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

CFPB enters consent order with CitiFinancial for $8.8 million

On January 23, the CFPB issued a press release announcing that it entered into a consent order with CitiFinancial Servicing for alleged violations of the Real Estate Settlement Procedures Act (RESPA), the Fair Credit Reporting Act (FCRA), and the Consumer Financial Protection Act (CFPA). CitiFinancial Servicing (CitiFinancial) is comprised of four entities incorporated in Delaware,  [...]

By | 2017-01-24T17:33:05+00:00 January 24th, 2017|CFPB Enforcement, Enforcement Action, Mortgages, Uncategorized|0 Comments

CitiMortgage pays $20 million for alleged RESPA violations

On January 23, the CFPB issued a press release announcing that it has entered into a consent order with CitiMortgage, Inc. to resolve allegations that the mortgage servicer violated the Real Estate Settlement Procedures Act (RESPA) and the Dodd-Frank Act’s prohibition against deceptive acts or practices. CitiMortgage is incorporated in New York and headquartered in [...]

By | 2017-01-24T17:00:31+00:00 January 24th, 2017|CFPB Enforcement, Enforcement Action, Mortgages, Uncategorized|0 Comments

CFPB opposes PHH’s motion for leave; PHH files reply

Last week, both PHH and the United States Department of Justice filed their respective responses to the CFPB’s petition for rehearing en banc with the DC Circuit. PHH also filed a motion for leave to file a supplemental response to address “the United States’ newly expressed views.” In its response, PHH asserted that “the United States government [...]

By | 2016-12-30T00:00:09+00:00 December 30th, 2016|CFPB Enforcement, Legal Developments, Mortgages, Uncategorized|0 Comments

PHH and DOJ file responses to CFPB’s petition for rehearing en banc

On December 22, PHH and the United States filed responses to the CFPB’s petition for rehearing en banc. Earlier this month, the DC Circuit invited the Solicitor General to file a response “expressing the views of the United States” and entered an order instructing the Solicitor General and PHH to file their responses no later [...]

By | 2016-12-28T00:00:59+00:00 December 28th, 2016|CFPB Enforcement, Legal Developments, Uncategorized|0 Comments

DC court finds CFPB structure unconstitutional

A three-judge panel on the DC Circuit Court of Appeals declared the CFPB structure unconstitutional. According to the panel, the Bureau violated the Constitution’s separation of powers doctrine because its sole director, Richard Cordray, is not sufficiently accountable to the president. In its decision, the court explained that CFPB’s single director leadership structure is unlike [...]

By | 2016-10-11T00:00:28+00:00 October 11th, 2016|CFPB Enforcement, Legal Developments, Mortgages, Uncategorized|0 Comments

Oral arguments in PHH appeal

On April 12, 2016, the US Circuit Court of Appeals for the District of Columbia held oral arguments in PHH Corporation v. Consumer Financial Protection Bureau (CFPB). PHH, a mortgage lender, is challenging the CFPB’s constitutionality as well as the Bureau’s interpretation of the Real Estate Settlement Procedures Act (RESPA). The case began in January [...]

By | 2016-04-13T00:00:09+00:00 April 13th, 2016|CFPB Enforcement, Legal Developments, Mortgages, Uncategorized|0 Comments
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