Search Results: Mortgage

CFPB Announces Consent Order with Reverse Mortgage Lender Imposing $1.1 Million in Penalties

On October 8, 2021, the Consumer Financial Protection Bureau (“CFPB”) a​nnounced  the filing of a complaint and proposed consent order against a reverse mortgage lender in the U.S. District Court for the Central District of California.  In the complaint, the CFPB alleged the lender engaged in deceptive advertising practices in violation of the Consumer Financial…

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Virginia AG Settles with Foreclosure Rescue Lender

On August 24, 2021, the Virginia Attorney General (“Virginia AG”) announced that it entered into settlement ​with a Virginia-based lender and its managing member over allegations that the lender violated §§ 6.2-303 and 6.2-1501(A) of Virginia’s consumer finance statute.​​​  The settlement was filed as a consent judgment in the Circuit Court for​ the…

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DOJ and OCC Obtain $5.5 Million Settlement, Resolving Allegations of Lending Discrimination

On August 30, 2021, the Department of Justice (DOJ) announced that, together with Office of the Comptroller of the Currency (OCC), it reached a settlement with a bank, resolving allegations that the bank engaged in lender discrimination in the Houston, Texas area. In 2017, the OCC initiated a fair lending examination…

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CFPB Finalizes Amendments to Regulation X to Protect Borrowers Against Forthcoming Increase In COVID-19 Foreclosures

On June 28, 2021, the Consumer Financial Protection Bureau (CFPB) finalized amendments to the implementing regulation of the Real Estate Settlement Procedures Act (RESPA), Regulation X, which would establish temporary protections for mortgage borrowers as the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) and various Federal and State…

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CFPB Sends Notification Letters to Landlords Regarding COVID-19 Evictions

On May 3, 2021, the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC) sent notification letters reminding the nation’s largest apartment landlords of federal protections in place to keep tenants in their homes and stop the spread of COVID-19.   The Notification Letter points to the Centers for Disease…

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CFPB Seeks to Hold Mortgage Servicers Accountable, and Establish New Mechanisms for Protecting Borrowers, Against Forthcoming Increase In COVID-19 Foreclosures

This month the Consumer Financial Protection Bureau (CFPB) doubled-down on its earlier warning that the end of 2021 could see widespread foreclosures as COVID-19-related protections expire, by issuing guidance to mortgage servicers, and a notice of proposed rulemaking, regarding actions mortgage servicers can take to deal with the onslaught.  On…

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HUD Approves Settlement with Mortgage Lender Resolving Claims of Lending Discrimination

On March 19, 2021, the U.S. Department of Housing and Urban Development (HUD) announced ​that it approved a settlement with a national mortgage lender concerning allegations that the mortgage lender discriminated against a consumer in violation of the Fair Housing Act (FHA) when it denied the consumer’s mortgage loan application. The consumer filed a complaint with HUD…

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HUD Approves Conciliation Agreement with National Mortgage Lender Resolving FHA Violations

On March 8, 2021, the U.S. Department of Housing and Urban Development (HUD) announced​ that it had approved a conciliation agreement between a national mortgage lender and an African-American woman (the Complainant), resolving allegations that the mortgage lender provided an inaccurate appraisal of the Complainant’s home due to her race in violation of the Fair…

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CFPB to Delay, Revisit Qualified Mortgage Rules

The Consumer Financial Protection Bureau (CFPB) issued a statement on February 23, 2021 addressing compliance deadlines associated with qualified mortgage regulations completed under former Director Kathleen Kraninger.  In its statement, the CFPB said that it may amend or revoke the Seasoned Qualified Mortgage (QM) Final Rule and expects to issue…

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Pennsylvania AG Sues Five Companies Involved in Alleged Mortgage Modification Scam

On July 26, 2018, the Attorney General for the Commonwealth of Pennsylvania announced a lawsuit against five Pennsylvania mortgage foreclosure companies and two company owners for cheating consumers into signing contracts to have their mortgage loans modified—but never delivering the services paid for—in violation of Pennsylvania’s Unfair Trade Practices and Consumer…

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New York Department of Financial Services Settles with Mortgage Company

On February 10, 2021, the New York Department of Financial Service (DFS) entered into a settlement with a New York-based mortgage company to resolve allegations that the company utilized an unauthorized domain name and website, and failed to provide mortgage loan applicants with pre-application disclosures in violation of Article 12-D of the New York Banking Law…

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Alli Schoenthal Joins as New York Head of Consumer Financial Services Litigation + Enforcement

Enforcement Watch and Goodwin’s Consumer Financial Services Enforcement Team are excited to announce the arrival of Alli Schoenthal to our team! Alli will reside in our New York office.  Alli represents banks, trusts, lenders, government-sponsored enterprises, private equity firms, and loan servicers in consumer finance litigation and enforcement matters.  Her practice…

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CFPB Enters Into Consent Order With Servicer Concerning Foreclosure-Related Practices

On December 18, 2020, the Consumer Financial Protection Bureau (Bureau) announced that it had entered into a consent order with a mortgage servicing company (and its successor in interest) resolving allegations that the company’s conduct between 2014 and 2018 violated the Consumer Financial Protection Act (CFPA) and Regulation X, the implementing regulations of the…

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CFPB Issues Assessment of Rule Requiring Consolidation of Mortgage Disclosures

On October 1, 2020, the Consumer Financial Protection Bureau (CFPB) released its rule assessment for a final Rule relating to mortgage disclosures.  Known as the TRID Rule, the Bureau’s final Rule implemented requirements under the Consumer Financial Protection Act (CFPA) to integrate various mortgage loan disclosures under the Truth in…

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CFPB Announces Another Settlement with Mortgage Lender Resolving Allegations of Deceptive VA Loans

On October 26, 2020, the Consumer Financial Protection Bureau (CFPB) announced it had a reached a settlement with a Utah-based mortgage lender and broker, resolving allegations that the lender had engaged in deceptive ​acts and practices in violation of the Consumer Financial Protection Act, 12 U.S.C. §§ 5531, 5536 (CFPA),…

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CFPB Settles with Debt Collector for Over $15 Million

On October 15, 2020, the Consumer Protection Financial Bureau (CFPB) announced that it has reached a proposed settlement with the nation’s largest debt collector. The CFPB previously reached a consent order with this company in 2015 for alleged violations of the Consumer Financial Protection Act (CFPA), Fair Debt Collection Practices Act (FDCPA),…

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