Origination fees can present a web of inconsistencies, and Yatin Karnik of Confer Inc. asks if its time to “democratize” the lending process.
Read More »Which Borrowers Are Impacted By the ATR Rule?
These market segments were affected more by the Ability to Repay Rule compared to others according to CFPB’s assessment on this rule.
Read More »Legal Fight on CFPB’s Powers Intensifies
A New York Judge ruled that the Bureau of Consumer Financial Protection is Unconstitutional in a written decision on Thursday.
Read More »House Passes TRID Improvement Act
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 ...
Read More »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.
Read More »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.
Read More »CFPB Moves on Maryland Lender for Deceptive Advertising, Kickbacks
According to CFPB, NewDay deceived consumers by failing to disclose its financial relationship with a veterans' organization in direct mail advertising materials.
Read More »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.
Read More »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.
Read More »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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