The CFPB has made it clear that it’s not buying income share agreement providers’ argument that their products are not loans and hence they don’t have to comply with consumer protection laws.
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 state regulator is taking notice of disparities in mortgage approvals and denials and terms of mortgage credit between same-sex and opposite-sex pairs.
The payment provisions under the payday lending rule will become effective June 13, 2022. Attorneys suggest lenders with products covered under the small dollar rule begin revising policies and procedures.
A recent coordinated action by the DOJ and OCC against an Atlanta-based mortgage lender for redlining practices appears to be a harbinger of things to come under the Biden administration.
The settlement would end a class action filed against Sierra Pacific Mortgage for allegedly receiving illegal payments in exchange for referrals of title work.
If Stone Point’s name sounds familiar, it should. The investment firm has several tentacles wrapped around the mortgage industry. One of its investments is Home Point, the nation’s 15th largest originator, which went public last Friday.
The Hartford, CT-based firm is accused of using unlicensed employees to engage in mortgage origination activities in violation of the Truth in Lending Act. The bureau is seeking injunctions against the defendants, as well as damages, redress and penalties.
Reverse Mortgage Funding maintained its second-place position but trailed far behind with $743.5 million. Finance of America, which is controlled by the Blackstone Group, moved up a notch to third place with $577.0 million.