Regulatory actions put the mortgage industry on guard
The Consumer Financial Protection Bureau’s (CFPB’s) recent enforcement actions concerning marketing-services agreements (MSAs), combined with the decision of several large mortgage lenders to terminate these agreements with Realtors, has left the mortgage community questioning the validity of such arrangements. The bureau has not engaged in rulemaking or revisions to the Real Estate Settlement Procedures Act’s (RESPA’s) anti-kickback provisions and exemptions, but its enforcement actions are forcing mortgage originators to self-regulate. The CFPB’s actions have no doubt highlighted the importance of implementing strict and often onerous controls to mitigate regulatory compliance when engaging in MSAs. Click here to read the full article on scotsmanguide.com
ABOUT DANIELLA CASSERES
Daniella Casseres focuses her practice on laws and regulations governing mortgage lenders, mortgage brokers, financial institutions and consumer finance companies. She also works closely with the firm’s affiliate company, Strategic Compliance Partners. She advises these clients on state and federal compliance laws and regulations including, TILA, RESPA, FHA, SAFE Act, FCRA, GLBA, Privacy Act, and BSA requirements. You can also connect with Offit Kurman via Facebook, Twitter, Google+,YouTube, and LinkedIn.
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