Tag Archives: consumer financial protection bureau

Redlining settlement wouldn’t resolve 1st Amendment questions

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The CFPB claimed statements made by hosts of Townstone Financial’s AM radio call-in show and podcasts discouraged Black Chicago residents from applying for a mortgage. Continue reading →

Fairway blasts federal regulators in $10M redlining settlement

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Nation’s third biggest lender casts itself as a victim of politics, noting CFPB launched its investigation the day after Biden Administration took office. Continue reading →

Consumers want lowest mortgage rate, but most won’t shop for it

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ICE Mortgage Technology survey finds 84 percent of homeowners who have taken out a mortgage in the last five years only considered one or two lenders before closing the deal. Continue reading →

Project to tackle appraisal bias continues with Nov. 1 hearing

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The public is invited to join leaders from the American Bankers Association and mortgage giants Fannie Mae and Freddie Mac for a hearing on tackling appraisal bias. Continue reading →

ACI paying another $20M to settle mortgage payments debacle

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In settling with state regulators, the Miami-based electronic payment processor is looking to close the books on a 2021 test that triggered $2.3 billion in erroneous mortgage payments. Continue reading →

Credit repair companies settle ‘hot swapping’ allegations for $2.7B

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Lexington Law and CreditRepair.com parent Progrexion filed for bankruptcy protection in June after the court ruled collection of upfront fees violated the Telemarketing Sales Rule. Continue reading →

Freedom Mortgage to pay $1.75M to settle agent kickback scheme

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Regulators claim lenders’ marketing agreements with more than 40 real estate brokerages, including Realty Connect USA, were a conduit for kickbacks that generated more than 1,000 mortgage referrals. Continue reading →

Test triggering $2.3B in mortgage payments leads to $25M fine

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ACI admits no wrongdoing in settling CFPB’s first-ever enforcement action over the handling of consumer data in the processing of mortgage payments. Continue reading →

Regulators are tracking complaints about ‘deficient’ financial chatbots

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The Consumer Financial Protection Bureau warns of reputational and legal risks of relying on “deficient chatbots” as the primary mode of interacting with customers. Continue reading →

Quality control standards for AVMs may cover discrimination

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Proposed standards would include random sample testing and reviews to ensure a “high level of confidence” in the estimates produced by AVMs. Continue reading →