Home / Tag Archives: Consumer Financial Protection Bureau (page 24)

Tag Archives: Consumer Financial Protection Bureau

With 10M at Risk of Default, CFPB’s Primary Focus Is Mortgages

As many as 10 million homeowners are at risk of default, according to Richard Cordray, director of the Consumer Financial Protection Bureau (CFPB). In an op-ed piece, Cordray recounts the type of behavior and practices that put so many Americans in danger of losing their homes - it's what he describes as ""the wild West of lending."" Enter the CFPB. While the agency is charged with overseeing all consumer-facing financial products and services, Cordray says its greatest focus is on the mortgage market, and servicing in particular.

Read More »

Loan Servicing Costs Expected to Rise as Foreclosure Expenses Mount

Analysts at Fitch Ratings expect to see a sharp rise in the cost to service mortgage loans. They describe the housing recovery in the U.S. as ""unhurried"" and as a result, they say lenders have been forced to shoulder higher foreclosure expenses. Fitch says increased foreclosure costs compounded by credit, compliance, regulatory, and other real-estate owned expenses are beginning to have a profound effect on the industry. The agency estimates the cost of servicing nonperforming loans is likely to double from pre-crisis levels.

Read More »

National Servicing Standards Emerge in New Homeowner Bill of Rights

The mortgage servicing system is badly broken and would benefit from a single set of federal standards, according to White House officials. President Obama on Wednesday introduced what he's termed the Homeowner Bill of Rights - principles that he says will ensure borrowers and lenders are playing by the same common-sense rules. These rules address disclosures, conflicts of interest posed by investors and junior lien holders, assistance for at-risk homeowners, and safeguards to prevent wrongful foreclosures.

Read More »

Raj Date Named CFPB Deputy Director

Richard Cordray, director of the Consumer Financial Protection Bureau (CFPB) has named Raj Date the agency's first deputy director. Date has been leading the day-to-day operations of the bureau since it launched in July. Cordray also named Kent Markus to the position of assistant director of the Office of Enforcement to fill the position Cordray vacated upon his director appointment.

Read More »

CFPB Launches Supervision Program for Nonbank Mortgage Companies

The Consumer Financial Protection Bureau (CFPB) now has the authority to oversee nonbank businesses, including mortgage servicers that are not part of a depository institution and companies providing loan modification and foreclosure relief services. This expanded authority came with the appointment of an agency director on Wednesday, and the bureau wasted no time. That very same day, the CFPB announced the official launch of its nonbank supervisory program.

Read More »

Obama Sidesteps Senate Blockade With Recess Appointment of Cordray

President Obama on Wednesday exercised his executive power by using Congress' recess to appoint Richard Cordray director of the Consumer Financial Protection Bureau (CFPB), devoid of a Senate confirmation vote. Without a confirmed director, the CFPB's reach was limited. Now that Obama has single-handedly positioned Cordray at the helm, the bureau has the authority to extend its regulatory powers to non-bank entities such as mortgage brokers and non-depository lenders.

Read More »

Cordray Fails to Win Approval from Senate for Top CFPB Post

The Consumer Financial Protection Bureau (CFPB) is still headless. Senators had scheduled a confirmation vote Thursday for Richard Cordray - President Obama's pick to lead the newly formed watchdog agency. Republicans, though, blocked the process before lawmakers could even get to a final vote. Without a director, the CFPB does not have full authority to supervise non-bank mortgage lenders and debt collectors. President Obama told reporters that he is not giving up on putting Cordray in the top CFPB post.

Read More »

OCC Investigates Foreclosures of 5,000 Military Members

The Office of the Comptroller of the Currency (OCC) has launched an investigation into the possible wrongful foreclosures of about 5,000 military members by 10 of the nation's largest banks. The Servicemembers Civil Relief Act (SCRA), signed into law in 2003, protects military members from foreclosure while on active duty. Rep. Brad Miller of North Carolina is calling for officials to pursue criminal charges should SCRA violations be substantiated.

Read More »

Federal Agencies Fight Modification Scams

Three government agencies are combining efforts to address mortgage modification scams through a joint task force. With the announcement of the task force, the participating agencies -- the Office of the Special Inspector General for the Troubled Asset Relief Program (SIGTARP), the Consumer Financial Protection Bureau (CFPB), and the Treasury Department -- released a consumer fraud alert to ensure homeowners understand that only their mortgage servicer has discretion to grant a loan modification.

Read More »

CFPB Releases Servicing Examination Procedures

In preparation for policing the nation's largest lenders, the Consumer Financial Protection Bureau (CFPB) Thursday released its examination procedures for mortgage servicers. The bureau will begin its review of more than 100 large banks, thrifts, and credit unions with extensive examinations of their mortgage servicing practices, including complaint resolution, loss mitigation procedures, and foreclosures. The agency stressed that mortgage servicing has a huge impact on consumers and therefore is a top priority for the 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.