Consumers self-identifying as older Americans filed 1,987 gripes related to mortgages in the first half of 2021, a sharp increase from the same period last year. Conventional mortgages made up most of the complaints.
According to CFPB researchers, renters typically face more financial vulnerability than homeowners and hence had more to gain from some pandemic relief efforts than mortgagors.
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.