Law and legal issues

Updates to the Telephone Consumer Protection Act aimed at simplifying customers' ability to opt out of robocalls and robotexts will take effect on April 11, 2025.

The Consumer Financial Protection Bureau and Department of Justice issued a consent order against Wisconsin-based nonbank mortgage originator Fairway Independent Mortgage over redlining allegations. Fairway is the country's fifth-largest mortgage originator by volume.

The settlement pending a judge's approval would end the lawsuit over a hack last December.

The lender has largely denied allegations Connecticut previously lodged that threatened its licensing, but the state has new concerns.

The Consumer Financial Protection Bureau has voiced its support for consumers contesting a $25 statement fee on expedited payoff quotes.

September's news roundup for the mortgage industry includes the impact of the Federal Reserve's rate cut on mortgage appetites, lenders continuing to launch and settle lawsuits and more.

Franklin Credit Management Corp. agreed to pay $300,000 to Massachusetts and not sell its portfolio of state loans to a different servicer.

The perpetrator faces up to 150 years in prison, with sentencing scheduled for December.

The order by the judge, who had previously dismissed part of the original loan modification-related claims, shortens the legal process for allegations that remain.

The Bay Area lender said an unauthorized party was in its servers for over five weeks this spring.

A federal judge denied class certification to investors who blame stock losses on misleading statements by executives.

Former employees are still seeking back pay from the non-QM lender's abrupt shutdown in July 2022.

The president of the National Association of Mortgage Brokers shares her outlook for the trigger lead bill, secondary-market refinancing restrictions and more.

Longbridge asserts its rival is unfairly funneling business via a number of websites containing fake reviews allegedly run by Mutual of Omaha itself.

America's Moneyline has invoked the findings from the contentious Hunterbrook report in its 'All-In' complaint.

Specialized Loan Servicing allegedly charged borrowers $7.50 for processing mortgage payments made by phone. Most servicers, including Newrez, have axed this fee.

The nation's largest single-family landlord owns over 84,000 homes outright.

Both parties reached an undisclosed agreement to settle all litigation in mid-September.

The state, with the support of its Realtors, will be mandating that real estate salespeople have a contract with the home seekers they are representing.

James B. Nutter & Co., after its legal victory over the Justice Department in July, agreed to a $2.4 million False Claims Act settlement over poorly underwritten reverse mortgages.