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Tag Archives: Consumer Financial Protection Bureau

ICBA Argues CFPB Rules Not Applicable for Community Banks

Community banks should be exempt from pending regulations on high-cost mortgages since they were not responsible for the mortgage crises, the Independent Community Bankers of America (ICBA) stated in a release. In July, the Consumer Financial Protection Bureau (CFPB) announced it was proposing rules for high-cost mortgages, which would be determined based on interest rates, points and fees, or prepayment penalties.

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CFPB Announces Additions to Leadership

The Consumer Financial Protection Bureau recently unveiled several recent changes of guard for senior personnel. The bureau said in a release last week that Kelly Thompson Cochran, Chris Lipsett, Stephen van Meter, and Delicia Reynold Hand would move into senior roles.

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Full Disclosure of Fees, Privacy Most Important to Borrowers: Survey

Just how important is disclosure to American borrowers? Very important, if the figures from a recent Harris Interactive survey mean anything. MortgageMarvel.com commissioned a survey of 2,214 American adults 18 years or older to learn that one full-quarter of Americans take disclosure into account when considering their next home loan. After disclosure, 20 percent of survey respondents ranked anonymity as their second most-valued quality in the lending process.

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CFPB Proposes No Points, Fees Loan Option

The Consumer Financial Protection Bureau is on a roll lately. On Friday, the agency offered up rules to reduce interest rates, do away with points and fees, and screen mortgage loan officers. In the first of a slew of new rulemaking proposals, In the first of a slew of new rulemaking proposals, the CFPB would require lenders to make available loans that are stripped of their origination points and discount fees for certain consumers. The proposals would also require background checks for loan officers and bar arbitration clauses for credit insurance practices.

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Small to Mid-Size Servicers to Hurt Most from New Rules: Moody’s

The Consumer Financial Protection Bureau (CFPB) strikes once more - against the little guy, reports suggest. One of those came from Moody's Investors Service on Thursday. The ratings agency released a report that linked a tide of new rules from the credit bureau to ""costly"" and ""challenging"" new costs for small to midsize servicers. According to Moody's, these servicers will likely encounter ""significant hurdles"" in moves to adopt the single point of contact strategy.

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Survey: Community Banks Most Concerned About New Regulations

A study released Thursday by Ellie Mae found that community bankers see increasing regulations as the biggest immediate challenge to their mortgage businesses. More than half of community bank executives (51 percent) said that handling changing compliance standards is the most significant challenge for their banks. They specifically spoke of regulations created by the Dodd-Frank Act and the Consumer Financial Protection Bureau (CFPB).

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Agencies Propose New Appraisal Rules for Higher-Risk Loans

Higher-risk mortgage loans may have a new set of rules to go by when it comes to appraisals. A proposed rule from six federal agencies would set out new requirements when conducting appriasals for higher risk mortgages. For example, the rule would require creditors to use a licensed or certified appraiser when preparing reports based on the physical inspection of a property.

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Proposed CFPB Rule Requires Lenders to Provide Free Appraisal Reports

The Consumer Financial Protection Bureau (CFPB) released Wednesday a new proposed rule that would require mortgage lenders to provide home loan applicants with appraisal reports to determine how the value of a property was determined. CFPB proposed the rule in response to a provision of the Dodd-Frank Act that requires creditors to provide mortgage applicants with a copy of written appraisals and home value estimates. The newly-proposed rule would require that creditors inform applicants of their right to receive a free copy of appraisal reports and home estimates.

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Fitch: Impact of Proposed CFPB Rules

Clearer monthly mortgage statements, warnigns before interest rates adjust, quick correction of errors - these are among the proposed rules for mortgage servicers from the Consumer Protection Financial Bureau. According to a commentary from Fitch Ratings, these new rules, if implemented, would set consistent standards for residential servicers, but the rules ""will also further increase compliance costs for the industry and potentially drive further consolidation within mid to smaller servicers.""

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