The Consumer Financial Protection Bureau was effectively shut down by officials over the weekend. The AP broke the news that an email sent Saturday night by Russell Vought, Trump’s director of the Office of Management and Budget, directed employees to stop working on new and unfinalized rules, as well as halt any investigations. “Effective immediately,…
Scott Bessent, the newly confirmed Treasury Secretary, has been named acting director of the Consumer Financial Protection Bureau. Bessent replaces Rohit Chopra, who was fired by President Donald Trump, an outcome analysts expected. Chopra has headed the agency since 2021. Bessent is a billionaire hedge fund manager whose operating style is expected to benefit wealthy…
The Consumer Financial Protection Bureau has accused Vanderbilt Mortgage & Finance of misleading borrowers looking to finance manufactured homes. In a new lawsuit, the CFPB claims Vanderbilt ignored obvious signs that borrowers could not afford loans, resulting in excessive financial struggle for families struggling to make payments. Vanderbilt allegedly charged fees and penalties on delinquent…
The Consumer Financial Protection Bureau finalized a rule creating a registry of repeat corporate offenders to deter further infractions. The goal is to identify financial institutions that have violated consumer laws and government or court orders on multiple occasions, helping it hold lawbreaking companies accountable. Court orders and agency actions against companies that have broken…
The Consumer Financial Protection Bureau launched a public inquiry into mortgage “junk fees,” which it says hide in closing costs. The Bureau said closing costs have “risen steeply” and cause undue financial stress on both borrowers, who bear the burden of higher prices, and lenders, who have to pass costs along to borrowers in order to…
The Consumer Financial Protection Bureau is taking aim at mortgage “junk fees” yet again, this time in the servicing sector. The bureau released supervisory highlights addressing what it classifies as illegal junk fees, such as prohibited fees, deceptive notices sent to homeowners, and violations of loss mitigation rules. “Homeowners cannot just simply switch providers if…
By KIMBERLEY HAAS The second largest bank in the country will pay a $12 million penalty after it was found that hundreds of loan officers falsified forms about mortgage applicants in violation of federal law. Officials at the Consumer Financial Protection Bureau say that for at least four years, loan officers at Bank of America…
By KIMBERLEY HAAS The director of the Consumer Financial Protection Bureau says it’s time to take big bank bailouts off the table. Rohit Chopra shared his candid opinions on the subject during the Mortgage Bankers Association’s annual convention and expo last week during an on-stage conversation with MBA President and CEO Bob Broeksmit. Chopra said…
As affordability sank in 2022, potential buyers struggled against rising fees and were denied loans for a lack of income, according to a new analysis from the Consumer Financial Protection Bureau. Mortgage applications and originations declined last year as the market corrected from the low-rate-fueled pandemic housing boom. At the same time, affordability sunk to…
Freedom Mortgage has been sanctioned by the Consumer Financial Protection Bureau for providing illegal incentives to real estate brokers and agents for mortgage loan referrals. The CFPB says Freedom offered agents and brokers perks for past and future loan referrals, a violation of the Real Estate Settlement Procedures Act. In at least forty cases, Freedom…
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