The loan officers are accused of defrauding banks and the nonbank lender they worked for by falsifying borrowers’ occupancy status on mortgage applications.
Texas district court ordered to make quick ruling in CFPB credit card late fee lawsuit; the American Bankers Association pushes back on CFPB report targeting fees associated with health savings accounts; former Nutter Home Loans executive launches regulatory management firm.
A reduction in closing costs, down payment assistance programs for first-generation homebuyers and investing in communities that need housing could all lead to more affordable housing access.
The CFPB this week issued a report regarding numerous “junk fees” charged by mortgage servicers. The servicers were generally ordered to refund the fees and change their practices.
“Since mortgage borrowers are captive to a company they never chose to do business with, we are working hard to detect and deter violations of law,” said CFPB Director Rohit Chopra.
"It’s hard to see how a charge that is clearly disclosed to the borrower before they enter into the transaction ... and only charged once at closing can be said to unreasonably take advantage of consumers," said Peter Idziak, a senior associate at the law firm of Polunsky Beitel Green.