Mortgage relief law firm to pay CFPB $39 million in settlement

On Wednesday, a Wisconsin federal judge approved a $39 million judgment against a now-defunct mortgage assistance relief law firm. The settlement resolves CFPB claims that The Mortgage Law Group LLP took advantage of struggling homeowners by tricking them into pay significant fee for loan modification assistance and other services that they never received. The [...]

By | 2017-06-24T15:40:46+00:00 June 23rd, 2017|Legal Developments, Mortgages|0 Comments

CFPB set to begin 5-year review of mortgage rules

Earlier this week, Chris D’Angelo, the CFPB’s Associate Director of Supervision, Enforcement and Fair Lending, discussed the CFPB’s plans to initiate its review of major mortgage regulations, including the qualified mortgage rule which established standards for lenders to follow to ensure that borrowers have the ability to repay their mortgages. According to the Dodd-Frank Act, [...]

By | 2017-03-23T06:48:14+00:00 March 23rd, 2017|Mortgages, Uncategorized|0 Comments

CFPB fines Nationstar $1.75 million for HMDA violations

On March 15, 2017, Nationstar Mortgage entered into a consent order with the CFPB to resolve alleged violations of the Home Mortgage Disclosure Act (HMDA). Nationstar will pay a $1.75 million civil money penalty for what the CFPB has termed “persistent and substantial reporting errors” that occurred between 2012 and 2014. According to the Bureau, [...]

By | 2017-03-15T12:30:14+00:00 March 15th, 2017|CFPB Enforcement, Mortgages, Uncategorized|0 Comments

FTC reaches $1.7 million settlement with mortgage relief scam defendant

On February 23, 2017, the Federal Trade Commission (FTC) issued a press release announcing that it had entered into a stipulated order with a defendant in an alleged mortgage relief scam. The defendant, Gabriel Stewart was the last of six defendants to resolve charges brought by the FTC in July 2014. The FTC alleged that [...]

By | 2017-02-28T10:40:40+00:00 February 28th, 2017|Enforcement Action, FTC Enforcement, Mortgages, Uncategorized|0 Comments

Ocwen to pay $225 million for mortgage servicing violations

Mortgage servicer Ocwen will pay $225 million in refunds and loan forgiveness to California consumers after entering into a consent order with the California Department of Business Oversight (California DBO) last week. According to the California DBO’s February 17, 2017 press release, an independent investigation of Ocwen’s mortgage servicing practices revealed hundreds of violations of [...]

By | 2017-02-21T22:01:13+00:00 February 21st, 2017|Enforcement Action, Mortgages, Uncategorized|0 Comments

HMDA webinar available on CFPB website

On February 8, 2017, the CFPB announced that it is making available on its website a webinar on the 2015 Home Mortgage Disclosure Act (HMDA) final rule. The CFPB HMDA webinar discusses identifiers and other data points, including those related to applicants and borrowers. Last August, CFPB staff conducted a webinar providing an overview of [...]

By | 2017-02-16T06:19:26+00:00 February 16th, 2017|Mortgages, Uncategorized|0 Comments

HUD reaches $1.25 million settlement with mortgage lender for concealing defaults from FHA

On February 7, the US Attorney for the Eastern District of New York, the Office of the Inspector General for the Department of Housing and Urban Development (HUD), and the Inspector General for the Federal Deposit Insurance Corporation (FDIC) issued a press release announcing a settlement agreement with residential mortgage lender, Franklin First Financial, Ltd. [...]

By | 2017-02-09T11:41:36+00:00 February 9th, 2017|Enforcement Action, Mortgages, Uncategorized|0 Comments

CFPB fines Prospect Mortgage $3.5 million for illegal kickbacks scheme

On January 31, the CFPB fined Prospect Mortgage $3.5 million for allegedly paying illegal kickbacks for mortgage business referrals. The CFPB also took action against Keller Williams Realty Mid-Willamette, ReMax Gold Coast, and Planet Home Lending for accepting illegal kickbacks from Prospect Mortgage. The CFPB alleged that the entities engaged in various practices involving illegal [...]

By | 2017-02-06T05:37:44+00:00 February 6th, 2017|CFPB Enforcement, Enforcement Action, Mortgages, Uncategorized|0 Comments

Federal agencies fine default management company $65 million

On January 24, the Federal Deposit Insurance Corporation (FDIC), the Board of Governors of the Federal Reserve (Fed), and the Office of the Comptroller of the Currency (OCC) issued a press release announcing an enforcement action against ServiceLink Holdings, LLC (Service Link). The federal agencies fined $65 million for improper actions by its predecessor company, Lender Processing [...]

By | 2017-02-01T08:20:25+00:00 February 1st, 2017|Mortgages, Uncategorized|0 Comments
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