Regulatory Relief Bill Passes Congress – Is Mortgage Lending Freedom Ahead?

Change is coming to the mortgage industry in the form of lessened restrictions for many community banks, along with greater consumer protections. The Economic Growth, Regulatory Relief and Consumer Protection Act—a bill rolls back many Dodd-Frank Wall Street Reform and Consumer Protection Act regulations imposed in 2008 following the financial crisis—has been signed into law. […]

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Wells Fargo Fined $1 Billion for Abusive Insurance, Mortgage Practices

The government has handed down a $1 billion penalty to Wells Fargo for abusive consumer practices related to its administering of auto insurance and extensions on mortgage rate locks. In addition to the fine, the bank has been ordered to remediate affected consumers and implement improved practices. In 2017, Wells Fargo acknowledged it had charged […]

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Industry Praises House Passage of TRID Improvement Bill

The housing industry is applauding the House passage of the TRID (TILA-RESPA Integrated Disclosure) Improvement Act of 2017 (H.R. 3978) that aims to correct the disclosure of title insurance premiums, which are inaccurate in the majority of states. The bill, which was made part of a larger package, was passed on Wednesday. “Although the bill […]

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The battle between the Consumer Financial Protection Bureau and PHH is over

On Wednesday, January 31, the Court of Appeals for the District of Columbia Circuit upheld the constitutionality of the Consumer Financial Protection Bureau (CFPB) ending a two-year debate over the CFPB’s power structure, which stemmed from an ongoing lawsuit between the Bureau and New Jersey-based mortgage lender PHH Mortgage Corporation over the lender’s captive reinsurance practices …

CFPB ‘Constitutional’ After Appeals Court Ruling

An appeals court on Wednesday upheld the constitutionality of the Consumer Financial Protection Bureau’s (CFPB) organizational structure. The agency, which has been at the center of controversy in the era of Trump, was deemed unconstitutional in a 2016 ruling. The agency’s director cannot be dismissed at will (in other words, without cause), per its structure—authority […]

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Zillow sued over Zestimate display: Making sense of the dispute

Real estate giant Zillow Group has been hit with an antitrust lawsuit alleging the company is restraining competition between real estate brokers by making deals with certain brokerages to hide Zillow’s home valuation estimates (“Zestimates”) on the brokerages’ for-sale listings. Whether the suit has legs is yet to be determined, but an antitrust attorney who spoke with Inman about the complaint said he is “not sold” on the claims …

Borrowers Beware: These Mortgage Rules Could Soon Get a Facelift

(TNS)—Getting a mortgage today is much different than it was before the financial crisis. Loans have to meet certain standards and there are many rules lenders and servicers have to follow. But after a shakeup in leadership at the Consumer Financial Protection Bureau (CFPB), the future of some policies is uncertain. Here’s why: The new […]

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Homeownership and Well-Being: A Complicated Relationship

Homeownership has come to represent security and wealth—the American Dream, realized, for millions who place their stake through property. There is evidence, even, that homeownership lends itself to overall satisfaction. Financially, homeownership is also associated with well-being, according to a new report by the Consumer Financial Protection Bureau (CFPB). The CFPB defines “financial well-being” as […]

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Another angry investor sues Zillow over co-marketing

Another Zillow Group shareholder has filed a federal lawsuit against the company and it appears the real estate giant could soon face a slew of similar suits …