As federal housing agencies push mortgage firms to lend to more consumers, a recent survey indicates most lenders feel the regulatory risk is still too great for them to lower their standards.
Read More »CFPB: Some Mortgage Servicers Violated New Servicing Rules
Examiners from the Consumer Financial Protection Bureau (CFPB) found that some mortgage servicers violated federal laws while supervising for compliance, CFPB announced recently.
Read More »Servicers, Regulators Partner to Create CFPB Complaint Tracking Report
Black Knight Financial Services (BKFS) is working to create a prototype of an industry-level report to provide detailed information on the consumer complaints the Consumer Financial Protection Bureau (CFPB) receives, promoting greater understanding for regulators and servicers.
Read More »CFPB Finalizes Privacy Policy Disclosure Rule
The Consumer Financial Protection Bureau (CFPB) on Monday announced the finalization of a rule proposed in May that would allow companies that limit consumer data-sharing to post privacy notices online instead of delivering them individually.
Read More »Survey Ranks Compliance, Risk Management as Top Lender Concerns
Looking at compliance challenges, 72 percent of banker respondents listed "maintaining compliance with changing regulations" as one of their top concerns, up from 67 percent at the start of last year, while 69 percent said just keeping track of regulations is a major issue at this point.
Read More »NAR President Asks CFPB to be Cautious With Mini-Correspondent Brokers
Brown's letter comes months after the bureau signaled it will be watching out for brokers trying to skirt its compensation rules by operating the same way under a different label. Those rules were put in place early this year as a way to remove financial incentives for brokers to direct borrowers toward riskier products.
Read More »CFPB Warns Servicers to Follow Loan Transfer Rules
The Consumer Financial Protection Bureau (CFPB) issued a bulletin on August 19 for mortgage servicers, outlining how they should handle the loan transfer process. The bulletin includes a reminder to mortgage servicers to pay close attention to the new common-sense mortgaging rules implemented by the CFPB in January 2014, aimed at protecting consumers from being harmed during loan transfers.
Read More »CFPB Raises Loan Thresholds For 2015
The Consumer Financial Protection Bureau (CFPB) announced it is increasing the loan thresholds used to determine the maximum points and fees for QM loans. The new rule, published in the Federal Register on Friday, updates the limits on points and fees that loans must meet in order to fit the QM definition and be considered a "safe" loan.
Read More »CFPB Targets Missouri Lender over Alleged Kickbacks
The Consumer Financial Protection Bureau (CFPB) last week ordered a Missouri-based mortgage lender and its president to pay more than $80,000 for funneling illegal kickbacks in exchange for real estate referrals. According to CFPB's complaint filed in mid-January, Fidelity Financial Mortgage Corporation (FFMC) in 2010 entered into an agreement with a Missouri bank in which Fidelity would lease an office at the bank in exchange for business referrals.
Read More »New Lending Rules Inspire Criticism
According to the Consumer Financial Protection Bureau (CFPB), the new lending rules that went into effect on January 10 are meant to take a back-to-basics approach to mortgage lending and lower the risk of default and foreclosure among borrowers. However, many industry veterans feel the rules may hurt those they are designed to protect, primarily low income borrowers.
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