The CFPB filed a lawsuit in federal district court last month against Prime Marketing Holdings, a credit repair company based in Van Nuys, CA, for allegedly charging consumers a series of illegal advance fees as well as for misrepresenting the cost and effectiveness of its services. According to the bureau’s complaint, Prime Marketing Holdings lured consumers with misleading, unsubstantiated claims ...

SFIG Meets With CFPB Officials to Discuss TRID. Staff and key members of the Structured Finance Industry Group, a securitization trade group, recently met with regulators at the CFPB to discuss the bureau’s integrated disclosure rule known in as TRID and reviewed the trade group’s RMBS (residential mortgage-backed securities) 3.0 TRID Compliance Review Scope document.... CFPB Releases Updated Exam Procedures for the Military Lending Act. Late last week, the bureau issued the revised procedures its examiners will use in identifying consumer harm and risks related to the Military Lending Act rule, which was updated in July 2015...

In the first six months of 2016, Fannie and Freddie securitized $64.52 billion of single-family mortgages with DTI ratios exceeding 43 percent.

In the mortgage M&A space, there continues to be a disconnect between buyers and sellers…

Retail loans had lower debt-to-income ratios as well…

Angel Oak said more warehouse banks are growing comfortable with non-QM collateral…

“We hope that you will help us to push back on current efforts to gift the proprietary infrastructure of Fannie Mae and Freddie Mac to the big banks,” the clergymen write.

As mortgage firms plan their budgets for next year, executive talent is in demand...

The CFPB last month sued five auto title lenders doing business in Arizona – Auto Cash Leasing, Interstate Lending, Oasis Title Loans, Phoenix Title Loans and Presto Auto Loans – for allegedly failing to disclose the annual percentage rate in online advertisements about title loans, in violation of the Truth in Lending Act. “For example, one lender advertised on its website a monthly interest rate but failed to include the legally required annual percentage rate for the loan,” the bureau said....

Last week, the CFPB brought a $3.6 million enforcement action against San Francisco-based online lender Flurish, doing business as LendUp, for allegedly failing to deliver the promised benefits of its products. The bureau said it found that the company did not give consumers the opportunity to build credit or provide access to cheaper loans, as it claimed to consumers it would....