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.
Read More »CFPB Targets Missouri Lender over Alleged Kickbacks
The Consumer Financial Protection Bureau (CFPB) last week ordered a Missouri-based mortgage lender and its president to pay more than $80,000 for funneling illegal kickbacks in exchange for real estate referrals. According to CFPB's complaint, filed in mid-January, Fidelity Financial Mortgage Corporation (FFMC) in 2010 entered into an agreement with a Missouri bank in which Fidelity would lease an office at the bank in exchange for business referrals.
Read More »Fiserv Suite Aids Servicers with CFPB Compliance
Fiserv, Inc., a provider of technology solutions for the financial services industry, says lenders and servicers seeking help to maintain compliance should look no further than the LoanComplete suite.
Read More »CFPB Proposes Amendments to Clarify Mortgage Guidelines
As part of its ongoing efforts to assist the industry in the implementation of new mortgage guidelines, the Consumer Financial Protection Bureau (CFPB) issued proposed amendments to clarify the qualified mortgage (QM) and servicing rules first laid out in January. The proposal addresses five topics, including debt-to-income ratio concerns surrounding the Ability to Repay Rule, uncertainties around the temporary QM provision, and which criteria are used to define "small servicers."
Read More »CFPB Extends Deadline on Mortgage Disclosure Requirement
The Consumer Financial Protection Bureau (CFPB) is granting more time to implement new mortgage disclosures required under the Dodd-Frank Act.
Read More »CFPB Supervisory Report Reveals Extent of Non-Compliance
According to the CFPB, an examination of financial institutions found "instances of significant non-compliance with" regulatory statutes.
Read More »CFPB Convenes Panel to Review Mortgage Disclosure Forms
The Consumer Financial Protection Bureau took steps Tuesday to engage mortgage lenders by forming a small business panel to review the integration of mortgage disclosure requirements into a single uniform document. The Dodd-Frank Act obligates the bureau to streamline conflicting rules and statutory requirements from the Real Estate Settlement Procedures Act and Truth-in-Lending Act. The CFPB billed the panel as a way to increase transparency with mortgage lenders.
Read More »With Cordray Director, CFPB Steps Up Nonbank Supervision
The Consumer Financial Protection Bureau made clear Thursday that it will exercise its full authority to supervise a host of nonbank financial entities, with mortgage originators, brokers, servicers, and others in plain view. The bureau, newly empowered by Richard Cordray├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós recess appointment Wednesday, offered up a video in which the new director addressed a virtual audience Thursday. The bureau released an 800-plus-page manual for nonbank examiners detailing their examination procedures, which focus on an entity├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós volume of business, services, and products.
Read More »CFPB Proposes Cleaning Up Rules, Regulations
The Consumer Financial Protection Bureau will clarify and hone rules from 18 consumer financial laws it arrogated from seven federal regulatory agencies in July.
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