In recent years, marketing services agreements and affiliated business arrangements have faced an incredible amount of scrutiny from the Consumer Financial Protection Bureau. So how do you do business in these areas without running afoul of the bureau? RESPA expert Phil Schulman had some answers at this year’s National Settlement Services Summit in Charlotte, N.C.
A trade association has written to the National Association of Insurance Commissioners (NAIC), asking the NAIC to stop work on a bulletin addressing marketing service agreements. Read on for details of why the association wants to have the process halted.
A class-action lawsuit was filed in California, charging Countrywide Financial Corp., Bank of America Corp. and LandSafe Appraisal Inc. with violations of RESPA and racketeering for creating an appraisal fraud scheme from 2003-2008. Read on for details of the case.
Make it four product categories that the Consumer Financial Protection Bureau has under its Know Before You Owe umbrella, as the bureau released consumer guides and worksheets to help them get through the auto loan process. Read on for more details.
In a new Supervisory Highlights report focused solely on mortgage servicing, the Consumer Financial Protection Bureau cited numerous unfair and deceptive practices its examiners have found since new servicing rules took effect in January 2014. In addition, the bureau said that “bad computer systems or outdated technology” often cited for mistakes were not sufficient excuses for noncompliance. Read on for the details.
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