CFPB Study Finds That Arbitration Agreements Limit Relief for Consumers

    March 10, 2015 WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau released a study indicating that arbitration agreements restrict consumers’ relief for disputes with financial service providers by limiting class actions. The report found that, in the consumer finance markets studied, very few consumers individually seek relief through arbitration or the federal…

CFPB Takes Action Against NewDay Financial for Deceptive Mortgage Advertising and Kickbacks

    The CFPB has taken another action against – NewDay Financial, LLC  – for deceptive mortgage advertising and kickbacks.   In short, NewDay deceived consumers about a veterans’ organization’s endorsement of NewDay products and also participated in a scheme to pay kickbacks for customer referrals.    The CFPB has fined NewDay a $2 million civil money penalty for its actions.…

NAILTA Joins Escrow Institute of California in Concern over Misleading Mortgage Forms

    National Association of Independent Land Title Agents Joins Escrow Institute of California… — FREEHOLD, N.J., Jan. 29, 2015 /PRNewswire-USNewswire/ — FREEHOLD, N.J., Jan. 29, 2015 /PRNewswire-USNewswire/ — The National Association of Independent Land Title Agents (NAILTA), a national trade association representing independent land title agents, settlement agents and escrow agents has released the following…

CFPB Takes Action Against Wells Fargo and JPMorgan Chase for Illegal Mortgage Kickbacks

FOR IMMEDIATE RELEASE: January 22, 2015 CONTACT: Office of Communications Tel: (202) 435-7170

CONSUMER FINANCIAL PROTECTION BUREAU TAKES ACTION AGAINST WELLS FARGO AND JPMORGAN CHASE FOR ILLEGAL MORTGAGE KICKBACKS Banks to Pay $35.7 Million After Loan Officers Illegally Traded Referrals for Cash and Marketing Services

WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (CFPB) and the Maryland Attorney General took action against Wells Fargo and JPMorgan Chase for an illegal marketing-services-kickback scheme they participated in with Genuine Title, a now-defunct title company. The Bureau and Maryland also took action against former Wells Fargo employee Todd Cohen and his wife, Elaine Oliphant Cohen, for their involvement. Genuine Title gave the banks’ loan officers cash, marketing materials, and consumer information in exchange for business referrals. The proposed consent orders, filed in federal court, would require $24 million in civil penalties from Wells Fargo, $600,000 in civil penalties from JPMorgan Chase, and $11.1 million in redress to consumers whose loans were involved in this scheme. Cohen and Oliphant Cohen also will pay a $30,000 penalty.

CFPB Report Finds Nearly Half of Borrowers Do Not Shop for a Mortgage

    FOR IMMEDIATE RELEASE: January 13, 2015 CONTACT: Office of Communications Tel: (202) 435-7170 CONSUMER FINANCIAL PROTECTION BUREAU REPORT FINDS NEARLY HALF OF BORROWERS DO NOT SHOP FOR A MORTGAGE CFPB Releases “Owning a Home” Toolkit to Help Consumers Shopping for a Mortgage   WASHINGTON, D.C. — Today the Consumer Financial Protection Bureau (CFPB) released…

SUPPORT NEEDED FOR DEBT FORGIVENESS ACT – NOW ON THE HILL

    Congress is scheduled to vote on the Mortgage Forgiveness Debt Relief Act (MFDRA) today.  The bill is an attempt to reclassify and thereby forgive foreclosure-related debts as taxable income.  The MFDRA has been reinstituted several times since it was originally passed in 2007.  Congress must pass this bill in the remaining days of…