Unlocking the Secrets of Reverse Mortgages — The Consumer Finance Podcast
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
In this episode of The Consumer Finance Podcast, Chris Willis is joined by colleagues Megan Burns, Jason Manning, and Punit Marwaha to explore the arcane world of reverse mortgages. They provide valuable insights about how...more
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
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
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
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
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
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
So, what happened at the CFPB in the past month? Bite #10 - An appeals court vacated the CFPB's award against two mortgage relief companies and their attorneys. Back in 2014, the CFPB brought an action against two legal...more
Morrisey, Other AGs Reach $330 Million Agreement with Student Loan Company - "West Virginia Attorney General Patrick Morrisey and 47 other attorneys general have reached a $330 million, multistate agreement with a student...more
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
The CFPB has released the Summer 2019 edition of its Supervisory Highlights. The report discusses the Bureau’s examination findings in the areas of automobile loan originations, credit card account management, debt...more
After a nearly three-year delay, the U.S. Department of Housing and Urban Development (HUD) has finally released an update to its FHA condominium rules. The new rules, which take effect October 15, 2019, allow for FHA...more
Originators and servicers of HECMs who do business in New York should take action now to prepare to comply with the new bill’s requirements. Ensuring compliance may require a thorough review of commercial advertisements and...more
A recent decision of the Supreme Judicial Court of Massachusetts highlights the importance of using clear and unambiguous remedy provisions in residential mortgages and deeds of trust....more
2017 was a highly volatile year for the consumer financial services industry, featuring significant court rulings, regulatory changes and other developments....more
The CFPB has issued its May 2017 complaint report highlighting complaints from “older consumers,” who the CFPB defines as consumers who voluntarily reported their age as 62 or older. The CFPB reports that consumers...more
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
The CFPB has issued a “Snapshot of reverse mortgage complaints” covering complaints submitted to the CFPB from December 2011 (when the CFPB began accepting consumer complaints on reverse mortgages) through December 2014....more