Links in “Agencies”

A final rule has been adopted by the OCC, Board, FDIC, NCUA, CFPB, and FHFA that sets forth minimum requirements in the Dodd-Frank Act for appraisal management companies. [6/9/15]

The FTC will be mailing $467,000 in checks to consumers who lost money due to a mortgage relief service scheme by Jackson, Crowder & Associates and Crowder Law Group. [6/8/15]

Guarantee Mortgage Corporation pays a $228,000 penalty for paying its branch managers, in part, on the interest rates of the loans they closed – which is against the Loan Originator Compensation Rule. [6/8/15]

With headlines such as "Elderly Could Lose Homes from Reverse Mortgages" (CNN Money) and "Reverse Mortgage Ads Confuse Consumers" (USA Today), it is safe to say that the CFPB's recently released study on reverse mortgage ads attracted attention. [6/8/15]

The CFPB released its results of a focus group study on reverse mortgage advertisements finding that many participants were left with false impressions or confusion about the product. Because of these findings, the CFPB is launching an advisory effort to warn consumers on this product. Expect more to follow with warning to reverse mortgage lenders. [6/5/15]

CFPB Director Richard Cordray issued a decision in the first appeal of a Bureau administrative enforcement proceeding against mortgage lender PHH upholding the January 2014 action. This action charged PHH with illegally referred consumers to mortgage insurers in exchange for kickbacks. PHH is required to avoid further violations and to pay $109 million to the Bureau. 6/5/15]

The CFPB filed a complaint in federal district court and is seeking a combined $20 million in penalties for redress against RPM Mortgage, Inc. and its CEO, Erwin Robert Hirt. The company was found illegally paying bonuses and higher commissions to loan originators as incentives to steer consumers into costlier mortgages. [6/5/15]

The FDIC issued its list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA). The list covers 85 evaluation ratings with three institutions receiving non-passing ratings including First Electronic Bank. [6/5/15]

HUD unveiled a new website specifically designed for HUD-approved housing counseling agencies that covers a number of topics associated with homeownership including avoiding foreclosure and eviction and fair housing. The training is designed to help prepare housing counselors for the upcoming, mandatory HUD-certified counselor examination. [6/5/15]

When it comes to enforcing new TILA-RESPA Integrated Disclosure rules starting Aug. 1, CFPB Director Cordray offers no firm grace period, but says that the bureau will be "sensitive to the progress made by those entities that have squarely focused on making good-faith efforts to comply with the Rule on time." [6/4/15]