Tag Archives: compliance

NMLS Smart Deadlines for 2014 License Renewal

(OnlineEd – Jeff Sorg) – The deadline to complete NMLS CE for MLO license renewal is December 31, 2014. However, NMLS Rules allow course providers seven days to report their course completions to NMLS. This means licensees will not want to wait until the last minute before completing their education requirement. If the licensee completes before the […]

Consumer Financial Protection Bureau, Federal Partners, and State Attorneys General File Order Requiring Suntrust to Provide $540 Million in Relief to Homeowners for Servicing Wrongs

Company Also Ordered to Pay $10 Million for Servicing Misconduct and Fined $418 Million by the DOJ (CFPB -WASHINGTON, D.C.) — Today the Consumer Financial Protection Bureau (CFPB), Department of Justice (DOJ), Department of Housing and Urban Development (HUD), and attorneys general in 49 states and the District of Columbia filed a proposed federal court order […]

U.S. Supreme Court to hear mortgage loan officers’ pay case

(Reuters) – The U.S. Supreme Court on Monday agreed to weigh a dispute over whether mortgage loan officers are exempt from minimum wage and overtime pay regulations. The two related cases concern a decision in 2010 by the U.S. Labor Department, which reversed a 2004 finding made during the administration of President George W. Bush […]

Realty Firm to Pay $500,000 for Disclosure Violations Suggesting Buyers Use a Specific Title/Closing Company

(Jeff Sorg, OnlineEd)  The Consumer Financial Protection Bureau (CFPB) recently ordered RealtySouth, the largest real estate firm in Alabama, to pay $500,000 for inadequate disclosures that could leave consumers unaware of their rights to choose service providers during the home-buying process. The practices identified by the CFPB’s investigation illegally benefited TitleSouth LLC, an affiliated company owned […]

CFPB Report Shows Complaints Rose 80 Percent in 2013

The number one most complained about consumer product was mortgages, accounting for 37 percent of overall complaints. For these approximately 60,000 complaints, consumers were most concerned with problems when they were unable to pay, such as issues relating to loan modifications, collections, or foreclosures. Credit reporting: The number three most complained about category was credit reporting, accounting for about 15 percent of overall complaints. For the approximately 24,000 complaints about credit reporting, nearly three out of four consumers were concerned with incorrect information on their credit report.

CFPB Orders Connecticut Lender to Pay $83,000 Civil Penalty

(Consumer Financial Protection Bureau – Washington, D.C.) Today, the Consumer Financial Protection Bureau ordered a Connecticut mortgage lender, 1st Alliance Lending, LLC (First Alliance), to pay an $83,000 civil money penalty for violating federal law by illegally splitting real estate settlement fees. First Alliance self-reported these violations to the Bureau, admitted liability, and provided information related […]

OnlineEd’s CFPB Preparedness Article Published in Scotsman Guide

December 5, 2013 – OnlineEd was recently published in the December Scotsman Guide’s Residential Edition. Click the link below to read or download the complete article. Our article outlines the need for mortgage businesses, both large and small, to prepare for CFPB examinations. We break down the CFPB examination guide’s criteria for education and training, […]

CFPB Seeks Constent Order Against Castle & Cooke for $13 Million

(CFPB – WASHINGTON, D.C.)  The Consumer Financial Protection Bureau (CFPB) today announced a proposed consent order in its enforcement action against Castle & Cooke Mortgage, LLC, for allegedly steering consumers into costlier mortgages. The Bureau has asked a federal district court to approve a consent order that would provide more than $9 million in restitution for […]

CFPB to Drop Enforcement Attorneys in Mortgage Lender Examinations

(OnlineEd – Portland, OR) Good news from the CFPB – they’re still not quite speaking softly, but starting in November at least, they’re leaving the big stick at home. The Consumer Financial Protection Bureau confirmed earlier this month that enforcement attorneys would no longer be accompanying examiners in on-site exams of mortgage lenders. The CFPB […]

CFPB Releases Second Update Of Exam Procedures For Mortgage Rules

(CFPB – WASHINGTON, D.C.) On August 15, 2013 the Consumer Financial Protection Bureau (CFPB) released a second update to its exam procedures in connection with the new mortgage regulations issued in January 2013. The interim exam procedures offer valuable guidance to financial institutions and mortgage companies on what the CFPB will be looking for as […]