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CFPB Proposes Expanded Foreclosure Protections
Proposal Would Provide Surviving Family Members and Other Homeowners with Same Protections as Original Borrower WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (CFPB) proposed additional measures to ensure that homeowners and struggling borrowers are treated fairly by mortgage servicers. The proposal would require servicers to provide certain borrowers…
CFPB Proposes Updates to TILA-RESPA Rules
The CFPB is proposing changes to the TILA-RESPA Integrated Disclosure Rule issued last year. Commonly referred to as the "Know Before You Owe Rule," it clarified the disclosure process so that borrowers could have a much clearer understanding of all fees and related expenses involved in a loan. This…
CFPB Continues Crackdown On Big Banks
Flagstar Bank of Maryland has been hit with a massive fine ($10M) and will be forced to pay $27.5M in restitution to almost 7000 of its borrowers, after being cited by the CFPB for a string of poor business practices that led to an estimated 2000 unnecessary foreclosures. According to…
$200,000 Fine Levied on Title Company
Lighthouse Title has agreed to pay $200,000 for RESPA violations, after a CFPB review. Lighthouse violated conditions of the RESPA laws by making agreements with real estate brokers to provide marketing services in exchange for referrals. RESPA, which has been enforced by the CFPB since it took over from HUD…
CFPB Launching Pilot Program for Electronic Mortgage Closings
In an effort to improve the consumer mortgage experience, the CFPB has announced a pilot program to test the feasibility of electronic closing procedures which could save both time and money. They've put together a group of lenders and tech experts to brainstorm and test ideas for new software options.…
Help Spread the Word About Foreclosure Relief Scams
The CFPB is going after companies and individuals who are seeking to take advantage of distressed homeowners. Specifically, they're targeting those who coerce or trick owners into paying up-front fees in exchange for promises of future debt relief in the form of loan modifications. These predatory practices are nothing new.…
cfpbCompliance
CFPB Shuts Down a Finance Monster
Colfax Capital Corporation, formerly known as Rome Finance, has long been one of the most egregious violators of ethical and legal standards in the financial services sector. A recent ruling by the CFPB and several State's Attorneys General have officially put an end to that. In 2010, they were sued…
CFPB Has the Answers Consumers Need
As part of its mandate under the Dodd-Frank bill, the CFPB is tasked with increasing financial literacy among the nation's citizens. Along with writing and enforcing legislation geared toward creating a fair and open financial marketplace, the CFPB wants consumers to better understand the financial tools and services available to…
Watch Out Agents, California is Sweating the Small Stuff
The State of California Bureau of Real Estate recently announced that it has updated its policies surrounding compliance laws. Specifically, it has instituted a "cite and fine" policy for minor infractions, with fines up to $2500. According to their report, "A citation or other formal action will be considered…
CFPB Celebrates Third Birthday
The Consumer Finance Protection Bureau, formed in the wake of the financial meltdown of 2008, officially turned three years old this month. Since its creation, the CFPB has grown into an effective force for change and regulation in the financial services industry. They've already handled over "400,000 complaints in multiple…
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WFG'S PATRICK STONE AND ECONOMIST DR. BILL CONERLY ANSWER QUESTIONS ABOUT TITLE INSURANCE AND THE ECONOMY IN A LIVE WEBINAR JANUARY 21ST AT 7 AM PST January 13, 2021
NMP TV interviews WFG's Dan Bailey about MyHome® Exchange December 17, 2020
Streamline the refinance process with a solution that facilitates borrower data and document collection November 13, 2020
Four strategies that turned WFG into one of America's leading title insurance providers October 29, 2020
Economic Outlook & Title Insurance in a Turbulent Era October 21, 2020
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