Tag Archives: CFPB

Consumer Financial Protection Bureau Director Richard Cordray recently passed off the widespread anxiety over TRID compliance as being no big deal and compared the rule to the over-hyped panic over Y2K. But did he speak too soon?

Many mortgage industry stakeholders are calling for the Bureau to strive for more accuracy and consistency when publishing narratives of consumers' complaints.

One reason for the turnaround in complaints could be that Ocwen is addressing the issues that the monitor pointed out.

Now the White House is threatening to veto that bill as well as another piece of legislation that would allow loans in portfolio to qualify for an exemption under the Consumer Financial Protection Bureau (CFPB)'s qualified mortgage (QM) rule. Both bills passed in the House on Wednesday.

During the debate, Florida Senator and GOP presidential hopeful Marco Rubio called Dodd-Frank an “outrage” that codified too big to fail instead of ending it as it set out to do, or claims to have done. Former Florida Governor Jeb Bush, now competing for the GOP presidential nomination, criticized the “vast overreach” of Dodd-Frank during Tuesday’s debate.

The Consumer Financial Protection Bureau is defending itself against a $109 million penalty the Bureau handed down to PHH Corp. for allegedly accepting kickbacks from mortgage insurers.

The OCC provided guidance on what to expect in their forthcoming TRID compliance exams directed to “chief executive officers and compliance officers of national banks and federal savings associations, federal branches and agencies, department and division heads, all examining personnel, and other interested parties.”

The CFPB has authority under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 to supervise banks and credit unions with assets totaling more than $10 billion, along with certain nonbanks that include mortgage companies, payday lenders, private student lenders, and other nonbanks the CFPB has determined to be “large participants” in the financial market.

On a positive note, the CFPB reported that overall complaints declined 9 percent month-over-month, while mortgage complaints fell 7 percent from the prior month.

About 75 percent of the group surveyed said the current regulatory environment is indeed preventing them from lending to consumers who can afford and deserve a mortgage, while 25 percent said today’s regulatory environment does not prevent such lending. One anonymous respondent said, “We punish the whole for the actions of a few.”