Wells Fargo & Co. announced that it would pay $1.2 billion to resolve some civil claims related to its Federal Housing Administration lending program. The claims are related to practices that occurred between 2001 and 2010. See the details here.
The Consumer Financial Protection Bureau (CFPB) released its monthly consumer complaint snapshot recently, which highlighted complaints from New York and the New York City metro area. The report also highlighted complaints regarding debt settlement, check cashing, money orders and credit repair. See what it had to say here.
RESPA Section 8 has come onto the forefront of compliance professionals’ minds since the Consumer Financial Protection Bureau has put marketing services agreements in their purview. However, one of the most important terms in the regulation, “thing of value,” has been interpreted different ways. Read on for a look at some of the ways the allusive term has been interpreted by regulators.
Two RESPA experts, Marx Sterbcow, managing attorney at Sterbcow Law Group LLC, and Richard Horn, founding attorney of Richard Horn Legal, PLLC, teamed up to create a list of the 10 most common reasons secondary market investors are rejecting and refusing to purchase loans from banks and lenders. See what they had to say here.
Following a report by the Consumer Financial Protection Bureau which stated that consumer complaints filed with the bureau fell significantly during the fourth quarter, Roundpoint Mortgage Servicing Corp. Chairman and CEO Kevin Brungardt issued a statement which both applauded the news and cautioned the industry about getting too complacent. See what he had to say here.
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