The suit was filed by Rodney Harrell, a Virginia homeowner, who obtained a residential mortgage from NYCB Mortgage. The right to service Harrell’s loan was transferred to Freedom, which in June 2017 bought some of NYCB’s MSR portfolio.
Buyers of mortgage servicing rights should be held responsible for violations that occur after the transfer, even if certain obligations were subcontracted out, the CFPB said in a recent court filing.
The CFPB’s review of a fintech company’s lending practice shows that using alternative data could expand credit access and at the same time allow lenders to remain compliant with fair lending laws.
A dozen Republican state attorneys general asked the Supreme Court to review the challenge to the CFPB’s structure, stating their belief the bureau directorship is unconstitutional.
Democratic lawmakers have called for the removal of Eric Blankenstein, currently a HUD official, after it was found that he likely abused his authority at the CFPB in dealing with a controversy tied to his racially-charged writings of the past.