Listen to the Mortgage Banker Magazine March 2024 cover story.
Tagged: Consumer Financial Protection Bureau (CFPB)
Regulators intensify crackdown on undisclosed fees, prompting industry backlash; CFPB asserts fees violate consumer protection laws, while Mortgage Bankers Association criticizes lack of understanding in agency's approach.
Trade associations claim trigger leads are dangerous to consumers.
The Justice Department and Consumer Financial Protection Bureau allege Colony Ridge used social media to exploit immigrants' homeownership dreams, leading to high foreclosure rates and economic hardship in Hispanic communities.
For at least four years, hundreds of Bank of America loan officers failed to ask mortgage applicants certain demographic questions.
After a prior $1.75 million penalty, the mortgage giant faces another lawsuit over breach of federal requirements and inaccurate data submissions.
Increased fees, soaring monthly payments, and growing approval disparities unsettle the housing market; CFPB eyes regulatory tweaks.
Vice President Harris and CFPB Director Chopra highlight potential boost in mortgage approvals and question debt collectors' methods.
Creditors must provide specific and accurate reasons for credit denials, even with complex AI models.
Mixed reactions follow landmark settlement as some hope it could pave the way for future regulation and consumer protection.