The settlement resolves charges that Freedom Mortgage provided real estate agents with cash payments, paid subscription services and catered parties in exchange for referrals.
A New York state court has stayed proceedings in an enforcement action brought by the CFPB against a subprime indirect auto finance firm, pending the Supreme Court’s decision in the bureau’s funding case.
The CFPB has accused USASF Servicing of illegally disabling consumers’ vehicles, failure to refund premiums, double-billing and incorrect repossessions.
CFPB won’t appeal Ocwen judgment; former CFPB senior counsel launches law firm; new appraisal standards will be available in print as well as digital format.
The consent orders related to Bank of America’s practice of charging repeat nonsufficient funds fees, denying rewards to credit card consumers and opening unauthorized credit card accounts.
Recent CFPB guidance on the prohibition of abusive practices could pose risks to real estate agents engaging in joint ventures with lenders and title companies, according to attorneys at McGuire Woods.
Attorney James Sandy of McGlinchey Stafford said that while there’s no legal definition of a junk fee, the CFPB has offered several examples, that can provide some lessons to financial institutions.
The $25 million settlement is the CFPB’s first enforcement action brought over information handling practices in processing mortgage payments. The settlement is tied to the Electronic Fund Transfer Act.
The bureau initiated 32 fair lending investigations in 2022. The most common issue leading to supervisory communication was related to mortgage origination underwriting policies and guidelines.
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