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ARTICLE · 17 FEBRUARY 2023

CFPB Advisory Opinion Details RESPA Implications For Mortgage Comparison Websites

Goodwin Procter LLP
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On February 7, the Consumer Financial Protection Bureau (CFPB) issued an Advisory Opinion detailing potential RESPA implications for companies that operate online mortgage and settlement service comparison platforms...

United StatesConsumer Protection
Matthew S. Sheldon
Matthew S. Sheldon
Josh Burlingham
Josh Burlingham
Anne Bayly Buck
Anne Bayly Buck

Summary

On February 7, the Consumer Financial Protection Bureau (CFPB) issued an Advisory Opinion detailing potential RESPA implications for companies that operate online mortgage and settlement service comparison platforms, as well as the lenders and service providers who may pay to be featured on such platforms. The purpose of the Advisory Opinion appears to be to warn market participants of specific types of conduct that the CFPB believes may be violating RESPA and, potentially, to preview future CFPB enforcement theories.

The Advisory Opinion does not suggest it is establishing any new law or rules, and, in fact, the CFPB would be prohibited from doing so through the use of this type of advisory opinion, as opposed to, for example, notice and comment rulemaking. Instead, the CFPB suggests it is building on guidance previously provided by the Department of Housing and Urban Development (HUD) in a 1996 Policy Statement focused on digital platforms that allowed

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