CFPB Bank Of America Mortgage Settlement: See If You Are Eligible
Did you hear about the CFPB Bank of America Mortgage Settlement? It is not a scam.
Bank of America just got hit with a lawsuit. A $12 million fine from the Consumer Financial Protection Bureau (CFPB). What’s the fuss about, you ask? Well, seems like they were playing fast and loose with mortgage applicants.
The CFPB claims the bank didn’t bother asking the right questions about demographics.
Who Is Behind The CFPB Bank Of America Mortgage Settlement
The Home Mortgage Disclosure Act laid down the rule – ask people some demographic questions when they’re applying for a mortgage. Why? Well, it’s like a peek behind the curtain of the U.S. mortgage market, offering insights on how banks are handling housing needs and keeping an eye out for any sketchy lending business.
Fast forward to today, the CFPB decided to play detective and dug into Bank of America’s loan data. What did they find? hundreds of Bank of America loan officers reported that every single mortgage applicant somehow chose to keep their demographic data under wraps for a whopping three months straight.
How Much Is The Settlement
The amount of settlement is a hefty $12 million fine,
it turns out the bank messed up big time when its loan officers conveniently forgot to ask some essential questions to mortgage applicants. They then told the government that the customers basically said, “No thanks” to those questions.
This little game went on for at least four years, involving hundreds of loan officers. The CFPB’s Director, Rohit Chopra, didn’t hold back, calling out Bank of America for breaking the law and vowing to make sure they clean up their act.
Conclusion
Bank Of America Mortgage Settlement is not a scam, Just like Allianz Global Assistance Settlement, it turns out the bank messed up big time when its loan officers conveniently forgot to ask some essential questions to mortgage applicants. They then told the government that the customers basically said, “No thanks” to those questions.
