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Tag Archives: Consumer Financial Protection Bureau

Prices Are Up, but Credit Must Be Addressed for Full Recovery

Even though President Obama and Governor Romney were criticized for evading housing issues when running for president, Clear Capital asserts the ""sprint"" in housing still spoke positively for Obama and assisted him in his recent re-election. But, now that Obama has won a second term, his administration is charged with leading phase two of the housing recovery, and this will happen by collaborating with the industry to reduce regulatory uncertainty, according to a Clear Capital report.

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FHFA and CFPB Unite to Create the First National Mortgage Database

The mortgage market may be the largest market for consumer finance, but the sector lacks a comprehensive national database, according to the Federal Housing Finance Agency (FHFA) and Consumer Financial Protection Bureau (CFPB). This is why the federal agencies are coming together to create a national mortgage database. Borrower profiles, payment history, and the mortgage product and terms will be included in the database, which will be updated monthly.

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CFPB Finds Violations of Consumer Financial Laws Among Lenders

The Consumer Financial Protection Bureau (CFPB) released a Supervisory Highlights report Wednesday, providing an overview of its supervisory actions between July 2011 and September 2012. The agency found several instances in which financial institutions did not adhere to federal consumer financial laws. With regard to the Real Estate Settlement Procedures Act (RESPA), the CFPB noted instances in which institutions did not properly disclose transaction costs and did not properly complete good faith estimates and HUD-1 settlement statements.

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MBA Releases Letter Addressing CFPB Servicing Rules

The Mortgage Bankers Association (MBA) released to the public a letter urging the Consumer Financial Protection Bureau (CFPB) to avoid proposals that may lead to unforeseen and unintended consequences harmful to the industry. In a letter published on the association's site, MBA president and CEO David Stevens urges CFPB to consider both borrower needs and servicer limitations when designing mortgage industry regulations. Specifically, Stevens asks CFPB to limit its rulemaking to the mandates required by the Dodd-Frank Act and to use its exemption authority to remove ""unduly burdensome"" requirements.

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Officials Recap Year-Long Effort of Distressed Homeowner Initiative

Federal officials jointly announced Tuesday the results of the Distressed Homeowner Initiative, which is the first nationwide effort focusing on fraud schemes that target struggling homeowners. Led by members of the Mortgage Fraud Working Group of the Financial Fraud Enforcement Task Force, the initiative spanned from October 1, 2011, to September 30, 2012. Federal officials revealed the efforts have led to 530 criminal defendants charged in 285 federal criminal indictments or informations filed throughout the U.S.

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Senators Challenge Cordray Over CFPB Rules

Richard Cordray, director of the Consumer Financial Protection Bureau met with general praise and a few pointed concerns Thursday when he addressed the Senate Banking Committee when he presented the agency's semi-annual report. While most members of the committee praised the Bureau's progress thus far, a few questioned the extent of its authority and the implications of some of its actions.

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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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