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CFPB Issues Advisory Opinion Warning Against Kickbacks for Mortgage Rate Shopping Platforms

February 13, 2023 By Melissa Malpass

A&B ABstract: Last week, the Consumer Financial Protection Bureau (CFPB) issued an advisory opinion to address the applicability of the Real Estate Settlement Procedures Act (RESPA)’s Section 8 – the anti-kickback provision – to operators of certain digital technology platforms that enable consumers to comparison shop for mortgages and other real estate settlement services. These […]

Filed Under: Consumer Financial Protection Bureau (CFPB), Mortgage Loans, Real Estate Settlement Procedures Act (RESPA) Tagged With: #CFPB, kickbacks, mortgage lending, RESPA, Section 8

Moving to Address Appraisal Bias, Agencies and the Appraisal Foundation Issue Updates

February 7, 2023 By Nanci Weissgold, Morey Barnes Yost and Melissa Malpass

A&B ABstract:  A year and a half after President Biden’s announcement of the Interagency Task Force on Property Appraisal and Valuation Equity (“PAVE”), the past weeks have seen a flurry of activity from federal agencies and the Appraisal Foundation to address issues of bias in residential property appraisal.  What should lenders, servicers, and appraisers know? […]

Filed Under: Appraisal and Valuation, Consumer Financial Protection Bureau (CFPB), Fair Housing Act, Mortgage Loans Tagged With: #CFPB, appraisal, bias, discrimination, mortgage lending

District Court Dismisses CFPB’s Redlining Case Against Townstone Financial

February 6, 2023 By Melissa Malpass

A&B ABstract: On Friday, in the CFPB v. Townstone Financial fair lending case, the U.S. District Court for the Northern District of Illinois dismissed with prejudice the complaint filed by the Consumer Financial Protection Bureau (CFPB), holding that the plain language of the Equal Credit Opportunity Act (ECOA) does not prohibit discrimination against prospective applicants. […]

Filed Under: Consumer Financial Protection Bureau (CFPB), Equal Credit Opportunity Act (ECOA), Mortgage Loans Tagged With: #CFPB, #redlining, Case law, Fair Lending, mortgage lending

Illinois Proposes Rules Implementing Its Community Reinvestment Act for Banks, Mortgage Lenders, and Credit Unions

January 26, 2023 By Caroline Eisner

A&B ABstract: The Illinois Department of Financial and Professional Regulation (“IDFPR”) has issued a notice of proposed rules to implement the newly passed Illinois Community Reinvestment Act (“ILCRA”), aimed at serving the credit needs of low- and moderate-income communities and individuals.  The proposal includes a separate set of rules applicable to state-chartered banks, non-depository mortgage […]

Filed Under: Community Reinvestment Act, Mortgage Loans, State Law Tagged With: Community Reinvestment Act, CRA, Illinois, mortgage lending

CFPB Proposes Nonbank Registry to Focus on Compliance “Recidivism”

January 11, 2023 By Nanci Weissgold, Anoush Garakani and Melissa Malpass

A&B ABstract: On December 12, 2022, the Consumer Financial Protection Bureau (CFPB) announced a proposed rule to require certain non-banks to register with the agency when they become subject to a public written order or judgment imposing obligations based on violations of certain consumer protection laws. The CFPB also proposes to maintain a public online […]

Filed Under: Consumer Financial Protection Bureau (CFPB), Consumer Loan, Dodd-Frank Act, Mortgage Loans, Mortgage Servicing, Unfair, Deceptive and Abusive Acts or Practices (UDAAP) Tagged With: #CFPA, #CFPB, mortgage lending, Mortgage Servicing, Servicing

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