Lenders are concerned the Nationwide Multistate Licensing System’s proposed modernized mortgage business-specific licensee requirements are overly burdensome and confusing, and could introduce regulatory risks for lenders.
The now-shuttered Sprout Mortgage, its former CEO and other defendants have agreed to shell out $3.5 million to settle four consolidated class actions brought by former employees of the non-QM lender.
The CFPB accused OneMain Financial of misleading consumers into signing up for optional add-on products and failing to refund interest charges when consumers canceled those products.
A district court held that a borrower had provided enough evidence to show subservicer LoanCare had received a qualified written response and failed to respond as required by the Real Estate Settlement Procedures Act.
Mortgage trade groups requested changes to proposed requirements for mortgage business licensing applications in a Nationwide Multistate Licensing System modernization proposal.
A new study has found that the California Consumer Protection Act increased California mortgage interest rate spreads — especially for banks — and contracted the supply of credit to low-income areas.
New APOR calculations; regulators help with LIBOR transition; CFPB puts credit reporting agencies on alert; data breach involving former CFPB employee; lender settles with Arizona AG.
In a special edition supervisory highlights report, the CFPB revealed old and new ways in which mortgage servicers are attempting to collect unlawful fees from borrowers.
It will be the 11th issuance of its type by loanDepot.
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