U.S. mortgage firms are getting back into joint marketing and advertising arrang...
WASHINGTON - U.S. mortgage firms are getting back into joint marketing and advertising arrangements, reviving a controversial practice that was effectively banned in the aftermath of the 2007-2008 subprime mortgage crisis.
In interviews, nearly two dozen lawyers, consultants and mortgage executives told Reuters that the CFPB’s sharp pullback under the Trump administration has emboldened the industry to get back into these arrangements. “My view is about the same as it was when I was at the bureau. A lot of arrangements... are questionable at best, but probably illegal,” Cordray told Reuters.
Online CFPB complaints and industry chat rooms reveal frustration among industry executives who claim competitors are unfairly exploiting the more relaxed regulatory environment. Industry executives say these arrangements help homebuyers by guaranteeing them a pre-approved rate that allows them to expedite a purchase. But consumer groups say they can result in borrowers being steered toward more expensive mortgages.
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