Provident Funding Settlement With CFPB Has Many Important Messages for Other Mortgage Lenders
June 4, 2015
Last week’s $9 million settlement between wholesale lender Provident Funding and the Consumer Financial Protection Bureau and the Department of Justice to resolve allegations of excessive discriminatory fees on the part of independent mortgage brokers, has some key takeaways for the rest of the mortgage industry, top compliance attorneys say. “The first is that it obviously signals that mortgage lending is still on the radar at these agencies,” even though their attention has evolved into other types of lending products, “and they are still concerned with wholesale mortgage pricing,” said Melanie Brody, partner and co-lead of the fair lending practice at the K&L Gates law firm in Washington, DC. She also noted...