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Mortgages › Non-Bank Lenders › Consumer Financial Protection Bureau (CFPB)

The term "mortgage" typically refers to a mortgage loan.  A mortgage loan is a financing instrument where an individual or business borrows money to purchase property (usually real property) and... more +
The term "mortgage" typically refers to a mortgage loan.  A mortgage loan is a financing instrument where an individual or business borrows money to purchase property (usually real property) and uses that property as collateral for the loan. less -
Ballard Spahr LLP

CFPB rescinds enforcement, supervisory priority documents, outlines new priorities for 2025

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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

Sheppard Mullin Richter & Hampton LLP

CFPB Sues Mortgage Lender for Predatory Lending Practices in Manufacture Homes Loans

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On January 6, 2025, the CFPB filed a lawsuit against a non-bank manufactured home financing company for violations of the Truth in Lending Act and Regulation Z. The lawsuit alleges that the mortgage lender engaged in...more

Sheppard Mullin Richter & Hampton LLP

CFPB Publishes New Report on State Community Reinvestment Laws

Sheppard Mullin Richter & Hampton LLP on

On November 2, the CFPB issued a new report on state Community Reinvestment Act laws. The report found that many states adopted Community Reinvestment Acts (CRAs) similar to the federal Community Reinvestment Act of 1977. The...more

Husch Blackwell LLP

CFPB Affirms HUD RESPA Guidance Related to Housing Credit Counselors

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The Consumer Financial Protection Bureau (CFPB) has been making waves in the mortgage settlement services space with its renewed increased attention to the Real Estate Settlement Procedures Act’s (RESPA) anti-kickback...more

McGlinchey Stafford

CFPB Loses Novel Redlining Case Against Non-Bank Mortgage Lender

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On February 3, 2023, an Illinois federal judge dismissed with prejudice Bureau of Consumer Financial Protection v. Townstone Financial Inc. et al., the Consumer Financial Protection Bureau’s redlining case against a non-bank...more

Sheppard Mullin Richter & Hampton LLP

District Court Dismisses CFPB Redlining Action Against Nonbank, Limits ECOA’s Reach

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On February 3, the U.S. District Court for the Northern District of Illinois issued an opinion and order dismissing with prejudice the CFPB’s complaint for violations of the ECOA against a mortgage lender and its owner...more

Alston & Bird

CFPB Proposes Nonbank Registry to Focus on Compliance “Recidivism”

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A&B ABstract: On December 12, 2022, the Consumer Financial Protection Bureau (CFPB) announced a proposed rule to require certain non-banks to register with the agency when they become subject to a public written order or...more

Hinshaw & Culbertson - Consumer Crossroads

Following Fair Lending Investigation, NYS DFS Issues Report, Recommendations, and Mortgage Lender Best Practices

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The New York State Department of Financial Services (DFS) issued a report on February 4, 2021, detailing its investigation of the mortgage lending market in the Buffalo metropolitan area. The report includes findings about a...more

Seyfarth Shaw LLP

$91M Nationstar Mortgage Settlement Resolves CFPB and State Claims of Illegal Loan Servicing Practices

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On December 7, 2020, the Consumer Financial Protection Bureau (CFPB) along with attorneys general from all 50 states and the District of Columbia and bank regulators from 53 jurisdictions covering 48 states and Puerto Rico,...more

Ballard Spahr LLP

CFPB Files First Ever Redlining Complaint Against a Non-Bank Mortgage Lender

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On July 15, 2020, the CPFB filed a complaint in federal court against Townestone Financial, Inc. (Townestone) representing the first ever redlining complaint against a non-bank mortgage lender. ...more

Goodwin

Financial Services Weekly Roundup: May Introduces Additions And Expansions To Covid-19-related Policies

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In This Issue. The Board of Governors of the Federal Reserve System (Federal Reserve) expanded access to its Paycheck Protection Program Liquidity Facility (PPPLF) to non-bank lenders and expanded the collateral eligible to...more

Orrick, Herrington & Sutcliffe LLP

Orrick's Financial Industry Week In Review

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France Welcomes Foreign and Alternative Capital Providers with Latest Reform of Finance Sector - Long a cornerstone of the French banking system, the "French banking monopoly" largely prevents non-bank entities from...more

Ballard Spahr LLP

CFPB Solicits Information On Registration System For Nonbanks

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In a Request for Information (RFI) posted on the Federal Business Opportunity website last month, the Consumer Financial Protection Bureau (CFPB) solicited information from vendors so it can "better understand current,...more

Morrison & Foerster LLP

Financial Services Report, Fall 2015

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BELTWAY - Straight Out of the Seventh Circuit The Seventh Circuit recently affirmed a lower court’s ruling that the SEC cannot be sued in district court to stop it from bringing an administrative action. Bebo v. SEC, No....more

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