Archive for CFPB

Ocwen Facing Some Renewed – Even Recycled – Actions

Posted by Nora Caley on June 14, 2017

The servicing giant is defending itself against familiar-sounding complaints and actions.

Why Repealing Dodd-Frank Will Fail

Written by Peter G. Miller on June 08, 2017

The last time the Financial CHOICE Act was up before Congress, the bill went nowhere.

Mortgage Servicer Fay Servicing Penalized By CFPB For Illegal Foreclosure Practices

Posted by Patrick Barnard on June 07, 2017

The Consumer Financial Protection Bureau (CFPB) has ordered mortgage servicer Fay Servicing to pay up to $1.15 million in redress to borrowers for “failing to provide mortgage borrowers with the protections against foreclosure that are required by law.” The bureau [Read More]

FormFree Hires Ann Fulmer As Chief Strategy And Industry Relations Officer

Posted by Patrick Barnard on May 23, 2017

Loan quality subject matter expert and analyst Ann Fulmer has joined asset verification solutions provider FormFree as chief strategy and industry relations officer. A nationally recognized strategist, thought leader, speaker and author specializing in data integrity, fraud and federal/Consumer Financial [Read More]

USFN To Publish 50-State Successor In Interest Guide

Posted by Patrick Barnard on May 22, 2017

USFN–America’s Mortgage Banking Attorneys and its member firms from across all 50 states will soon be publishing a comprehensive guide and matrix in order to provide mortgage servicers with assistance in navigating the Consumer Financial Protection Bureau’s (CFPB) new successor [Read More]

CoreLogic: Loan Performance Continued To Improve In February

Posted by Patrick Barnard on May 09, 2017

The mortgage delinquency rate (30 days or more past due) in February fell to 5.0% of all loans – down from 5.5% in February 2016, according to CoreLogic’s Loan Performance Insights Report. As of the end of February, the foreclosure [Read More]

MORNING COMMUTE: CFPB Seeks Feedback On Mortgage Servicing Rules

Written by Patrick Barnard on May 09, 2017

MORNING COMMUTE: Morning Commute makes its triumphant return after a four-week hiatus. And the music this morning was Allan Holdsworth’s “Road Games,” a fabulous jazz fusion record from 1983 and Holdsworth’s only release on a major label (Warner Brothers). On [Read More]

Financial CHOICE Act Passes In Committee, Moves To House Next

Posted by Patrick Barnard on May 04, 2017

The House Financial Services Committee on Thursday passed the Financial CHOICE Act, a sweeping piece of GOP-backed legislation that would, if approved, gut major portions of the Dodd-Frank Act and significantly limit the power of the Consumer Financial Protection Bureau [Read More]

Clayton Holdings Now Offering Enhanced Internal Audit Services Program

Posted by Patrick Barnard on May 04, 2017

Clayton Holdings says it has developed an enhanced internal audit services program designed to help bank and lender clients develop, manage and enhance their internal risks and controls programs, as well as comply with new government-sponsored enterprise (GSE) and Consumer [Read More]

CFPB Suing Mortgage Servicer Ocwen For ‘Years Of Widespread Errors’

Posted by Patrick Barnard on April 20, 2017

Numerous states also bringing their own separate suits; mortgage servicer says suit is ‘overreach’ and ‘politically motivated’

Sanjeev Dahiwadkar: Trump’s ‘Two For One’ Order Creates Regulatory Murkiness

Written by Patrick Barnard on March 27, 2017

PERSON OF THE WEEK: The Trump administration’s executive order requiring federal regulatory bodies to eliminate two existing regulations for every new one they enact is just one of many actions that have created regulatory uncertainty for mortgage lenders and servicers. [Read More]

TRID Caused Bulk Of QC Issues For Mortgage Lenders In 2016, Study Finds

Posted by Patrick Barnard on March 08, 2017

A study conducted by mortgage process outsourcing firm MetaSource finds that 12 of the top 15 quality control (QC) issues mortgage lenders faced in 2016 were related to the Consumer Financial Protection Bureau’s (CFPB) TILA-RESPA Integrated Disclosures (TRID) rule. In [Read More]

Michael Vitali: Now Is Not The Time To Relax On QC

Written by Patrick Barnard on March 01, 2017

PERSON OF THE WEEK: When it comes to the potential for regulatory rollback under the Trump administration, there are myriad possibilities. But, should the administration succeed in rolling back some or all of the onerous mortgage regulations put in place [Read More]

CFPB: Consumer Complaints Help Us Decide Where To Send Examiners

Written by Patrick Barnard on March 01, 2017

A bureau official says complaints are weighted “more substantially when considering how to prioritize our examination resources.”

What Is The CFPB’s Ultimate Fate?

Written by Patrick Barnard on February 22, 2017

MORNING COMMUTE: I was at the Mortgage Bankers Association’s National Mortgage Servicing Conference & Expo 2017 in Dallas this past week, and, somewhat embarrassingly, I am just now getting caught up. But first, the music this morning was Jethro Tull’s [Read More]

LRES Rolls Out Lien Alert Solution

Posted by Patrick Barnard on February 20, 2017

LRES, which offers valuations, real estate owned asset management, homeowners association (HOA) and other technology solutions for the mortgage and real estate industries, has launched a lien alert solution to enable servicers to continuously monitor their portfolios for liens and [Read More]

CFPB Wants Feedback On The Use Of Trended Credit Data

Posted by Patrick Barnard on February 20, 2017

The bureau seeks public feedback on new ways to expand credit for consumers.

Major Changes Coming For The CFPB, But Its Power Is Intact For Now

Posted by Patrick Barnard on February 15, 2017

Since President Donald Trump signed his presidential memorandum and executive order titled “Reducing Regulation and Controlling Regulatory Costs,” which requires all regulatory agencies to essentially eliminate two regulations for every new one implemented – and further that all new regulations [Read More]

CFPB Fines Prospect Mortgage $3.5 Million For Illegal Referrals

Posted by Patrick Barnard on February 01, 2017

The CFPB alleges that the lender used a variety of schemes to pay kickbacks for referrals of mortgage business in violation of the Real Estate Settlement Procedures Act.

TransUnion, Equifax Fined By CFPB For Misleading Consumers

Posted by Patrick Barnard on January 04, 2017

Two of the largest credit reporting agencies, TransUnion and Equifax, are being fined by the Consumer Financial Protection Bureau (CFPB) for allegedly deceiving consumers about the usefulness and actual cost of credit scores they sold to consumers. The bureau also [Read More]