Tag Archives: cfpb

Legislation aimed at banning mortgage trigger leads is back

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Despite lobbying by mortgage trade groups, two previous bills failed to attract cosponsors and died in the House Committee on Financial Services without a second reading. Continue reading →

Federal consumer watchdog flags mortgage servicers’ junk fees

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The CFPB alleges mortgage servicers charged excessive late fees, assessed “fake” private mortgage insurance premiums and made homeowners pay for unnecessary inspections. Continue reading →

Wells Fargo paying $3.7B to settle mortgage, auto loan allegations

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Federal regulators allege bank improperly denied thousands of mortgage loan modifications over at least seven years, in some cases leading customers to lose their homes. Continue reading →

Carrington grudgingly signs off on $5.25M COVID-19 relief settlement

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CFPB alleges some homeowners who sought forbearance during the pandemic were charged improper late fees and weren’t fully informed of their options. Continue reading →

It’s the end of the road for LIBOR mortgages

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No new LIBOR loans will be allowed after this year, but there’s also the matter of what to do with roughly $1.4 trillion in existing loans tied to LIBOR. Continue reading →

Wells Fargo fined over mortgage loan modification practices

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Wells Fargo has agreed to pay a $250M fine after an investigation by federal banking regulators found fault with its practices for helping homeowners with mortgage problems. Continue reading →

Deep dive into mortgage data claims glaring racial disparities

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Mortgage lenders are more likely to turn down homebuyers of color than white applicants with similar attributes, and algorithms are likely to blame, according to in-depth analysis by The Markup, a nonprofit newsroom that’s “watching big tech.” Continue reading →

Servicer Mr. Cooper investigated for unauthorized withdrawals

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Mr. Cooper announced that many of its consumers had unauthorized withdraws, now the Consumer Financial Protection Bureau is looking into the matter and the adverse effects it may have. Continue reading →

Nationwide Equities fined $140K for alleged deceptive advertising

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The Consumer Financial Protection Bureau says the lender “misled borrowers into believing they could not lose their homes with a reverse mortgage.” Continue reading →