemaking initiatives. The CFPB releases regulatory agendas twice a year in voluntary...more

Troutman Pepper Weekly Consumer Financial Services Newsletter - July 2024 # 3

Troutman Pepper Locke on 7/18/2024

To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week...more

CFPB Releases Mortgage Servicing Report on Borrower Experiences During the COVID-19 Pandemic

Ballard Spahr LLP on 7/16/2024

The complexity of loss mitigation programs designed to assist distressed mortgage borrowers during the COVID-19 pandemic may have been too daunting for many borrowers to seek help, the CFPB said, in a report released last...more

CFPB Issues Proposed Rule Amending Mortgage Servicing Rules

Ballard Spahr LLP on 7/16/2024

The CFPB recently issued its long-awaited proposed rule amending the mortgage servicing rules under Regulation X, with a focus on streamlining and expanding the loss mitigation procedures and foreclosure protections. The...more

CFPB Proposes New “Streamlined” Mortgage Servicing Rules

Troutman Pepper Locke on 7/15/2024

As we predicted here, the Consumer Financial Protection Bureau (CFPB or Bureau) last week proposed new and, in some cases, streamlined rules governing what mortgage servicers must do after a borrower becomes delinquent. The...more

Seventh Circuit Reverses District Court Decision, Expands ECOA to Include Prospective Applicants

Troutman Pepper Locke on 7/15/2024

As discussed here, on February 3, 2023, an Illinois federal court dismissed a case brought by the Consumer Financial Protection Bureau (CFPB or Bureau) in 2020 against Townstone Financial, Inc., a Chicago mortgage lender, for...more

CFPB Settles with Nonbank Mortgage Originator for $4 Million

Goodwin on 6/24/2024

On June 18, 2024, the Consumer Financial Protection Bureau (CFPB) announced that it has filed a proposed order that would require a Florida-based nonbank mortgage loan originator to pay a $3.95 million penalty for allegedly...more

Increased Industry Attention on RESPA Section 8: Escue v. United Wholesale Mortgage, LLC

Goodwin on 6/10/2024

On April 2, 2024, a putative class action was brought against United Wholesale Mortgage (UWM) alleging, among other claims, violations of Section 8(a) of the Real Estate Settlement Procedures Act (RESPA). The lawsuit contains...more

These Are Junk Fees

Cadwalader, Wickersham & Taft LLP on 5/3/2024

In the Consumer Financial Protection Bureau’s (“CFPB’s”) most recent Supervisory Highlights, published on April 24th, the agency identified a wide variety of fees that were improperly charged to mortgage borrowers. As...more

CFPB Annual Report Sees Continued Increase in Consumer Reporting Complaints and Complaints Involving Fraudulent Activity, Student...

Troutman Pepper Locke on 4/5/2024

On March 29, the Consumer Financial Protection Bureau (CFPB or Bureau) released its Consumer Response Annual Report, providing a high-level overview of the 1,657,600 consumer complaints received by the Bureau from January 1...more

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