The lawsuit accuses Vanderbilt Mortgage of originating loans without making a reasonable, good faith determination of the borrower’s ability to repay the loan. The legal action is likely to be re-evaluated under a new CFPB director, according to Sheppard Mullin attorneys.
The bureau said many homeowners reported that their servicers pushed them to take on new, higher-interest loans instead of keeping their existing mortgage.
The National Credit Union Administration’s Division of Fair Lending Supervision next year will focus on credit unions that have recently expanded into underserved areas.