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CFPB Cracks Down on Deceptive Contract Terms

Appraisal Buzz

The Consumer Financial Protection Bureau (CFPB) has issued “ CFPB Circular 2024-03: Unlawful and Unenforceable Contract Terms and Conditions ,” warning against the use of unlawful or unenforceable terms and conditions in contracts for consumer financial products or services.

Contracts 390
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Kentucky passes bill to end ‘harmful’ listing contracts 

Housing Wire

Kentucky is on the brink of ending exclusive real estate listing contracts. The state’s General Assembly passed a bill to protect homebuyers from predatory contracts known as non-title recorded agreements for personal services (NTRAPS) or right-to-list agreements. Andy Beshear is expected to sign HB 88 into law in the coming weeks.

Contracts 394
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Fraud risk continues to rise even as the market contracts

Housing Wire

Two House Appropriations bills recently advanced by House negotiators have included language surrounding Business Email Compromise (BEC) in an effort to promote collaboration between federal and law enforcement agencies and private sector partners in monitoring and reporting for cyber-based crime events.

Contracts 271
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Hackers accessed data of 1.3M customers in Fidelity cyberattack

Housing Wire

19 , FNF said it suffered a “ cybersecurity incident ” that led the system to shut down some of its networks, causing disruptions to its title insurance, escrow and other title-related services, as well as mortgage transactions. The infamous ransomware gang AlphV/BlackCat claimed to be behind the attack.

Law 499
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Real estate firms may be on the hook for wire fraud losses: CertifID

Housing Wire

In an analysis of more than 100 real estate wire fraud cases, CertifID found that the most common wire fraud-related legal liability issues for real estate firms are negligence, breach of contract, deceptive business practices and breach of fiduciary duty. In one of the cases cited by CertifID ( Otto v.

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“It’s ridiculous”: Real estate industry opposes newly proposed cash-deal reporting rules

Housing Wire

As the principal broker for a RE/MAX franchise in coastal Cannon Beach, Oregon, Alaina Giguiere’s typical responsibilities include marketing homes for sellers, touring homes with buyers, generating new business leads, managing client relationships, and drafting and reviewing contracts with buyers and sellers.

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CFPB orders Fay Servicing to pay $2M over illegal foreclosure practices

Housing Wire

A CFPB order issued on Wednesday mentions violations of mortgage servicing laws and of a previous 2017 order that addresses the same issue. Fay Servicing “failed to implement the 2017 measures and continued to break the law,” the CFPB claims.

Law 354