The tally of enforcement actions by the regulator tied to deceptive VA mortgage advertisements reached seven this month, with more than $2 million in assessed penalties.
A Maryland court grants class action certification to mortgage borrowers against Bank of America for illegal kickbacks; Ninth Circuit allows Oakland, CA, to sue Wells Fargo for discriminatory lending practices.
The CFPB to host first Tech Sprint in October; agency task force on federal consumer financial law to hold listening session on Tuesday; the CFPB sues Encore Capital for violation of 2015 consent order.
So far, the CFPB has fined seven VA lenders a total of $2.02 million for false and misleading advertisements. It demonstrates the bureau’s interest in protecting servicemembers and veterans, according to attorneys.
Mortgage credit supply in August fell to its lowest level in six year, driven by a reduction in supply from both conventional and government segments t, according to a recent tally by the Mortgage Bankers Association.
The FHA lowered payment history requirements for borrowers with previous forbearance to refinance their loans in order to aid the housing market. The changes are for purchase and rate-term refi loans.
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