Archive for CFPB

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]

Will Trump Gut Dodd-Frank, Dissolve The CFPB?

Written by Patrick Barnard on November 22, 2016

It has been two weeks since Donald Trump won the election, and already, we are getting some glimpses into how his presidency might impact the mortgage industry. First off, mortgage rates took a nice jump, with the average rate for [Read More]

CFPB Challenges Court Ruling In PHH Case

Posted by Patrick Barnard on November 22, 2016

The bureau is petitioning the U.S. Court of Appeals for the District of Columbia Circuit to have the PHH case reheard.

CFPB Warns Lenders On HMDA, Servicers On ‘Failed Technology’

Posted by Patrick Barnard on November 01, 2016

“No mortgage lender that is required to report their loan data can avoid this responsibility.”

CFPB Likely To Appeal Recent Ruling In PHH Case

Written by Patrick Barnard on October 28, 2016

BLOG VIEW: It appears that the Consumer Financial Protection Bureau (CFPB) has every intention of appealing the recent ruling by a three-judge panel in the D.C. Circuit Court of Appeals that the bureau’s leadership structure is unconstitutional and that its [Read More]

Corporate Settlement Solutions Now Using DocMagic’s Total eClose Solution

Posted by Patrick Barnard on October 12, 2016

Corporate Settlement Solutions (CSS), a title and settlement services company, is now using DocMagic’s Total eClose solution, which unites e-note, e-signature, e-notary, MERS e-registration, e-delivery and e-vault services to provide a highly efficient, paperless end-to-end e-closing. With Total eClose, CSS [Read More]

CFPB Consent Order Against PHH Vacated; Judges Say Bureau Structure ‘Unconstitutional’

Posted by Patrick Barnard on October 11, 2016

Circuit court judges, in their decision in favor of PHH, said the CFPB “is unconstitutionally structured.”

CFPB Promotes Three To Leadership Roles

Posted by Patrick Barnard on August 01, 2016

The Consumer Financial Protection Bureau (CFPB) recently announced three promotions within its upper ranks. Chris D’Angelo, previously the bureau’s chief of staff, will now serve as associate director for supervision, enforcement and fair lending. D’Angelo joined the CFPB in June [Read More]

Wade Hamby: More Clarity Around TRID Greatly Needed

Written by Patrick Barnard on July 11, 2016

PERSON OF THE WEEK: Wade Hamby is the national director of sales and marketing for The StoneHill Group, a provider of domestic mortgage outsourcing and consulting services, including quality control (QC), loan fulfillment, mortgage due diligence, collateral audits, contract underwriting [Read More]

DocMagic Rolls Out New Automated Due Diligence Solution For TRID

Posted by Patrick Barnard on May 12, 2016

DocMagic, which offers loan document preparation, compliance, e-sign and e-delivery solutions for the mortgage industry, has introduced a new automated due diligence solution for investors and correspondent lenders. Dubbed “eQC,” the new solution combines proof of compliance with the Consumer [Read More]