What Happened? Immediately following President Biden’s State of the Union Address announcing plans to lower homebuyer and refinancing costs, the CFPB issued a blog post seeking public input on how mortgage closing costs impact consumers. The CFPB also announced that it will work to monitor closing costs and, “as necessary, issue rules and guidance to improve competition, choice and affordability.” Significantly, the CFPB also signaled that it will continue to use its supervision and … [Continue reading] about CFPB’s War on Mortgage Fees Continues
CFPB and FTC Amicus Brief Signals Stance on “Pay-to-Pay” Fees under FDCPA
What Happened? On February 27, the Consumer Finance Protection Bureau (CFPB) and the Federal Trade Commission (FTC) filed an amicus brief in the 11th Circuit case Glover and Booze v. Ocwen Loan Servicing, LLC arguing that certain convenience fees … [Continue reading] about CFPB and FTC Amicus Brief Signals Stance on “Pay-to-Pay” Fees under FDCPA
Ginnie Mae Imposes Cybersecurity Incident Notification Obligation
What Happened? On March 4, 2024, Ginnie Mae issued All Participant Memorandum (APM) 24-02 to impose a new cybersecurity incident notification requirement. Ginnie Mae has also amended its Mortgage-Backed Securities Guide to reflect this new … [Continue reading] about Ginnie Mae Imposes Cybersecurity Incident Notification Obligation
Appraisal Bias Focus Continues in 2024
What Happened? Building on the 2021 announcement of the Interagency Task Force on Property Appraisal and Valuation Equity (“PAVE”) and a series of federal agency actions in the intervening months, 2024 brings new efforts at the state and federal … [Continue reading] about Appraisal Bias Focus Continues in 2024
A Friendly Reminder of the Importance of Robust Consumer Complaint Handling Processes
What Happened? On February 27, 2024, the California Department of Financial Protection and Innovation (the Department) entered into a public consent order with a company that provides consumer financial services to California residents. The … [Continue reading] about A Friendly Reminder of the Importance of Robust Consumer Complaint Handling Processes