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Enforcement Update
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Results 1 - 10 of 429
Lender accused of being ‘one-stop shop’ for discrimination
Posted Date: Friday, December 22, 2023
The Consumer Financial Protection Bureau and the Department of Justice filed a lawsuit against a Texas-based developer and lender alleging the company violated the Fair Housing Act and the Equal Credit Opportunities Act, calling it a “one-stop shop” for discriminatory lending.
The lender’s CEO called the lawsuit “baseless and both outrageous and inflammatory.”
Read on for more details.
Enforcement Update
Washington Trust, DOJ reach agreement over redlining allegations
Posted Date: Monday, October 9, 2023
Washington Trust, the oldest community bank in the nation, and the Department of Justice reached a settlement related to allegations the bank was engaging in redlining practices in Rhode Island.
While the settlement did not include any civil money penalties, Washington Trust will invest in a loan subsidy fund to help borrowers of color access credit.
Read on for more details.
Enforcement Update
Mortgage subsidy fund mandated by Trident Mortgage settlement goes live
Posted Date: Thursday, September 14, 2023
The Pennsylvania attorney general has launched the $18.4 million mortgage loan subsidy fund established by Trident Mortgage Co. as part of the redlining settlement reached in 2022.
This fund provides subsidies of up to $10,000 to support new mortgages for owner-occupied homes in majority-minority neighborhoods.
Read on for more details.
Enforcement Update
CFPB report highlights fair lending, servicing violations
Posted Date: Monday, August 7, 2023
The Consumer Financial Protection Bureau’s summer Supervisory Highlights report found several unfair, deceptive, and abusive acts and practices across many consumer financial products, including mortgage servicing and loss mitigation products.
The report also highlighted fair lending violations, including price discrimination and discriminatory lending restrictions.
Read on for more details.
Enforcement Update
FDIC highlights RESPA kickback issues in supervisory report
Posted Date: Monday, April 10, 2023
In its Consumer Compliance Supervisory Highlights, the Federal Deposit Insurance Corp. noted enforcement actions it took in 2022 related to RESPA and the Fair Credit Reporting Act.
TILA was the most frequently cited statute for enforcement, totaling 35 percent of all violations last year.
Read on to learn what RESPA violations the agency addressed in 2022.
Enforcement Update
DOJ, Alabama housing authority agree to anti-discrimination settlement
Posted Date: Monday, January 2, 2023
The Department of Justice (DOJ), the Housing Authority of Ashland, Ala., and two local property owners have received approval for their consent order by the U.S. District Court for the Northern District of Alabama.
The DOJ had brought charges against the group after an investigation revealed alleged discrimination on the basis of race.
Read on for more details.
Enforcement Update
Wells Fargo ordered to pay $3.7B by CFPB
Posted Date: Thursday, December 22, 2022
The Consumer Financial Protection Bureau ordered Wells Fargo to pay more than $2 billion in consumer redress and a $1.7 billion civil penalty for legal violations.
The bureau found the bank committed several acts affecting over 16 million customer accounts, including the misapplication of loan payments, wrongful foreclosure, and surprise overdraft fees.
Read on for more details about the order.
Enforcement Update
CFPB takes enforcement action against Carrington Mortgage
Posted Date: Monday, November 21, 2022
The Consumer Financial Protection Bureau is taking action against Carrington Mortgage Services, stating the servicer engaged in deceptive acts or practices under the Consumer Financial Protection Act and violated the Fair Credit Reporting Act and its implementing statute Regulation V.
The consent order is related to actions Carrington took to mislead certain homeowners who sought a CARES Act forbearances.
Read on for more details.
Enforcement Update
HUD finds Oklahoma housing providers engaged in discrimination
Posted Date: Monday, November 21, 2022
The U.S. Department of Housing and Urban Development (HUD) issued a letter of finding against an Oklahoma housing provider and the property management company, both recipients of HUD funds.
The agency found the entities discriminated against tenants by failing to appropriately respond to known serious racial harassment and retaliated against affected tenants by moving to terminate their tenancy.
