Tag Archives: mortgage

Transitional Authority Bill Passes House Committee Unanimously

The House Financial Services Committee unanimously approved a bill that would enable registered mortgage loan originators to move from a depository mortgage lender to a state-licensed mortgage lender almost immediately. This would allow eligible originators time to complete SAFE education and testing requirements while still earning a living. Introduced by Rep. Stivers of Ohio, H.R. … Continue Reading

Consumer Financial Protection Bureau Levies Repayment, Civil Fines for Deceptive Mortgage Practices

On Tuesday, July 28, the Consumer Financial Protection Bureau ordered Paymap Inc., a Colorado-based payment processing company and wholly owned subsidiary of Western Union Company, to repay consumers $33.4 million in fees and levied a $5 million civil penalty for violating a prohibition against unfair, deceptive, or abusive practices. The Bureau also ordered LoanCare, LLC, … Continue Reading

CFPB issues results from eClosing pilot program

The Consumer Financial Protection Bureau (CFPB) reports that most borrowers benefit from electronic closings relating to the mortgage loan process.  On August 5, 2015, the CFPB published its study on the benefits of electronic closings.  The study began in August 2014.   As a data driven agency, the CFPB worked with a select group of lenders … Continue Reading

CFPB Enforces RESPA in its First Appellate Decision of the Director

In the first appeal of an administrative enforcement proceeding before the Consumer Financial Protection Bureau (“Bureau”), the administrative law judge (ALJ) concluded that PHH Corporation, a mortgage lender, referred consumers to mortgage insurance companies in exchange for mortgage reinsurance premiums. The ALJ held that these mortgage reinsurance premiums were considered kickbacks—which are a violation of … Continue Reading