Home / Tag Archives: Consumer Financial Protection Bureau (page 20)

Tag Archives: Consumer Financial Protection Bureau

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.

Read More »

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.

Read More »

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.

Read More »

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.

Read More »

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.

Read More »

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.

Read More »

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.

Read More »

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.

Read More »

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).

Read More »

Your Daily Dose of DS News

Get the news you need, when you need it. Subscribe to the Daily Dose of DS News to receive each day’s most important default servicing news and market information, absolutely free of charge.