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Tag Archives: Consumer Financial Protection Bureau

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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CFPB Proposes Stricter Mortgage Servicing Rules

The Consumer Financial Protection Bureau (CFPB) proposed two notices with rules designed to protect homeowners from surprises or mistakes made by their mortgage servicers. CFPB first announced in April that it was considering several proposals to implement requirements laid out in the Dodd-Frank Act, the bill that created the bureau.

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CFPB Collects More than 55K Consumer Complaints

The Consumer Financial Protection Bureau recently passed its one-year anniversary, and Monday, the agency released its semi-annual report for 2012 highlighting its achievements in the first half of this year. Between July 21, 2011 and June 30, 2012, the CFPB received 55,300 complaints about consumer finance products, according to a press release. Some of the top consumer complaints include, inability to modify or refinance mortgage loans, inability to refinance or consolidate student loans, confusion regarding credit scores, and confusion regarding various terms of credit. The greatest single source of complaints, making up 43 percent of all complaints made to the CFPB, was mortgages.

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CFPB Director Outlines Proposals for Mortgage Lending Reform

Richard Cordray, director of the Consumer Financial Protection Bureau (CFPB), laid out the agency's aims to reform mortgage lending standards before a Congressional subcommittee Tuesday. Speaking before the House Oversight and Government Reform Subcommittee on TARP, Financial Services, and Bailouts of Public and Private Programs, Cordray acknowledged that although the Dodd-Frank Act has had a hand in improving most consumer lending markets, tight mortgage lending standards have kept creditworthy borrowers out of homes.

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CFPB and Dodd-Frank Act Have Reasons to Celebrate Financial Reform

Financial reform advocates have two birthdays to celebrate on Saturday. This weekend marks the one-year anniversary of the watchdog Consumer Financial Protection Bureau and the two-year anniversary of the Dodd-Frank Act, the sweeping financial reform law that spawned it. Their stories run parallel to each other – and rightly so. The consumer bureau squeaked past partisan gridlock this time last year, just one year after Democrats, then in the majority of both houses of Congress, cleared Dodd-Frank for the president’s signature.

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