Carefully Off The Cuff Cfpb And Respa Guidance On Digital Platforms

Carefully Of The Cuff Cfpb And Respa Guidance On Digital Plat Today, the consumer financial protection bureau (cfpb) issued an advisory opinion to protect americans from double dealing on digital mortgage comparison shopping platforms. companies operating these digital platforms appear to shoppers as if they provide objective lender comparisons, but may illegally refer people to only those lenders paying referral fees. Josh and ray talk respa section 8 and the cfpb's recent guidance on digital platforms. consumerfinance.gov about us newsroom cfpb issues guidance.

Cfpb Addresses Respa Compliance For Digital Comparison Shopping The consumer financial protection bureau (cfpb) is issuing this advisory opinion to address the applicability of the real estate settlement procedures act (respa) section 8 to operators of certain digital technology platforms that enable consumers to comparison shop for mortgages and other real estate settlement services, including platforms. On february 7, 2023, the cfpb issued an advisory opinion, "digital mortgage comparison shopping platforms and related payments to operators." introduced by director rohit chopra as a measure meant to protect mortgage consumers during times of rising interest rates, the opinion provides detailed and prescriptive guidance to operators of digital mortgage comparison shopping and lead generation. Recently the cfpb issued an advisory on section 8 of respa on the shoulders of an old but widely accepted respa advisory from 1996, which itself focused on tech companies that provided services to mortgage companies. carefully of the cuff’s joshua weinberg and raymond snytsheuvel unpack what this all means, how it can affect mortgage related marketing and lead generator companies going. The cfpb’s new guidance is a reminder that respa “referrals” potentially can occur in the digital marketplace, from endorsement language to the use of programmatic (e.g., algorithmic) functions. as always, a section 8 analysis will be heavily dependent on the actual facts and circumstances.