CFPB U-Turn On Mortgage Marketing May Repair Industry Ties
Law360 (October 8, 2020, 3:11 PM EDT) -- On Oct. 7, the Consumer Financial Protection Bureau rescinded a 2015 bulletin that "reminded participants in the mortgage industry of the prohibition on kickbacks and referral fees under the Real Estate Settlement Procedures Act." The announcement has the potential to be significant for mortgage industry participants because the CFPB may be signaling that it will take a more industry-friendly approach to scrutinizing marketing services agreements, or MSAs, for RESPA compliance.
Without additional action from the CFPB, or support from state regulators and clarity about the next administration, it is likely premature to expect that any settlement service providers will drastically change...
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