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CFPB issued Advisory Opinion to address applicability of 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 that generate potential leads.
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.
RESPA section 8, used to only apply to mortgages and settlement service providers but it may also now apply to digital marketing or Digital Mortgage Comparison-Shopping Platforms. The CFPB released an Advisory Opinion yesterday and I am not sure how to feel about it.