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Tag Archives: RESPA

House Passes TRID Improvement Act

500 days

On Wednesday evening, the House passed two regulatory relief bills are aimed at benefiting both consumers and lenders. The TRID Improvement Act of 2017 is aimed at modifying ...

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CFPB to Assess RESPA Mortgage Servicing Rule Effectiveness

The Consumer Financial Protection Bureau (CFPB) is planning to assess the effectiveness of the Real Estate Settlement Procedures Act (RESPA) mortgage servicing rule. The rule, introduced in January 2013 and which took effect in January 2014, was designed to assist consumers who were behind on mortgage payments. Currently, the Bureau is seeking comment from consumers, consumer advocates, housing counselors, mortgage loan servicers, industry representatives, and the general public regarding the rule, and will issue a report of their assessment by January 2019.

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CFPB, Maryland AG Strike Against ‘Pay-to-Play’ Mortgage Kickback Scheme

Specifically, the complaint said that Genuine Title offered purchasing, analysis and consumer data to loan officers and created mailers on the officers’ behalf. In exchange for this, the officers then referred buyers to Genuine’s closing services. Loan officers also allegedly received cash payments through their individual companies.

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eClosing Pilot Partners Unveil Digital Closing Solutions

Months after partnering up as part of the Consumer Financial Protection Bureau's (CFPB) pilot eClosing program, real estate tech firm Pavaso and Utah-based lender Mountain America Credit Union announced that they have successfully pared the mortgage closing process down to a matter of minutes.

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CFPB Fines Wells Fargo, JPMorgan Over Alleged Mortgage Kickbacks

In an announcement on Thursday, the Consumer Financial Protection Bureau (CFPB) said loan officers at Wells Fargo and JPMorgan Chase accepted cash, marketing materials, and consumer information in exchange for business referrals to Genuine Total, a now-defunct title firm formerly headquartered in Maryland.

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CFPB Fines Michigan Title Insurer Over Kickback Agreements

According to an announcement from the bureau, Lighthouse Title, which operates in branches throughout the state, entered into marketing services agreements (MSAs) with various companies "with the understanding that the companies would refer mortgage closings and title insurance business to Lighthouse."

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Atlanta Lender to Pay $19.3M in Alleged Bait and Switch

The Consumer Financial Protection Bureau has targeted an Atlanta-based online lender to pay up for its role in an alleged bait and switch scheme. AmeriSave, its affiliate, Novo Appraisal Management Companies, and the CEO/owner of both companies, Patrick Markert, were penalized for misleading consumers by advertising fraudulent low rates and then failing to honor those rates once the consumers were locked in.

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