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CFPB Acts Against Contract-for-Deed Investors Targeting Low-Income Borrowers

Appraisal Buzz

While the industry is no stranger to predatory and/or unfair lending practices, new advisory opinion and research study on a type of home seller financing known as a “contract for deed” has been released by the Consumer Financial Protection Bureau (CFPB). Paul, MN, and the advisory opinion is being made public concurrently with the hearing.

Contracts 367
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Contracts for deed are under federal mortgage protections: CFPB 

Housing Wire

The Consumer Financial Protection Bureau (CFPB) on Tuesday released an advisory opinion stating that contracts for deed are under federal home lending rules and should provide consumer protections. Mancini – who is testifying during a CFPB field hearing on land contracts on Tuesday in St. among subprime loans.

Contracts 482
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LoanSnap troubles continue as California revokes its lender license

Housing Wire

These actions include a Wells Fargo suit filed in Minnesota, where the bank sought more than $430,000 over an alleged breach of contract. But LoanSnap has been the target of several lawsuits in the past year. million.

Landlords 448
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FirstFunding sues Sprout for breaching of contract

Housing Wire

Consequently, the warehouse lender filed the lawsuit against Sprout on Wednesday for breaching the contract and injunction in the U.S. The post FirstFunding sues Sprout for breaching of contract appeared first on HousingWire. District Court for the Central District of California Southern Division.

Contracts 397
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Minnesota targets right-to-list agreement firm MV Realty in new lawsuit

Housing Wire

MV Realty is facing more legal action, this time in Minnesota. The AG’s office alleges that MV Realty informed its investors that the agreements were liens. Minnesota Attorney General Keith Ellison filed suit in late September in Ramsey County, charging MV Realty with unfair and deceptive trade practices.

Realty 448
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Ginnie Mae fires back at TCB over venue claims in reverse mortgage case

Housing Wire

They say that the bank’s own filing on the matter avoids the key issues that the government sought to raise regarding the original clause that specifies where any related legal actions should take place. Attorneys for Ginnie Mae have responded to Texas Capital Bank (TBC) over the government’s motion to move the case to a different venue.

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Keller Williams faces three lawsuits tied to its profit-sharing program 

Housing Wire

Hill — have taken legal action against the real estate brokerage by filing three separate class-action lawsuits, Inman first reported on Tuesday. Allegations include breach of contract and unjust enrichment, with damages sought at $250 million. Three agents formerly affiliated with Keller Williams Realty — Jerri L. Moulder, David L.

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