Legal experts believe the CFPB’s findings are “warning shots” to servicers. That means the bureau is investigating how servicers are treating borrowers and will initiate enforcement actions if it finds issues.

Wells Fargo, the nation’s largest servicer that until recently ranked on the top of the complaint list, dropped to third position in the first quarter of 2021.

The New Jersey-based lender will pay $140,000 to settle CFPB charges that it misinformed consumers about the costs and risks involved with reverse mortgages. It marks the first significant regulatory action against a reverse mortgage firm under the Biden administration. More to come?

It looks like the CFPB is willing to question long-standing ways of doing business that have withstood prior legal scrutiny, according to an attorney tracking the bureau’s enforcement activity.

HMDA data submission due date; CFPB appeals Ocwen win in servicing misconduct case; new requirements for Minnesota reverse mortgage servicers; Tech Sprint presentations.

The bureau issued an interim final rule to ensure tenants are provided with written notice of their rights under the Centers for Disease Control and Prevention eviction moratorium.

Industry attorneys recently discussed best practices in a post-pandemic world. One warning of note: The CFPB wants to make an example of bad actors, compliance experts warned at MBA’s recent conference.

The settlement resolves charges that the online debt settlement company steered consumers into high-cost loans from affiliated lenders and failed to disclose its relationship with those companies.

National banks are being accused of violating state laws requiring interest payments on escrow accounts and, so far, courts are rejecting their arguments based on federal preemption.

State regulators are open to the idea of eliminating branch licensing requirements given the changing face of technology. But then a lack of licensing revenue could hurt state budgets.