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Mortgage Lawsuits News | Mortgage Litigation Index
Mortgage industry lawsuit news and mortgage litigation coverage. Stories about legal settlements, judgments and mortgage class actions.

CFPB Wins Round in PHH Lawsuit

Reinsurance kickbacks at issue

Feb. 17, 2017

By Mortgage Daily staff

The Consumer Financial Protection Bureau has won a round in a contentious lawsuit that was previously filed by PHH Corp.

PHH's lawsuit sought to rein in the CFPB's June 2015 order requiring it to pay $109 million over kickbacks received for reinsurance.

The CFPB's order reversed  a November 2014 recommendation by an administrative law judge calling for PHH to disgorge over $6 million.

The regulator claims PHH violated the Real Estate Settlement Procedures Act.

In October 2016, a three-judge panel at the U.S. Court of Appeals for the District of Columbia ruled in favor of PHH.

So the bureau filed a petition appealing the court's initial decision.

On Thursday, the appeals court granted the CFPB's petition. It also ordered that the October ruling be vacated.

In addition, the appeals court ordered that oral arguments will be heard May 24.

Joseph Lynyak III, a partner at Dorsey & Whitney LLP, weighed in on the decision.

"The time frame for submitting briefs (late May) suggests strongly that a decision would not be issued until late summer at best," Lynyak said in a written statement. "Because the order vacates the existing decision, the clear statutory determinations completely favorable to PHH are now on hold, but the language of the order indicates that the factual determinations by the three-judge panel are not the focus of concern of the entire panel."

National Association of Federally-Insured Credit Unions President and Chief Executive Officer Dan Berger issued a statement saying the the trade group will continue to monitor developments in the case.

Case No. No. 15-1177, Oct. 11, 2017 (U.S. Court of Appeals for the District of Columbia Circuit).

On Petition for Review of an Order of the Consumer Financial Protection Bureau (CFPB File 2014-CFPB-0002)

Implications of PHH v. CFPB Decision (Oct. 17, 2016)
The attorney who represented PHH Corp. in its lawsuit against the Consumer Financial Protection Bureau talked about the implications from last week's appellate court decision.

Mortgage Industry Wins Huge Legal Battle With CFPB (Oct. 11)
A federal appeals court has ruled in favor of PHH Corp. in an action challenging a Consumer Financial Protection Bureau order and its structure.

Implications of PHH v. CFPB (April 18)
If  PHH Corp. wins its appeal of a Consumer Financial Protection Bureau order, it could impact both the regulator's structure and other Real Estate Settlement Procedures Act issues.

Legal Experts Weigh In on CFPB Action Against PHH (June 12, 2015)
Several legal experts have weighed in on the Consumer Financial Protection Bureau's decision to order PHH Corp.  to pay $100 million more than was recommended by an administrative law judge.

PHH Latest Target in M.I. Kickback Actions (Jan. 29, 2014)
PHH Corp. and four of its subsidiaries are facing regulatory actions for allegedly operating an illegal mortgage insurance kickback scheme beginning nearly two decades ago.

PHH profile

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