The October 2022 DFPI Bulletin focuses on consumer protection, enforcement actions and escrow reports, among other topics.
Editor’s note — The California Department of Financial Protection and Innovation (DFPI, formerly the Department of Business Oversight) supervises, licenses, and regulates a variety of financial institutions, including some real estate mortgage loan originators (MLOs) holding a Nationwide Multistate (or Mortgage) Licensing System and Registry (NMLS) license. Alongside the California Department of Real Estate (DRE), the DFPI shares the responsibility for overseeing MLOs depending on their license use.
Scroll ahead for a digest of October’s most important developments affecting your license use.
DFPI and FTC MARS enforcement action
For the first time under the powers granted by the California Consumer Financial Protection Law (CCFPL), the DFPI and Federal Trade Commission (FTC) have filed a joint action to enforce the Mortgage Assistance Relief Services (MARS) rule.
The MARS rule, enacted by Regulation O, protects consumers by banning potentially deceptive practices by mortgage assistance relief service providers. It went into effect in 2010 in response to widespread abuse of consumers in mortgage distress.
Related article:
The DFPI and FTC have unsealed a joint complaint against Roger Scott Dyer and Dominic Ahiga, alleging the two falsely promised to reduce homeowners’ mortgage payments and…
