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Home | Tag Archives: CFPB

Tag Archives: CFPB

CFPB Official Explains New Rules

real-estate-law-two

The laws are constantly changing, however, making compliance an even further complicated issue. Laurie Maggiano, a program manager for servicing and secondary markets at the Consumer Financial Protection Bureau (CFPB), was on hand to discuss the ever-changing world of servicing statutes for the "CFPB's National Servicing Standards – Update Session" section of the Compliance Lab on September 15.

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Michigan-Based Bank Discussing Settlement With CFPB

seal-on-money

Flagstar Bancorp, Inc. announced earlier this week that it has filed a Form 8-K with the U.S. Securities and Exchange Commission (SEC) in order to notify its investors that the bank is currently trying to work out a settlement with the Consumer Financial Protection Bureau (CFPB) regarding alleged violations of financial laws.

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FHA Revises Rules Regarding Prepayments, ARMs

finances

The Federal Housing Administration (FHA) announced on August 25 the passing of two new rules – one that prohibits lenders from charging interest on FHA-insured mortgages that are paid in full and one that requires lenders to give borrowers earlier access to information regarding FHA-insured ARMs.

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CFPB Warns Servicers to Follow Loan Transfer Rules

loss-mitigation

The Consumer Financial Protection Bureau (CFPB) issued a bulletin on August 19 for mortgage servicers, outlining how they should handle the loan transfer process. The bulletin includes a reminder to mortgage servicers to pay close attention to the new common-sense mortgaging rules implemented by the CFPB in January 2014, aimed at protecting consumers from being harmed during loan transfers.

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CFPB Raises Loan Thresholds For 2015

rising-arrows-two

The Consumer Financial Protection Bureau (CFPB) announced it is increasing the loan thresholds used to determine the maximum points and fees for QM loans. The new rule, published in the Federal Register on Friday, updates the limits on points and fees that loans must meet in order to fit the QM definition and be considered a "safe" loan.

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FHA Officer to Join CFPB

handshake

The Federal Housing Administration (FHA) will be losing another officer when Patricia McClung, senior single family housing policy adviser at FHA, joins the Consumer Financial Protection Bureau (CFPB) next month as the assistant director of mortgage markets. Earlier this week, FHA commissioner Carol Galante announced her intention to step down from her post at the end of the year.

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