MetaSource Mortgage Blog

New MERS Penalties for Mortgage Registration & Transfers

Tuesday, July 14, 2015

Mortgage Electronic Registration System (MERS) Logo

While many mortgage loan originators are focused on upcoming TRID rules that go into effect in October 2015, many are unaware of important changes to the Mortgage Electronic Registration System (MERS) rules of membership that include penalties for not adhering to their mortgage registration and transfer requirements.

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CFPB Fines: 2015

Wednesday, May 06, 2015

CFPB Fines

While the Consumer Finance Protection Bureau (CFPB) has grabbed headlines with huge fines levied against GE Capital ($225 million), JP Morgan Chase ($36 million) and Wells Fargo ($26 million), the following are actions taken and large fines levied by the CFPB on smaller mortgage lenders and servicers in 2015 alone:

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CFPB fines lender $730k for violating LO Compensation Rule

Tuesday, November 18, 2014

Franklin Loan Corp, a southern California lender, was fined $730,000 by the CFPB for violating the LO Compensation Rule. Click here to read the full article.

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