Back in 2014, the CFPB said that improper Marketing Service Agreements (MSAs) between real estate agents and mortgage lenders undermined consumer protections from kickbacks because they both increase costs to consumers. The CFPB has gone as far as stating that a MSA itself is a thing of value that can be evidence of a violation…
The Consumer Finance Protection Bureau has made it clear that even individual loan officers are not immune from enforcement actions. Earlier last year, the CFPB entered Consent Order against a former loan officer, David Eghbali. Eghbali worked at separate times for Wells Fargo and Bank of America. The CFPB fined Eghbali $85,000 and banned him…
The HUD Office of Inspector General (OIG) released OIG Audit Report 2015-LA-1005 on June 9, 2016, that states loans that included down payment assistance programs from state housing agencies did not comply with HUD regulations. Specifically, the HUD OIG’s audit found a private lender’s participation in single-family housing programs conducted by a state agency was…
As many mortgage lenders know, there has been an increase in lender repurchase demands and related litigation recently. This is likely because the statute of limitations is expiring for many of the loans that were originated or that defaulted during the housing meltdown, and because many of the large investigations into wrongdoing have been resolved…
