CFPB to Mortgage Industry: Get Out of MSAs - Denbeaux & Denbeaux Attorneys at Law

CFPB to Mortgage Industry: Get Out of MSAs

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Date: August 17, 2015Author: admin

CFPB to mortgage industry: Get out of MSAs

Industry calls move regulation by enforcement

Trey Garrison
July 31, 2015 3:50PM

http://www.housingwire.com/articles/34641-cfpb-to-mortgage-industry-get-out-of-msas

“The Consumer Financial Protection Bureau wants mortgage lenders to stop using marketing services agreements, and it’s using the stick rather than the rules process to do so.

Two major players in the mortgage space announced this morning that they are discontinuing marketing activities that depend on MSAs because of regulatory uncertainty, recent interpretations of RESPA, and a generally toxic enforcement environment, and that appears to be exactly what the CFPB wants.”

Regulatory uncertainty, toxic environment drive Wells Fargo, Prospect out of MSAs

Recent RESPA interpretation cited as top concern

Trey Garrison and Ben Lane July 30, 2015 1:52PM

http://www.housingwire.com/articles/34640-regulatory-uncertainty-toxic-environment-drive-wells-fargo-prospect-out-of-msas

“Two major players in the mortgage space are discontinuing marketing activities that depend on marketing services agreements because of regulatory uncertainty, recent interpretations of RESPA, and a generally toxic environment because of inconsistent Consumer Financial Protection Bureau enforcement.

Prospect Mortgage and Wells Fargo (WFC) today each announced decisions to discontinue MSAs.”

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