CFPB-PR-240829-1 (Aug. 29, 2024) CFPB Orders NewDay USA to Pay $2.25 Million for Illegally Luring Veterans and Military Families into Cash-Out Refinance Loans – NewDay USA’s deceptive tactics came amid VA home loan “churning” scandal WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today took action against repeat offender New Day Financial (NewDay USA) for […]
Category: Mortgages
Mortgages are loans specifically designed for purchasing real estate, where the property itself serves as collateral for the loan. Borrowers receive a lump sum of money from a lender, typically a bank or mortgage company, which they agree to repay over a set period, usually 15 to 30 years, through monthly installments. These payments include both principal and interest, and the loan terms, including the interest rate and repayment schedule, are determined at the time of borrowing. Mortgages are essential for enabling individuals and families to buy homes without needing to pay the full purchase price upfront, and they come with various types, such as fixed-rate or adjustable-rate mortgages, each offering different advantages depending on the borrower’s financial situation and market conditions.
Resources:
- JCAP101 – Home Mortage Disclosure Act
CFPB-PR-240821-1 (Aug. 21, 2024) CFPB Takes Action Against Fay Servicing for Illegal Foreclosure Actions and Violating Law Enforcement Order – Order requires the mortgage servicer to pay $5 million in redress and penalties, and sets compensation limits on CEO Edward Fay WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today ordered Fay Servicing to pay a $2 […]
FTC-PR-240216-1 (Feb. 16, 2024) FTC, California DFPI Case Leads to Ban Against Operators of Mortgage Relief Scam Home Matters USA – Court finds defendants deceived thousands of consumers, requires payment of $19 million for consumer refunds and civil penalties A federal court has issued an order banning the operators of the Home Matters USA mortgage […]