The Consumer Financial Protection Bureau “CFPB” announced an update to the TILA-RESPA regulatory implementation materials today (3/19/2015) which modified the 2013 TILA-RESPA Final Rule. The update to the TRID rule extends the timing requirement for revised disclosures when consumers lock a rate or extend a rate lock after the Loan…
The Consumer Financial Protection Bureau “CFPB” announced another Consent Order with NewDay Financial, LLC on February 10, 2015 where they agreed to settle allegations that NewDay engaged in deceptive acts or practices by failing to disclose payments to a veteran’s organization that endorsed NewDay for reasons other than for NewDay’s…
The TILA-RESPA Integrated Disclosure Rule’s implementation date is beginning to cause heightened concern and worry for those involved in the residential lending industry. One reason is the emerging news that a number of the 3rd party vendors engaged to write the loan originator system “LOS” software may not be able…
The Consumer Financial Protection Bureau “CFPB” and Federal Trade Commission “FTC” filed suit against the Sprint Corporation in the United States District Court Southern District of New York on December 17, 2014 alleging that Sprint illegally charged its wireless customers millions of dollars in unauthorized third-party text message fees from…
October Research has scheduled a webinar for Tuesday, November 18, 2014 from 2:00-3:30 PM EST in which Marx Sterbcow of the Sterbcow Law Group; Charles Cain who is the Senior Vice President Midwest Agency Manager of WFG National Title Insurance Company; and Phil Schulman who is a Partner with K&L…
The Consumer Financial Protection Bureau (CFPB) announced today, September 30, 2014, that they had entered into a Consent Order with Lighthouse Title, a Michigan title insurance agency, for entering into Marketing Service Agreements (MSAs) with various real estate brokers with the understanding that the companies would refer mortgage closing and…
Wells Fargo announced that effective August 1, 2015 it will control the generation and delivery of the borrower’s Closing Disclosure form in anticipation of the TILA-RESPA Integrated Disclosure Rule. The new Closing Disclosure is a mix of the existing Truth-in-Lending (TIL) disclosure and the Settlement Statement (HUD-1). Wells Fargo stated…
The Consumer Financial Protection Bureau often provides subtle clues as to where they may be headed on the enforcement front and on November 6, 2013 they addressed the topic on their website about online Lead Generation and consumer safety involving payday loans. The topic “Is applying for a payday loan…
New Orleans, LA (PR Newswire) August 29, 2014 – Martindale-Hubbell® has confirmed that attorney Marx David Sterbcow has been given an AV Preeminent Rating, Martindale-Hubbell’s highest possible rating for both ethical standards and legal ability. The AV Preeminent rating is an objective indicator designed to help buyers of legal services…
The Consumer Financial Protection Bureau announced they entered into a Consent Order (File No. 2014-CFPB-0010) with Atlanta-based Amerisave Mortgage Corporation; Novo Appraisal Management Corp.; and Patrick Markert on August 12, 2014 for violating a series of laws including Section 1031 and 1036 of the Consumer Financial Protection Act of 2010…