Larry Cordell, SVP, Risk Assessment, Data Analysis, and Research Group, and Xudong An, AVP, Supervision, Regulation, and Credit, both of the Federal Reserve Bank of Philadelphia, speak about foreclosure trends as borrowers continue exiting forbearance.
Read More »BCFP Clarifies HMDA Rules
In order to implement and clarify the requirements of the Economic Growth, Regulatory Relief, and Consumer Protection Act, released an “interpretive and procedural rule”. Click through to learn more.
Read More »MERSCORP To Offer LEI Registrations Later This Year
MERSCORP Holdings, Inc., announced this week it will support the Consumer Financial Protection Bureau’s updated Home Mortgage Disclosure Act requirements by facilitating legal entity identifier (LEI) registrations and renewals for users of MERS System and other industry participants.
Read More »Empower Incorporates HMDA Rule, New Tech Integrations
Black Knight Financial Services announced last week the release of LoanSphere Empower 7.0, a new version of its loan origination system (LOS), including updates aimed at compliance with the Consumer Financial Protection Bureau’s (CFPB) Home Mortgage Disclosure Act (HMDA) and enhanced technological integrations.
Read More »Counsel’s Corner: Updated HMDA Creates Concerns Over Privacy, Increased Costs
Counsel's Corner is an ongoing series in which DS News talks with default servicing attorneys around the country about the most pressing issues facing the default servicing industry. This installment features Alexander Monterrubio, Regulatory Affairs Counsel with the National Association of Federal Credit Unions.
Read More »CUNA: CPPB has ‘Overstepped the Boundaries’ With Expanded HMDA Rule
The Consumer Financial Protection Bureau nearly tripled the amount of data fields lenders must report under the Home Mortgage Disclosure Act. Is it too much?
Read More »CFPB Seeks Public Comment on Home Mortgage Disclosure Act Data Points
Lenders have been troubled by the Home Mortgage Disclosure Act (HMDA) data points for many years, but they may see some relief in the near future.
Read More »Counsel’s Corner: Heavy Regulatory Burden Comes With Updated HMDA Rule
Counsel's Corner is an ongoing series in which DS News talks with default servicing attorneys around the country about the most pressing issues facing the default servicing and mortgage industries. This installment features Mike Flynn, partner in Goodwin Procter’s Financial Institutions Group.
Read More »CFPB Finalizes Requirements for Reporting Mortgage Data
The HMDA dataset has not kept pace with the mortgage market’s evolution despite being the leading source of information for the market, CFPB said; for example, the HMDA data does not include adequate information about loan features such as adjustable-rate mortgages and non-amortizing loans which helped contribute to the mortgage crisis.
Read More »CFPB Official Discusses New Servicing Rules
The laws are constantly changing, however, making compliance an even further complicated issue. Laurie Maggiano, a program manager for servicing and secondary markets at the Consumer Financial Protection Bureau (CFPB), was on hand to discuss the ever-changing world of servicing statutes for the "CFPB's National Servicing Standards – Update Session" section of the Compliance Lab on September 15.
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