On September 25, 2020, the Department of Justice (DOJ) announced that it filed a complaint in the United States District Court for the District of Columbia against a national mortgage loan originator. The complaint alleges that the company violated the False Claims Act (FCA) by originating Home Equity Conversion Mortgage (HECM) loans…
On September 2, 2020, the Consumer Financial Protection Bureau (CFPB) announced it had entered into a consent order with a Delaware-based VA-mortgage lender, resolving allegations that the company had engaged in deceptive practices against servicemembers and veterans. The CFPB found that since April 2018 the Company had mailed current and former servicemembers misleading advertisements…
On September 1, 2020, the Consumer Financial Protection Bureau (“CFPB”) announced that it had issued a consent order against a Maryland-based corporation offering VA-guaranteed loans in twelve states. According to the consent order, the CFPB found the company had sent consumers millions of advertisements containing deceptive or misleading statements and inadequate disclosures, in violation of…
On September 14, 2020, the Consumer Financial Protection Bureau (“CFPB”) announced that it had entered into a consent order with a mortgage broker and lender that advertises and offers mortgage loans guaranteed by the United States Department of Veterans Affairs (VA) through direct-mail advertisements sent primarily to United States military…
On August 26, 2020 the Consumer Financial Protection Bureau (CFPB) announced that it had entered into a consent order with a California-based mortgage lender, resolving allegations that the company violated the Consumer Financial Protection Act (CFPA) and Truth in Lending Act (TILA) by engaging in deceptive acts and practices with…
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…
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;…
On June 23, 2020, the New York Office of Attorney General (New York AG) announced that it reached a $17 million settlement with a mortgage originator and servicer. The New York AG alleged that the company violated New York’s mortgage servicing regulations, 3 N.Y.C.R.R. Part 419, by failing to make reasonable and…
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…
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…