CFPB cites Wells, Chase, Maryland title firm for illegal kickbacks
The Consumer Financial Protection Bureau and the Maryland Attorney General announced actions against Wells Fargo and JPMorgan Chase for engaging in illegal marketing services with a now-defunct title company, Genuine Title. In addition to the banks, the bureau and Maryland took action against a former Wells Fargo employee and his wife for their involvement. In all, the penalties for the enforcement total more than $35 million.
Who cares about lender liability?
Over the last few years, the term lender liability has been floated around frequently among members of the title industry. Lenders are under immense scrutiny, while at the same time trying to implement policies and procedures to comply with an ever-changing regulatory landscape. It can be unclear what is expected of title agents who want to continue to receive business from their lender clients. During a session at the Louisiana Land Title Association’s annual convention, Marx Sterbcow, managing attorney at the Sterbcow Law Group, and Charles Cain, senior vice president and agency manager for the Midwest region at WFG National Title Insurance Co., provided some insight into why lenders are concerned about their liability.
Colorado AG sues law firms, affiliated title agencies for foreclosure fraud
Colorado Attorney General John Suthers announced civil law enforcement actions against two foreclosure law firms and their affiliated title companies. They are accused of inflating foreclosure costs charged to homeowners and others in violation of Colorado law. Read on for more details.
Bank of America announces Closing Disclosure plans
Bank of America became the second national lender to announce its plans for the new Closing Disclosure forms in 2015. Read on for the details.
State issues to tackle in preparation for the new disclosures
Everyone may be working hard to implement the new integrated mortgage disclosure rule and addressing the requirements of this federal rule. However, the federal rule is not the only thing agents will need to consider. They also will have to consider how these rules are impacted by state laws and regulations surrounding consumer disclosures and the real estate closing process.
Michigan Supreme Court grants appeal of CPL dispute
The Michigan Supreme Court agreed to hear a dispute between a bank, its title insurer and the title agent that conducted the closing, seeking to determine whether a separate contract between the lender and closing agent exists outside of a closing protection letter and whether the full credit bid rule applies. Read on for more details.