Maine State

Yesterday, the Consumer Financial Protection Bureau (CFPB or Bureau) announced it had entered into a consent order with NewDay USA, a Florida-based non-bank direct mortgage lender, over allegations that the lender misled veterans and military families about the costs associated with cash-out refinance loans. According to the Bureau, NewDay USA gave misleading and incomplete cost comparisons to borrowers refinancing in North Carolina, Maine, and Minnesota, which made the company’s loans appear less expensive relative to the borrowers’ existing mortgages.

CFPB Orders Mortgage Lender to Pay $2.25 Million for Allegedly Deceiving Servicemembers and Veterans

New York State

On August 21, a group of trade organizations filed an amicus brief in support of a motion to dismiss filed by a subprime auto lender that is the target of a joint enforcement action brought by the CFPB and the New York State Office of the Attorney General in the Southern District of New York. The underlying complaint alleges that the auto lender misrepresented costs in loan agreements and tricked customers into high-cost loans on used cars in violation of the CFPA and New York usury limits (see previous blog post here). In particular, the complaint alleges that: (1) the auto lender’s business model allegedly incentivizes vehicle dealers to inflate vehicle prices so that the true finance charges in the retail installment contracts that dealers originate are hidden from consumers; and (2) the lender fails to assess consumers’ ability to pay prior to extending credit.

Amicus Brief Argues CFPB Overreached in Enforcement Action Against Auto Lender

CBS News

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  For most people, the mortgage rate they're offered plays a significant role in whether or not it makes sense to buy a home. After all, the lower your mortgage rate, the more affordable your monthly payments generally are — and the less you pay in total interest over the life of the loan. So, waiting for even a slight drop in rates could mean the difference between affording a home purchase and being priced out.At 6.43%, today's mortgage rates...

How much would a $350,000 mortgage cost per month?

FinanceBuzz

You can't always avoid taxes, but on these income sources, you won't pay as much as you expect.

Retirees Don't Have To Pay Taxes on These Kinds of Income

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  It may be hard to believe now, but it wasn't that long ago that mortgage interest rates were near historic lows. On August 27, 2020, the average rate on a 30-year loan was 2.91%. One year later, it had dropped even further to just 2.86%. However, as the pandemic and influencing economic factors waned, inflation rose dramatically and by June 2022 it was at a 40-year high. Interest rates soon followed, and by August 2023, the average mortgage interest...

Here's when mortgage interest rates could fall below 6%

On Aug. 19, 2024, the Biden Administration began receiving applications for the new, expanded parole in place program (“PIP”), hoping to allow families to remain together. This new program opens the possibility of legal status for many people in the United States who, although undocumented, are related to a U.S. citizen.

Parole in Place Program Expands Eligibility to Keep Families United

Nearly half of student loan borrowers are anticipating debt forgiveness in the future. While there are ample opportunities for relief, consumer advocates warn families not to make borrowing decisions based on the assumption that they won't have to repay the debt. Nearly half — 48% — of student loan borrowers...

Nearly half of student loan borrowers are expecting debt forgiveness, Sallie Mae report finds

The Motley Fool

There are a lot of ways to overspend as a prospective homeowner. Read on for mortgage pitfalls to avoid when you're ready to buy a home.

5 Mortgage Mistakes That Could Be Costing You a Fortune

Fox Business

Vice President Kamala Harris says she wants to provide $25,000 in down payment assistance to first-time homebuyers, but critics say the plan would only make housing issues worse.

Harris proposes $25,000 down payment assistance for first-time homebuyers — is it a good idea?

Florida State

I’m back with the latest. SunFlora, the Florida-based CBD company with a reputation for bold marketing, is now in a legal haze facing a proposed class action in Carroll v. Sunflora, Inc., 8:24CV02047, filed in the U.S. District Court, Middle District of Florida for allegedly bombarding consumers with illegal robocalls. Plaintiff, a Florida resident who claims she never agreed to receive SunFlora’s prerecorded calls promoting CBD products, is at the center of this legal drama for alleged violations of the Telephone Consumer Protection Act (TCPA) and the Florida Telephone Solicitation Act (FTSA).

