A lawsuit filed by Oakland, CA, in 2015, alleging that discriminatory lending by Wells Fargo eventually prompted a decrease in property tax collections, was ultimately decided in favor of the lender.
The federal regulator will continue to take a close look at mortgage servicers’ actions as a wave of distressed borrowers nears the end of their pandemic-related forbearance programs.
Reinstating a class action, Maryland’s Court of Appeals noted that the limitation placed on a lender from charging property inspection fees under the state’s usury law also applies to assignees of the mortgage.
The bureau's debt collection rules will become effective on Nov. 30 as originally planned while the CFPB also indicated that mortgage loan debt collectors could receive guidance later this year.
Members of the House Financial Services Committee voiced different views on a proposal for a government-run credit reporting agency that would compete with the three big private players — Equifax, Experian and TransUnion.