Browsing Tag:CFPB

cfpb-takes-motion-towards-reverse-mortgage-lender-for-misleading-promoting
The Consumer Financial Protection Bureau took action against Nationwide Equities Corporation for sending fraudulent loan notices to hundreds of thousands of senior borrowers. The advertisement deliberately misled borrowers about the returns on a reverse mortgage, the fees and costs associated with the products, and the consequences of failing to pay under the CFPB Consent Order. Now, CFPB...
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biden-selects-nominee-for-fha-commissioner-plans-to-appoint-appearing-cfpb-director-to-hud
The White House announced on Friday that President Joe Biden has selected a number of new candidates for positions within the administration, including for Assistant Secretary of Housing, the Federal Housing Commissioner and the appointment of the current Acting Director of the Consumer Association Financial Protection Bureau (CFPB) for a position with the US Department of Housing and Urban...
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cfpb-enters-into-consent-order-with-reverse-mortgage-lender-and-dealer-finance-and-banking
The CFPB recently entered into a consentorder with Nationwide Equities Corporation (Nationwide),which the CFPB refers to as a mortgage broker and mortgage lenderthat primarily provides jumbo reverse mortgage loans and HomeEquity Conversion Mortgage Loans (HECMs). The CFPB asserts in theconsent order that Nationwide engaged in direct mail advertisingpractices that violated the Mortgage Acts andPractices—Advertising Rule (the "MAP Rule," alsoknown as Regulation...
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updated-cfpb-takes-motion-in-opposition-to-reverse-mortgage-lender-for-promoting-practices
The Consumer Financial Protection Bureau (CFPB) announced Tuesday that it has cracked down on Mahwah, a New Jersey-based Reverse Mortgage Lender Nationwide Equities, for advertising practices it describes as "misleading," and accused the lender of materials of being against Violating the Mortgage Law and Practice Advertising Rule (MAP Rule), the Truth in Lending Act (TILA), and the Consumer Financial...
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reverse-mortgage-lender-settles-cfpb-costs-for-deceptive-promoting
A reverse mortgage lender paid CFPB fees for mailing advertisements to seniors that misrepresented the costs and risks associated with the lender's loans.In a declaration of consent, the CFPB stated that the company's advertisements: materially incorrectly stated the costs associated with the reverse mortgage; omitted the fact that borrowers would continue to have to make tax...
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cfpb-fines-reverse-mortgage-lender-over-its-promoting
Law360 (April 27, 2021 6:56 p.m. EDT) - The Consumer Financial Protection Bureau announced Tuesday that it had fined one of the country's largest reverse mortgage lenders $ 140,000 as part of a settlement Resolving allegations that have been misleadingly sent direct mail advertisements to hundreds of thousands of senior prospects.In a letter of consent, the CFPB stated that...
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cfpb-proclaims-new-proposed-guidelines-for-ahead-servicers-monitoring-reverse-mortgage-market
The Consumer Financial Protection Bureau (CFPB) on Monday announced a new set of proposed rules for Forward mortgage service providers designed to help millions of homeowners whose relief efforts related to the COVID-19 coronavirus pandemic will expire in the coming months.Seeking public comment on the implementation of some of these new rules, CFPB officials told RMD that the proposals...
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cfpb-publishes-new-reverse-mortgage-information-for-shoppers
The Consumer Financial Protection Bureau (CFPB) announced Tuesday the release of a newly updated consumer resource guide to the reverse mortgage product category. The guide, titled "You Have a Reverse Mortgage: Know Your Rights and Responsibilities," provides detailed information on typical Home Equity Conversion Mortgage (HECM) loan obligations.It also explains how the loan can be repaid. What...
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it-ae-jobs-jumbo-origination-productiveness-instruments-ideas-on-the-cfpb-nominee-coaching-and-occasions
IT, AE Jobs; Jumbo, Origination, Productivity Tools; Thoughts on the CFPB Nominee; Training and EventsSometimes running a mortgage compliance department can seem like this short clip Indiana’s Carol K. sent along. Yet there is value in compliance, and it is good that lenders and servicers are much more cognizant of rules and regulations than we were 12-14 years ago,...
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