A&B Abstract: Under New Mexico’s Insurance Code, it has been a long-standing requirement that lenders may not condition a loan of money on the procurement of insurance from any particular insurer, agent, solicitor, or broker. The lender is required to inform the buyer of their rights “regarding the placement of insurance on a form prescribed […]
Insurance
CFPB’s Message to Mortgage Servicers: Make Sure You Comply with RESPA’s Force-Placed Insurance Requirements
A&B Abstract: In Case You Missed It: At the recent Federal Housing Finance Agency’s Symposium on Property Insurance, CFPB Director Rohit Chopra spoke about force-placed insurance and conveyed the following message: “The CFPB will be carefully monitoring mortgage market participants, especially mortgage servicers to ensure they are meeting all of their obligations to consumers under […]
Trends in Enforcement and Recommendations on Protecting Financial Institutions
In his 2022 speech “Reining in Repeat Offenders” at the Distinguished Lecture on Regulation at the University of Pennsylvania Law School, the director of the Consumer Financial Protection Bureau (CFPB) stated that “[a]chieving general deterrence is an important goal for the CFPB” and “the role of individual liability cannot be discounted.” To that end, the […]