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Tag Archives: CFPB

Qualified Mortgage Guidelines Haven’t Lowered Risk

A new report by the American Enterprise Institute (AEI) says mortgage risk remains unaffected by the Consumer Financial Protection Bureau’s (CFPB) qualified mortgage (QM) guidelines. The group’s National Mortgage Risk Index (NMRI), a measure of loan performance under stressful economic conditions, increased to a reading of 11.8 percent in January from 10.6 percent at the end of 2013.

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CFPB Orders Payout for RESPA Violations

HELOC

The Consumer Financial Protection Bureau (CFPB) ordered 1st Alliance Lending, LLC (First Alliance) to pay an $83,000 civil money penalty for violating federal law. The company illegally split real estate settlement fees, leading to the CFPB ordered payout. First Reliance self-reported the violations to the Bureau, admitted liability, and provided information related to other actors that helped facilitate other investigations.

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CFPB Launches New Reporting Tool

The Consumer Financial Protection Bureau (CFPB) unveiled a new tool Friday aimed at making Home Mortgage Disclosure Act (HMDA) data more user-friendly. In a report released the same day, the CFPB said it collected HMDA data from 7,400 financial institutions in 2012 on 18.7 million loan applications. Not all new information would be made publicly available, and the new reporting guidelines would largely be in line with current industry standards.

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CFPB Report Highlights Shoddy Servicing Practices in 2013

The Consumer Financial Protection Bureau (CFPB) released a new report detailing a number of servicing practices that “continued to plague consumers throughout 2013.” The report covers supervision work completed between July and October 2013—after its servicing rules were first published but before they actually went into effect.

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Cenlar Adopts TeleVoice Solutions to Aid Servicing Compliance

Are Mortgage Underwriters Exempt?

Out of Houston, TeleVoice, a provider of customized telephony applications, announced that servicing provider Cenlar FSB is now leveraging its Interactive Voice Response and Computer Telephony Integration solutions to aid its compliance efforts in light of the Consumer Financial Protection Bureau’s new mortgage servicing rules.

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CFPB Averts Costly Closing Delays with Revisions to Final Disclosure Rule

CFPB, disclosures, RESPA, TILA

After much anticipation, the Consumer Financial Protection Bureau (CFPB) issued its final rule for new integrated mortgage disclosures, combining the overlapping disclosures required by the Truth in Lending Act (TILA) and the Real Estate Settlement Procedures Act (RESPA). The new rule will certainly change the landscape of the settlement services and mortgage lending industries as we know them.

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CFPB / Dodd Frank Impact-Alt, President of LOGS Network – Oct 10,2013

[ca_audio url_mp3='http://blogtalk.vo.llnwd.net/o23/show/5/540/show_5540825.mp3' css_class='codeart-google-mp3-player' autoplay='false' download='false' html5='false']Jerry Alt, president of LOGS Network, joins the broadcast to discuss the current regulatory environment. Specifically the impact, costs and burden of that the CFPB & Dodd Frank imposes on servicers and vendors.View on BlogTalkRadio.

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