Tag Archives: CFPB

Almost immediately, PHH and its lawyers, Los Angeles-based Gibson Dunn & Crutcher, petitioned the District of Columbia U.S. Circuit Court of Appeals to “modify or set aside civil investigative demand” while the company made its case against what it called an abuse of power by the CFPB

According to the CFPB, eClosings were chosen as a solution to address some of these pain points. Electronic mortgage closings rely on technology for borrowers to view and sign closing documents.

CFPB said the company put consumers in "loan modification purgatory," confusing them about the status of their loan mods and making it difficult to take appropriate action.

The Paymap program falsely promised that consumers would save tens of thousands of dollars in interest from making bi-weekly mortgage payments through an electronic payment system that draws debits from their bank accounts when in fact, borrowers saved little, if any.

The 82-page report, titled "Mortgage Reforms: Actions Needed to Help Assess Effects of New Regulations," was conducted by the GAO at the request of Congress amid concerns that risky mortgage products and poor underwriting standards were contributing factors to the housing crisis of 2008.

Counsel's Corner is an ongoing series in which DS News talks with default servicing attorneys around the country about the most pressing issues facing the default servicing industry. This installment features Daniel Callahan, a shareholder with Dallas-based firm Kessler Collins.

The court ruled unanimously and found the State National Bank of Big Spring "is not a mere outsider asserting a constitutional objection to the bureau" and is subject to the bureau's rulemaking powers,

The Consumer Financial Protection Bureau (CFPB) recently announced that Meredith Fuchs will serve as acting deputy director following Deputy Director Steve Antonakes' announcement last week to depart from the agency.

Big data may seem like buzzword du jour, but with the proper application, there is big potential in big data to transform the default servicing industry.

Republicans believe the CFPB, which was created from the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, has had the opposite effect of its intended purpose of protecting consumers from predatory financial activity; rather, they believe the Bureau has made big banks bigger and limits options for consumers.