The Consumer Financial Protection Bureau (CFPB) has issued a consent order to a residential mortgage loan originator to resolve allegations that it provided illegal incentives to real.
The CFPB published an Advisory Opinion on February 7, 2023, that sets forth the Bureau’s views on how RESPA Section 8 applies to Digital Mortgage Comparison-Shopping Platforms,.
The Advisory Notice CFPB outlined as a RESPA Section 8 violation was a shock in the digital marketing ecosystem. The Rule outlines digital marketing providers that target advertisements using algorithms do not meet the time or space exception thus violate CFPA UDAAP prohibition.
Consumer Financial Protection Bureau CFPB ended hiatus since the last formal guidance regarding Section 8 of Real Estate Settlement Procedures Act RESPA by issuing advisory opinion aimed at referral activity relating to mortgage comparison websites.