CFPB Orders Prospect Mortgage to Pay $3.5 Million Fine for Illegal Kickback Scheme
Real Estate Brokers and Mortgage Servicer That Took Kickbacks from Prospect Also Ordered to Pay $495,000
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CFPB Takes Action Against Reverse Mortgage Companies for Deceptive Advertising
Three Companies Cited For Falsely Claiming Consumers Could Not Lose Their Homes
CFPB Finalizes “Know Before You Owe” Mortgage Forms
New Forms Improve Consumer Understanding, Aid Comparison Shopping, and Help Prevent Surprises Washington, D.C. – The Consumer Financial Protection Bureau (CFPB) is issuing a rule today requiring easier-to-use mortgage disclosure forms that clearly lay out the terms of a mortgage for a homebuyer. The new “Know Before You Owe” mortgage forms will replace the existing […]
CFPB Clarifies State Reciprocity in Loan Originator Licensing
In a bulletin, the CFPB states that, consistent with the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (SAFE Act), a state may grant a transitional loan originator license to an individual who holds a valid loan originator license from another state.