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…

CFPB Publishes New Online Resources to Help You Comply with Joint Disclosure Rule Changes

This month, the Consumer Financial Protection Bureau (CFPB) released several new compliance guides to help settlement agents understand the upcoming changes to the HUD-1 Settlement Statement and Good Faith Estimate.  As you know, those changes occur on August 1, 2015.  In particular, the CFPB has released a small business compliance guide to help you understand…

CFPB – ANNOUNCES MORTGAGE ECLOSING PILOT PARTICIPANTS

Bureau to Assess Benefits of Electronic Mortgage Closings WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB) today announced the selection of participants for its mortgage eClosing pilot program. The three-month pilot will begin later this year, and will explore how the increased use of technology during the mortgage closing process could affect consumer understanding…

NAILTA Weighs In on Stonebridge Title, CFPB Enforcement and the Henson Case

The question of regulation and enforcement of RESPA Sections 8 (a) and (b)have been hot-button issues for the Consumer Financial Protection Bureau (CFPB) and the federal courts.  Recently, two matters have arrived on the regulatory scene that helps to define and, perhaps, alter what was previously known about compliance and we want to make NAILTA members aware of them.

What is H.R. 4383? What Does it Do For You?

The title insurance industry is finally mobilizing itself to take positions on bills currently pending in Washington, DC.  With all the chatter recently making its way through the wires, we thought it was important to let you know how independent real estate settlement service providers and those who follow policy with NAILTA viewed the recent movements.

What is Going On?

The House Financial Services Committee (HFSC) recently convened a hearing concerning eleven (11) separate legislative bills that are each directed at the Dodd-Frank Act, and specifically the Consumer Financial Protection Bureau (CFPB).  This is not the first effort for the HFSC on Dodd-Frank.  Since 2011, there have been over fifty (50) such bills designed to alter, restrict or outright repeal Dodd-Frank and the CFPB.

CFPB Seeking Public Comment Concerning “Pain Points” at Closing

The Consumer Financial Protection Bureau (CFPB) is seeking additional comments from the settlement services industry and consumers to assist its understanding and regulation over the real estate closing process. The CFPB recently introduced a Notice and Request for Comment to the public. Through this notice, the CFPB is looking for market participants and consumers to…