The CFPB is investigating Rocket Homes, the home search platform and broker referral network of Quicken Loans, for violations of the Real Estate Settlement Procedures Act, according to a recent S-1 filing.
According to witnesses testifying at a House hearing, the CFPB appears to be offering regulatory leeway to mortgage servicers but doing little to protect consumers’ interests.
The CFPB is devoting half of its supervisory resources to assessing industries that pose the most risks to consumers during the pandemic, including mortgage servicing.
The Supreme Court has left to the Ninth Circuit Court to decide whether the civil investigative demand that was the core of Seila Law’s argument could be enforced.
The CFPB has sent out examination notices to mortgage servicers about their COVID-19-related practices, according to industry attorneys tracking the matter.
The pilot program will provide customized advice to help financial institutions better understand their regulatory obligations. However, consumer groups said interpretations are better made via notice and comment.
The CFPB clarified that furnishing a special code for tasks, such as disaster relief, is not a substitute for complying with CARES Act’s credit reporting requirements.
Mortgages continue to top the list of COVID-19-related complaints; tool to combat elder fraud launched; state regulators form a pandemic steering group; California Assembly Bill 2501 fails to pass.
Even though the CARES Act grants relief from adverse credit reporting, some borrowers in forbearance plans have complained of a drop in their credit scores.
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