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Tag Archives: CFPB

CFPB Rules Cited as Top Concern in Survey of Lenders

The Consumer Financial Protection Bureau's (CFPB) mandates and deadlines are still the top concern for lenders, according to QuestSoft's eighth annual compliance survey. More than 500 lenders responded to this year’s survey—62.2 percent ranked the Qualified Mortgage (QM) rule as a high concern.

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Older Americans Carrying More Mortgage Debt

New Homes

While the homeownership rate among Americans age 65 and older has remained at a constant 80 percent for the past decade, the percent of older Americans with outstanding mortgage debt has increased since the start of the housing crisis, according to a report released Wednesday by the Consumer Financial Protection Bureau (CFPB).

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CFPB to Launch eClosing Pilot Program

In an effort to create a more consumer-friendly environment, the Consumer Financial Protection Bureau (CFPB) has announced a new pilot program, centered specifically on gathering data from partners using electronic closings (eClosings) to complete mortgages.

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CFPB: Consumers ‘Fraught with Anxiety’ Closing Mortgages

As part of its “Know Before You Owe” initiative to streamline mortgage lending, CFPB released Wednesday the results of a year of research on the closing process, including comments collected from both consumers and market participants. The findings indicate frustration all around. “Mortgage closings are often fraught with anxiety,” said CFPB Director Richard Cordray.

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Default Title Coalition Addresses Communication Issues, Training

The Five Star Institute hosted the 2014 Spring Summit for the Default Title Coalition. The event brought together industry professionals to network and discuss salient topics related to the title industry. The Default Title Coalition is a consortium of top title and closing companies with expertise in default and REO operations.

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Dodd-Frank Regulations Pose a ‘Serious Challenge’

The American Bankers Association (ABA) released the results of its latest annual Real Estate Lending Survey, which clearly show signs of caution among loan officers. According to the ABA, more than 80 percent of bankers surveyed believe that tightened Dodd-Frank rules will restrict credit, thereby narrowing the pool of candidates able to secure mortgages.

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Audit Finds CFPB Can Improve ‘Efficiency and Effectiveness’

The Office of Inspector General (OIG) for the Federal Reserve System released an executive summary outlining an audit performed on the Consumer Financial Protection Bureau (CFPB) to assess the bureau’s operational efficiency and effectiveness. The OIG noted the difficult task associated with the creation and implementation of the new agency; however, the OIG found that improvements could be made.

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CFPB Introduces New Forms for Integrated Disclosure Rule

Charged by the Dodd-Frank Wall Street Reform and Consumer Protection Act to integrate loan disclosures stemming from the Truth in Lending Act (TILA) and the Real Estate Settlement Procedures Act of 1974 (RESPA), the Consumer Financial Protection Bureau (CFPB) has integrated four forms into two in order to create more streamlined and easier to understand mortgage disclosure paperwork.

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Consumer Complaints to CFPB Nearly Double in 2013

According to new data offered by the CFPB, complaint volume last year totaled 163,700, an 80 percent increase from the 91,000 recorded complaints in 2012. Including this year, the bureau has received more than 310,000 complaints to date. The leap in volume underscores the challenges that still remain despite the progress made by financial industries in the last few years.

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Regulations Pose “Continued Operational Problems”

Speaking at the fifth annual Five Star Government Forum on Tuesday, Christopher Whalen presented on the topic, "Government's Role in Restoring a Healthy Mortgage Market." Whalen's presentation focused on the effects of government regulations on the housing industry.

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