The use of discount points to lower mortgage rates has jumped in recent years as interest rates continued to climb. But the benefit of the points for the borrower is unclear, the CFPB said in a report.
The judge, who granted a preliminary injunction against the CRA overhaul, said there’s “substantial likelihood” that the plaintiffs in the lawsuit will ultimately win.
A recent Third Circuit ruling that asset-backed securities are “covered persons” subject to the CFPB’s authority under the Consumer Financial Protection Act could change the regulatory landscape for ABS.
Many mortgage brokers failed to satisfy a two-part test that determines whether compensation they received from a lender is permissible under the Real Estate Settlement Procedures Act.
As part of the settlement, loanDepot has agreed to undertake extensive appraisal policy changes. The lender also agreed to make payment of an undisclosed sum to the plaintiffs in the lawsuit.
The bureau is working to understand how video games can become a haven for scams, fraud, financial losses and unanticipated purchases that can deplete a family’s real-world financial assets.