Read on for more details.
Enforcement Update
DOJ settles New Orleans-based disability discrimination suit
Posted Date: Thursday, October 13, 2022
The Department of Justice reached a settlement with the Housing Authority of New Orleans and seven private developers in a case alleging the entities violated the Fair Housing Act and the American with Disabilities Act.
The defendants allegedly failed to design and construct eight multifamily residential properties and associated places of public accommodation to be accessible to persons with disabilities. In addition to the monetary settlement, the defendants also agreed to remove accessibility barriers at the properties.
For more details about the case, read on.
Enforcement Update
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12 USC Section 2605 or Section 6 is titled Servicing of mortgage loans and administration of escrow accounts. It pertains to qualified written requests, notices of transfer of servicing and the administration of escrow accounts.
An arrangement that involves a person who is in a position to refer business as part of a real estate settlement service and who has an interest in a settlement services provider.
In the arrangement, the person, who has either an affiliate relationship with or a direct or beneficial ownership interest of more than one percent in a settlement services provider, directly or indirectly refers business to that provider or influences a consumer to select that provider.
An arrangement that involves a person who is in a position to refer business as part of a real estate settlement service and who has an interest in a settlement services provider.
In the arrangement, the person, who has either an affiliate relationship with or a direct or beneficial ownership interest of more than one percent in a settlement services provider, directly or indirectly refers business to that provider or influences a consumer to select that provider.
A mortgage disclosure that lists all estimated charges and fees associated with your loan. In addition to fees and charges, it will list your loan amount, mortgage rate, loan term and estimated monthly payment. Your escrows due at closing for insurance and taxes will also be outlined. Mortgage lenders are legally required to provide a GFE within three days of receiving your application.
A mortgage disclosure that lists all estimated charges and fees associated with your loan. In addition to fees and charges, it will list your loan amount, mortgage rate, loan term and estimated monthly payment. Your escrows due at closing for insurance and taxes will also be outlined. Mortgage lenders are legally required to provide a GFE within three days of receiving your application.
Under RESPA Section 2605(e)(1)(B), a qualified written request is a written correspondence that includes: 1) the name and account of the borrower, or has enough information to allow the servicer identify that information; and 2) a statement of the reasons for the belief of the borrower that the account is in error or provides sufficient detail to the servicer regarding other information sought by the borrower.
A QWR cannot be written on a payment coupon or other payment medium supplied by the servicer.
Under RESPA Section 2605(e)(1)(B), a qualified written request is a written correspondence that includes: 1) the name and account of the borrower, or has enough information to allow the servicer identify that information; and 2) a statement of the reasons for the belief of the borrower that the account is in error or provides sufficient detail to the servicer regarding other information sought by the borrower.
A QWR cannot be written on a payment coupon or other payment medium supplied by the servicer.
12 USC Section 2609 or Section 10 is titled Limitation on requirement of advance deposits in escrow accounts. It governs escrow accounts including notifications and statements to borrowers. Section 10 also sets out penalties for those who violate the section.
RESPA Section 3 provides that a thing of value includes any payment, advance, funds, loan, service or other consideration
Regulation X says thing of value includes: monies, things, discounts, salaries, commissions, fees, duplicate payments of a charge, stock, dividends, distributions of partnership profits, franchise royalties, credits representing monies that may be paid at a future date, the opportunity to participate in a money-making program, retained or increased earnings, increased equity in a parent or subsidiary entity, special bank deposits or accounts, special or unusual banking terms, services of all types at special or free rates, sales or rentals at special prices or rates, lease or rental payments based in whole or in part on the amount of business referred, trips and payment of another person’s expenses or reduction in credit against an existing obligation.
A form used by a settlement or closing agent itemizing all charges imposed on a borrower and seller in a real estate transaction. This form represents the closing transaction and provides each party with a complete list of incoming and outgoing funds. RESPA requires the HUD-1 to be used as the standard real estate settlement form in all transactions in the U.S. involving federally related mortgage loans.
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