SUNFLORA’S CBD ROBOCALL FIASCO: Privacy Promises or Just Blowing Smoke?

On August 19, 2024, the US Department of Health and Human Services Office for Civil Rights (OCR) filed a notice of appeal of the US District Court for the Northern District of Texas’s June 20, 2024, decision in American Hospital Association (AHA), et al. v. Xavier Becerra, et al. The district court held that OCR exceeded its authority in certain respects in a bulletin (the Bulletin) concerning HIPAA’s application to cookies and other online tracking technologies on HIPAA-regulated entities’ unauthenticated webpages (i.e., webpages that are publicly available and do not require users to log in before they are able to access the webpage). OCR last updated the live, online version of the Bulletin on June 26, 2024, to state that OCR “is evaluating its next steps in light of [the Northern District of Texas’s] order.” For more information about the decision, see our On the Subject.

OCR Files Notice of Appeal in Online Tracking Technologies Case

The IRS has issued new interim guidance for employers looking to match retirement contributions based on employees’ student loan payments. On August 19, 2024, the IRS released Notice 2024-63, which clarifies how companies can implement the student loan feature under the SECURE 2.0 Act, effective in 2024. This guidance...

IRS Explains Secure Act Provision on Student Loans

Houston, TX

The US Court of Appeals for the Fifth Circuit, in dismissing a trademark infringement matter under Rule 12(b)(6) for failure to state a claim, ruled that a district court “erroneously assumed the veracity” of the defendants’ assertions over the “well-pleaded factual allegations” in the plaintiff’s complaint. Molzan v. Bellagreen Holdings, LLC, Case No. 23-20492 (5th Cir. Aug. 12, 2024) (Davis, Southwick, Duncan, JJ.)

Well-Pleaded Factual Allegations Must Be Taken as True When Considering Motion to Dismiss

Kiplinger

Liquidity and tax-free benefits can bring peace of mind to policyholders, and the healthier and younger you are when you get it, the better.

Benefits of Permanent Life Insurance in Your Estate Plan

The states with Wednesday's lowest 30-year new purchase mortgage rates were New York, California, Texas, Florida, Washington, Pennsylvania, and Idaho. Meanwhile, the states with the most expensive Wednesday averages were West Virginia, Washington, D.C., Maryland, North Dakota, South Dakota, Rhode Island, and Wyoming. Mortgage rates vary by the state where...

Today's Mortgage Rates by State – Aug. 29, 2024

There’s a lot of confusion about how a federal employee’s annuity is treated when it comes to federal taxes. Years ago, the rules were simple. The tax code held that the retirement contributions deducted from your pay would be tax free when you retired and began receiving an annuity.

How Your Annuity Is Treated For Tax Purposes

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  Mortgage interest rates are cooling once again. After rising to their highest level since 2000 last summer and hovering just under 8% at the end of 2023, rates on a 30-year mortgage are down almost a full percentage point right now – and they're predicted to fall further later this year. With inflation cooling, the Federal Reserve is moving toward a reduction in its federal funds rate, which most expect to lead to a drop in average mortgage interest...

3 major mortgage interest rate questions to ask your lender now

All that money in your tax-deferred retirement accounts? Uncle Sam is going to want his cut, so here's how to prepare for that.

Three Strategies to Cut Your Taxes in Retirement

If you bought a home with a high mortgage rate in recent years, refinancing could make sense. But here are two mistakes to watch out for.

2 Costly Mistakes to Avoid When Refinancing Your Mortgage

Although the Fed is expected to start a slow rate drop in September, you can get a 5% mortgage now. Read on to find out how.

3 Ways to Get a 5% Interest Rate on Your New Home's Mortgage

NewsBreak

CFPB Hits Executive Compensation in Action Against National Mortgage Servicer for Illegal Foreclosure Practices

On August 21, the CFPB entered into a consent order with a nonbank mortgage servicer for mortgage servicing violations and for violating an earlier 2017 CFPB...

CFPB Hits Executive Compensation in Action Against National Mortgage Servicer for Illegal Foreclosure Practices

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