Medallion Analytics announced it is rolling out Medallion Vendor Scorecard, a reporting tool that provides a loan-level analysis of errors made throughout the post-closing process. The scorecard gives lenders an overall picture of their settlement services vendors' performances.
Read More »Fitch Finalizes U.S. RMBS Qualified and Non-Qualified Mortgage Criteria
Fitch Ratings announced it has finalized its criteria for analyzing loans securing U.S.residential mortgage-backed securities (RMBS) under the new qualified mortgage (QM) and Ability-to-Repay rule (the Rule) recently adopted by the Consumer Financial Protection Bureau (CFPB).
Read More »CFPB Names 3 Key Senior Positions
The Consumer Financial Protection Bureau (CFPB) announced that three experts have been named to senior positions within the Bureau. These positions are: the Assistant Director for the Office of Research; the Assistant Director for the Office of Financial Empowerment; and the Assistant Director for the Office of Installment and Liquidity Lending Markets.
Read More »CFPB’s HMDA Data Changes Could Increase Litigation
Seeking to "gain greater insight into issues about access to credit," the Consumer Financial Protection Bureau (CFPB) announced the launch of a rulemaking process to change reporting requirements under the Home Mortgage Disclosure Act (HMDA). The new reporting requirements could have unintended consequences for both mortgage servicers, and legal teams who assess discriminatory lending practices.
Read More »CFPB Recovers $1 Million for Veterans
The Consumer Financial Protection Bureau (CFPB) announced that servicemembers, veterans, and their families who complained to the bureau about financial products or services have recovered over $1 million. The report covers more than 14,000 complaints filed from July 21, 2011 through February 1, 2014.
Read More »CFPB Reform Bill Passes in the House
Some changes may be on the horizon for the Consumer Financial Protection Bureau (CFPB). The U.S. House of Representatives passed H.R. 3193, The Consumer Financial Freedom and Washington Accountability Act, which would bring more "accountability and transparency," according to Representative Sean Duffy (R-Wisc), the bill's sponsor.
Read More »CFPB Director Calls for Increased Financial Literacy
For Richard Corday, the equation is simple: In the Land of the Free and the home of the free market, American citizens should be as informed about and capable of self-governance in their personal finances as they are in the democratic process, especially when it comes to borrowing for a mortgage.
Read More »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.
Read More »CFPB Orders Payout for RESPA Violations
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.
Read More »Industry Leader Calls CFPB Deputy Director’s Comments ‘Irresponsible’
After Consumer Financial Protection Bureau (CFPB) Deputy Director Steven Antonakes decried mortgage servicers for not doing enough to mend the industry after the recent housing crisis, one industry leader called his comments "inflammatory and without benefit to the audience."
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