Many housing and mortgage industry professionals believe that the overall outlook for their business in the next six months is "grim," according to the Collingwood Group Mortgage Industry Outlook Report.
Read More »CFPB Director Says Bureau Will ‘Vigorously Enforce’ Mortgage Servicing Rules
For the first time since the new mortgage servicing rules went into effect in January 2014, the Consumer Financial Protection Bureau (CFPB) enforced the rules, handing down a $37.5 million fine on Monday to Michigan-based bank Flagstar for illegally blocking foreclosure prevention.
Read More »CFPB Fines Flagstar $37.5 Million for Blocking Foreclosure Prevention
The Consumer Financial Protection Bureau (CFPB) ordered Michigan-based bank Flagstar to pay $37.5 million in penalties for violating the new mortgage servicing rules by failing to devote sufficient resources to its loss mitigation programs, CFPB announced on Monday.
Read More »CFPB Official Discusses New Servicing Rules
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.
Read More »FSC Chairman Questions CFPB’s Data Collection Methods
Congressman Jeb Hensarling (R-Texas), Chairman of the Financial Services Committee, issued a statement on September 23 regarding the Government Accountability Office (GAO) report to the effect that he believes the Consumer Financial Protection Bureau (CFPB)'s data collection methods are intrusive and therefore not in consumers' best interests.
Read More »CFPB: Student Loan Debt Holding Back Homeownership, Economy
The burden of student loan debt is preventing potential home buyers from starting households, which in turn is hindering overall economic growth, according to Consumer Financial Protection Bureau (CFPB) director Richard Cordray at the Announcement on Public Service and Student Debt on September 23.
Read More »Compliance Pro Compares Mortgage Servicing Industry to Rodeo
Two mortgage servicing industry experts speaking on complying in an industry where the laws are constantly changing – and getting tougher – compared keeping up with servicing standards to competing in a rodeo.
Read More »CFPB Has Caused Businesses to Heavily Emphasize Compliance
With the mortgage industry becoming more heavily regulated in the last four to five years, those who work within the industry have had to place an increased emphasis on compliance. But compliance does not come without a steep price – it takes a great deal of time, effort, and money.
Read More »Report: Publishing Complaint Narratives Creates Unnecessary Risks
The Consumer Financial Protection Bureau recently proposed an expansion of its consumer complaint database that would include publicly publishing full narratives of consumers' complaints against financial institutions.
Read More »CFPB Director Tells Senate His Bureau Has Made ‘Considerable Progress’
In testifying before the Senate Committee on Banking, Housing, and Urban Affairs earlier this week, Consumer Financial Protection Bureau (CFPB) Director Richard Cordray said the bureau had made "considerable progress" toward its goal of protecting consumers since the passage of the Dodd-Frank Reform Act in 2010.
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