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 courts, while…
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. Click here…
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…
FOR IMMEDIATE RELEASE: January 22, 2015 CONTACT: Office of Communications Tel: (202) 435-7170
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.
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 a report…
To Our Esteemed Colleagues For those of you who celebrate Chanukah, we wish that the lights of the menorah burn brightly, bringing warmth and happiness to you and yours. For those of you who celebrate Christmas, we wish you the blessings of the season – joy, peace and love. For those of you…
(12/10/2014 – Reprinted from email from Wells Fargo below): TILA-RESPA Integrated Disclosure Rule In the September 24 issue of our settlement agent communication, Wells Fargo announced that we would control the generation and delivery of the borrower Closing Disclosure (CD) to meet internal compliance and regulator expectations when the new CD becomes…
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…
NAILTA completed recent officer and board elections for the next term (January 2015 through December 31, 2016) and is proud to announce that the following individuals will be serving in the respective positions:
I want to welcome our attendees, vendors and loyal sponsors to our/ your 7th Annual Education Conference in the historic city of Savannah, Georgia. Ranked by history as the first colonial and state Capitol its history dates back to the 16th century as a leading port city coveted by both Spain and later England. Founded…
