Tag Archives: CFPB

The HMDA dataset has not kept pace with the mortgage market’s evolution despite being the leading source of information for the market, CFPB said; for example, the HMDA data does not include adequate information about loan features such as adjustable-rate mortgages and non-amortizing loans which helped contribute to the mortgage crisis.

So why did 64 Democrats—about a third of the 188 Democrats in the U.S. House of Representatives—vote in favor of H.R. 3192, the Homebuyers Assistance Act, on Wednesday to implement a formal grace period until February 1, 2016, for compliance with the CFPB's TILA-RESPA Integrated Disclosure (TRID) rule?

The Consumer Financial Protection Bureau (CFPB) announced on Wednesday it is considering proposing rules that will make consumer financial companies more accountable to the consumers they serve. The Bureau is considering a proposal that would prevent consumer financial companies from using "free pass" arbitration clauses that would prevent consumers from bringing class action lawsuits to obtain relief.

In response to the financial crisis of 2008, Congress passed the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (“Dodd-Frank”), the most sweeping and comprehensive financial services legislation since the 1930s. This select print feature appeared in the October 2015 issue of DS News.

The fact that there is no transition period between using the HUD-1 and the new Closing Disclosure Form might be problematic, according to Bankrate.com senior mortgage analyst Holden Lewis.

H.R. 1266, known as the Financial Product Safety Commission Act of 2015 and sponsored by Randy Neugebauer (R-Texas), would remove the CFPB from the Federal Reserve System and re-establish it as a stand-alone agency governed by a five-member, bipartisan commission. This bill passed the Committee by the vote of 35-24.

Rep. Brad Sherman (D-California) questioned Cordray on the CFPB's much anticipated TILA-RESPA Integrated Disclosure (TRID) rule, which is scheduled to go into effect on Saturday, October 3, and has left those in the mortgage industry scrambling to be compliant in time with that date despite a two-month postponement from the rule's original effective date of August 1.

According to the announcement, the bank was allegedly found in direct violation of the Equal Credit Opportunity Act (ECOA), which prohibits creditors from discriminating against applicants in credit transactions on the basis of characteristics such as race, color, and national origin.

Ambiguity and/or delays in the loan modification process were a frequent subject of the complaints, while others said they were not considered for all loss mitigation options available, they were incorrectly denied a modification, or the terms of the modification were unfavorable.

In order to assess the effectiveness of the CFPB's controls over the accuracy and completeness of the database, the OIG performed an audit of these controls relevant to the database covering processes from January 1, 2014, through June 30, 2014, and complaints in the database through June 30, 2014.