Internet giant Zillow.com revealed in an earnings call last week that the company has yet to resolve its on-going dispute with the Consumer Financial Protection Bureau about its co-marketing program. The slow pace of negotiations suggests that Zillow believes the CFPB lacks the means to credibly threaten the company.
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Complying with the mortgage-servicing requirements in the Real Estate Settlement Procedures Act is hard enough. Complicating the matter is the ease with which mortgage-servicing lawsuits can thrive in court. A recent decision from an Ohio federal court significantly shifts the balance of authority in favor of suing borrowers.
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The damage caused by Genuine Title, LLC, a now-defunct title company from Maryland, continues unabated. A federal court in Ohio recently certified a class action against the Ohio-based Emery Federal Credit Union for that company’s alleged participation in a kickback scheme with Genuine Title. The class-certification decision is so broad in its reasoning that all real estate business should be concerned.
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The Consumer Financial Protection Bureau’s prolonged scrutiny of internet giant Zillow might soon end. Zillow, in its recent quarterly earnings report, revealed that the CPFB has completed its investigation and is talking possible settlement. That outcome would be a boon for both sides.
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Last week, the Consumer Financial Protection Bureau suffered a stinging defeat when a federal judge dismissed the bureau’s long-standing lawsuit against a Kentucky law firm. The battle is all but certain to continue on appeal, which will raise the stakes of this already-crucial case.
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For over 40 years, putative class members have escaped some of the curbs against late-filed lawsuits that apply to normal cases. Last week, the United States Supreme Court brought back some of those curbs, threatening to reduce the number of spin-off cases that often result from class actions. Lawsuits under the Truth in Lending Act are directly affected.
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One of the popular buzzwords these days is disruption. For example, Zillow came along and, through the aggressive marketing of leads, disrupted the ways in which many mortgages were originated. According to some reports, the Consumer Financial Protection Bureau is now disrupting Zillow’s tactics. Lead purchasers can protect themselves in several ways.
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