CFPB Issues $19 Million Penalty for ‘Bait and Switch’ Mortgage Scheme

The Consumer Financial Protection Bureau (CFPB) has ordered Amerisave Mortgage Corporation and its affiliate Novo Appraisal Management Company to pay $19.3 million for allegedly engaging in a deceptive “bait and switch” mortgage lending scheme that harmed tens of thousands of consumers, the bureau says. In its allegation, CFPB says Atlanta-based online mortgage lender Amerisave lured consumers […]

Friday Round-Up: New Reverse Mortgage Rules Create Catch-22 in Texas

In case you missed it, here’s what happened in reverse mortgage news this week: New Research Sheds Light on Reverse Mortgage Default Prevention—Through a study funded in partnership with HUD and counseling agency CredAbility, Ohio State University researchers found there are certain relationships between a borrower characteristics and the likelihood of default. Denver Post: Reverse Mortgage […]

Jobs Now Open for Reverse Mortgage Specialists, Loan Officers and More

Reverse mortgage lenders nationwide are continuing to seek top talent to fill key roles as they expand their reach in the reverse mortgage sector. Reverse mortgage lenders including Generation Mortgage Company, ReverseVision, Nationwide Equities and Yadkin Bank are seeking loan originators, sales executives, processors and more. Click the following opportunities that are now open to find out […]

CFPB Rules Place Drag on Mortgage Lending Nationwide

Recent regulation enacted by the Consumer Financial Protection Bureau (CFPB) has reduced approval rates on applications for some types of loans and mortgages, according to the Federal Reserve Board’s latest opinion survey on bank lending practices.  While a small fraction of large banks indicated in the survey that the Ability-to-Repay and Qualified Mortgage Standards under […]

Ocwen Sees Reverse Mortgage Losses Taper, Big Potential Ahead

On the heels of Ocwen Financial Corporation’s (NYSE:OCN) first quarter losses on its Liberty Home Equity Solutions reverse mortgage business, the non-bank servicer announced losses are dwindling and the company sees future opportunity in reverse mortgage lending. During the quarter, Ocwen originated $1.2 billion of forward loans and $145 million of reverse loans, said Ocwen CFO and […]

CFPB Collects $92 Million For Lending Scheme Victims

The Consumer Financial Protection Bureau (CFPB) and 13 state attorneys general obtained $92 million in debt relief for servicemembers and other consumers harmed by a lending scheme that allegedly targeted military base communities.  THE CFPB has permanently banned Colfax Capital Corporation and Culver Capital, LLC, also collectively known as Rome Finance, from consumer lending after […]

CFPB, FTC Target Foreclosure Relief Scammers in Latest Lawsuits

The Consumer Financial Protection Bureau (CFPB), Federal Trade Commission (FTC) and 15 states have taken legal action against companies who allegedly deceived vulnerable homeowners nationwide through employing deceptive marketing tactics. The CFPB issued three lawsuits against companies that the agency says say collected more than $25 million in illegal advance fees for services that falsely promised […]

Lending Uncertainty Looms as Dodd-Frank Price Tag Tops $21.8 Billion

As the controversial Dodd-Frank Act enters its fifth year of implementation, the law has already reached a price tag of more than $21.8 billion — and one-quarter of the law is still left to implement, a report finds. The American Action Forum (AAF), a policy institute providing research and analysis of policy changes, outlines the […]

CFPB Clarifies Rules For Lending To Same-Sex Married Couples

The Consumer Financial Protection Bureau (CFPB) clarified its rules regarding lending to same sex, married couples. The agency recognizes all lawful marriages valid at the time of the marriage in the jurisdiction where the marriage was celebrated.  CFPB Director Richard Cordray recently issued a memo to lenders explaining the CFPB’s laws, regulations and policies regrading lending to […]