Search Results: Mortgage

CFPB Settles Another Case With Mortgage Company Over Allegedly Deceptive VA Loan Advertisements

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On August 21, 2020, the Consumer Financial Protection Bureau (CFPB) announced that it had a reached a settlement with a California-based lender, resolving allegations that the lender had sent deceptive loan advertisements to servicemembers and veterans in violation of the Consumer Financial Protection Act (CFPA), the Mortgage Acts and Practices…

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CFPB Announces $1.1 Million Settlement with California-based Lenders to Resolve Allegations of Unfair and Deceptive Practices

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On July 24, 2020, the Consumer Financial Protection Bureau (CFPB) announced that it entered consent orders (here and here) against two California-based mortgage lenders, resolving allegations that the lenders violated the Truth in Lending Act (TILA), 15 U.S.C. §§ 1601–1667f, and its implementing regulation, Regulation Z, 12 C.F.R. § 1026.24;…

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CFPB Settles with Three Companies Over Alleged UDAAP and FCRA Violations

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On June 23, 2020, the Consumer Financial Protection Bureau (CFPB) announced that it reached a settlement with three companies that issued contracts for deeds with consumers.  According to the CFPB, between 2010 and 2016, these companies allegedly had a business plan of acquiring foreclosed properties in bulk and reselling them to consumers through seller financing…

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CFPB Settles with Colorado Mortgage Servicer for $1.52M for Alleged RESPA Violations

On May 11, 2020, the Consumer Financial Protection Bureau (CFPB) settled with a Colorado-based mortgage servicer that serviced a portfolio of mortgage loans worth approximately $112.69 billion.  According to the CFPB, the Bureau found that the servicer violated the Real Estate Settlement Procedures Act (RESPA), 12 U.S.C. § 2601 et seq., and its implementing…

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DOJ Settles False Claims Act Allegations Against Reverse Mortgage Lender for $2.47 Million

​On March 31, 2020, the U.S. Department of Justice (DOJ) announced that it had entered into a $2.47 million settlement agreement with a national reverse mortgage lender in order to resolve allegations that the bank’s predecessor entity had failed to meet the Department of Housing and Urban Development’s (HUD) criteria in originating and…

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New York Department of Financial Services Announces Settlement with Unlicensed Mortgage Lender

​On January 10, 2020, the New York Department of Financial Services (DFS) announced that, in concert with the New York Attorney General (New York AG), it had entered into a consent order and settlement with an unlicensed mortgage-lending business to resolve allegations that the business illegally made predatory, subprime loans in…

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Delaware Consumer Protection Unit Reaches Settlement with Two California Loan Modification Companies

​On July 23, 2019, Delaware’s Department of Justice, Consumer Protection Unit (“Delaware CPU”) announced that it reached a settlement​ with two-California based companies that would require them to cease advertising and selling loan modification and debt relief services in the state of Delaware. According to the cease and desist agreement, the companies and their…

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CA DBO Settles with Mortgage Servicer Over Alleged Failure to Pay Escrow Interest

​On June 18, 2019, the California Department of Business Oversight (DBO) announced that it entered into a ​settlement and consent order with a mortgage servicer over an alleged failure to pay interest on ​escrow impound accounts for 94,483​ residential mortgage loans.​  Servicers are required to pay interest on such accounts under…

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