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Home | Tag Archives: CFPB

Tag Archives: CFPB

Industry Leaders Discuss Diversity, Inclusion

The Five Star Diversity Symposium was a day-long event focused on advancing the conversation on diversity within the mortgage industry, and featured keynote addresses from industry leaders as well as panel discussions. Represented were companies and government agencies within the mortgage industry, including the Federal Housing Finance Agency (FHFA), Freddie Mac, Fannie Mae, the Consumer Financial Protection Bureau, and the Federal Home Loan Bank of Dallas.

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CFPB Assesses Effectiveness of Mortgage Servicing Rule

Currently, the Bureau is seeking comment from consumers, consumer advocates, housing counselors, mortgage loan servicers, industry representatives, and the general public regarding the RESPA mortgage servicing rule, and will issue a report of their assessment by January 2019. The rule, introduced in January 2013 and which took effect in January 2014, was designed to assist consumers who were behind on mortgage payments. Among other things, the RESPA mortgage servicing rule requires servicers to follow certain procedures related to loss mitigation applications and communications with borrowers.

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CFPB Attempts to Deny Constitutionality Ruling Fast-Track

The CFPB attempted to block Ocwen’s expediting attempt by telling a Florida federal court to deny Ocwen’s attempt at fast-tracking its constitutional challenge against the agency’s structure. Ocwen had previously stated its opinion of the CFPB’s structure, saying in a release that it “believes that the CFPB is unconstitutionally structured, because it vests too much unfettered power in the hands of the CFPB’s Director and the Bureau itself, without any meaningful oversight by the President or Congress”

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CFPB Looks At Diversity

The Consumer Financial Protection Bureau (CFPB) released a report outlining the Bureau’s strategies and efforts to promote diversity and inclusion within the mortgage industry. The report is a readout of an industry roundtable meeting held by the CFPB’s office of Minority and Women Inclusion (OWMI) with the Mortgage Bankers Association. Participants in the meeting included representatives from the mortgage industry, including from larger and smaller banks, as well as some nonbank financial companies.

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Ocwen Files Motions Against CFPB

Ocwen has filed three motions against the CFPB in hopes of speeding up a Circuit Court of Appeals decision on the Bureau's constitutionality. The motions arrive on the back of a recent suit filed by the CFPB against Ocwen on April 21. The suit alleged Ocwen committed errors throughout the servicing process and improperly foreclosed on at least 1,000 homeowners.

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Report: “CFPB Offers Much-Needed Protection”

A new report by Trulia says the Consumer Financial Protection Bureau has proven a powerful ally to borrowers across the economic spectrum. It’s also proven a valuable resource for military service members and older Americans. And taking it away could be more trouble than its worth.

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Weltman, Weinberg & Reis Defends Against CFPB Allegation

The Consumer Financial Protection Bureau (CFPB) filed a lawsuit against Weltman, Weinberg & Reis, a debt collection law firm, claiming the firm falsely represented in millions of collection letters that attorneys were involved in collecting the debt. Weltman, Weinberg & Reis responded to the allegations, and states that it has cooperated fully with the CFPB.

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