The CFPB reached settlements with Freedom Mortgage Corporation and Realty Connect, a real estate brokerage. The firms will pay a total of around $2 million for various allegations around illegal referrals.
An analyst at J.D. Power said servicers must proactively communicate with borrowers and offer digital channels through which consumers can easily find solutions to their problems.
The CFPB said several nonbanks that have come under its oversight following a procedural rule issued in November 2022 are cooperating with the agency to iron out compliance problems before it’s too late.