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  • Zillow45.63-0.89 -1.91%
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Home | Tag Archives: CFPB

Tag Archives: CFPB

One Rule—Two Outlooks

The Consumer Financial Protection Bureau’s recent arbitration rule might be in trouble, according to a recent press release by the U.S. Senate Committee on Banking, Housing, and Urban Affairs. Take a look at what Senators are saying about the rule and what they’re doing to overturn it.

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CFPB Names Advisory Board Members

The Consumer Financial Protection Bureau recently announced a new group of advisory board members, including one member of the servicing community. Will he bring a much-needed voice to the CFPB, or will the bureau remain static in its regulations?

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The TRID Picture Becomes Clearer

It seems the Consumer Financial Protection Bureau may have finally offered clarity on its 2015 TILA-RESPA Integrated Disclosure Rule—or TRID—today, with the release of “finalized updates” this morning. But is this really the end for the Know Before You Owe confusion? Considering there’s yet another proposal in the works, likely not.

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Banking and Housing Lobby Petitions for CFPB Structural Changes

The banking and housing lobby has recently sent a letter to the leaders of the Senate and House appropriations committees expressing their position that the Consumer Financial Protection Bureau should be restructured from a single director to a bipartisan panel of five people. Will they be able to get it through before Cordray’s appointment is up in 2018.

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What Goes Up Must Come Down

A bill by Representative Tom Emmer (R-Min) that would increase the reporting threshold under the Home Mortgage Disclosure Act for open-end lines of credit and closed-end mortgages was introduced Tuesday. This isn’t the first legislation of its kind; several are urging CFPB to provide exemptions from its rules. Many of these requirements will be rolled out after the first of 2018. See what Representative Tom Emmer and Congressman Blaine Luetkemeyer have in mind.

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CFPB Takes Legal Action Against Mortgage Servicer for Noncompliance

The Consumer Financial Protection Bureau announced Wednesday that they found a Chicago-based mortgage servicer in violation of federally mandated rules, and subsequently ordered restitution payments and system changes. The investigation found the mortgage servicer did not provide ample information about foreclosure relief options. Restitution requirements come in the form of a fine and procedural changes.

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Establishing Credit History Harder in Low-income Areas

A new study shows that consumers located in lower-income areas are more likely to establish credit history through negative means, like debt collection, than those in higher-income areas. While 27 percent of low-income area consumers establish their history through what are called “nonloans,” just 7.9 percent of consumers in high-income areas establish credit via these non-loans. The study also found the percentage of Americans who became credit visible due to student loans more than doubled over the last decade.

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Ocwen Ratings to Remain Despite Sale

Fitch Ratings has opted to keep Ocwen Financial Corporation’s ratings as-is—both on its servicing and its bonds—despite the servicer’s recent MSR sale. Announced last month, Ocwen will sell its mortgage servicing rights, along with $117 billion in unpaid principal balance, and become a sub-servicer of New Residential Investment Corporation. Regardless of the sale, Fitch has announced Ocwen will keep its “Negative” residential primary servicer rating.

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