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The future of affiliated businesses: Where do we stand?
Posted Date: Thursday, August 20, 2015
Still legal, but becoming riskier by the day, if you want to maintain a compliant strategic alliance, first you should have some RESPA Section 8 savvy, and then understand where such agreements stand in connection with the Consumer Financial Protection Bureau. Luckily, we have you covered.
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CFPB updates TRID guidance materials
Posted Date: Wednesday, September 16, 2015
Just in time for the impending implementation date, the Consumer Financial Protection Bureau has released its TILA-RESPA Integrated Disclosure guidance materials updated to include the Oct. 3, 2015, effective date. See the details here.
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Wells, Prospect withdraw from MSAs following increasing regulatory scrutiny
Posted Date: Thursday, July 30, 2015
Wells Fargo Bank, N.A. and Prospect Mortgage, LLC, both announced that they will discontinue marketing activities that depend on marketing services agreements after increasing regulatory scrutiny over the practices. See the reasoning behind the company’s decision and industry reaction to the news here.
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Borrowers underwhelmed by servicer support, run risk of going to CFPB
Posted Date: Thursday, August 6, 2015
J.D. Power released a survey which showed many mortgage loan customers are dissatisfied with how they are treated by their loan servicers, which may risk them turning to regulators such as the Consumer Financial Protection Bureau for relief. Find out where servicers are falling behind, and how they can keep their customers happy here.
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Former CFPB deputy director goes from regulator to bank VP
Posted Date: Wednesday, August 12, 2015
Where better to look for a new senior vice president and chief compliance officer for your bank than the former deputy director of the Consumer Financial Protection Bureau? A bank in Boston thought so, and is bringing Steven Antonakes onto its team. See the details here.
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CFPB says it will not institute delayed enforcement period
Posted Date: Monday, July 27, 2015
When the Consumer Financial Protection Bureau (CFPB) requested comments in regards to pushing back the TILA-RESPA Integrated Disclosure (TRID) rule effective date, many commenters took the opportunity to ask the bureau to institute a restrained enforcement period once the rule does take effect.
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CFPB unveils searchable TRID webinar questions index
Posted Date: Monday, August 17, 2015
The Consumer Financial Protection Bureau recently updated the Questions Index of its webinar series by sorting the index by subject rather than by date. The TILA-RESPA Integrated Disclosure webinars are presented by CFPB staff and sponsored by the Federal Reserve to address various implementation questions about the new rule. See the details of the improved index here.
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ABA reiterates plea to FFIEC for delayed TRID enforcement
Posted Date: Friday, August 14, 2015
The American Bankers Association wrote a new letter to the Federal Financial Institutions Examination Council reiterating requests for a defined delayed enforcement period in regards to the TILA-RESPA Integrated Disclosure rule. See what the organization had to say here.
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eClosings better for borrowers, CFPB report finds
Posted Date: Monday, August 10, 2015
October Research, LLC was on hand in Washington DC as the Consumer Financial Protection Bureau held a forum to announce results of its eClosing pilot program. The program ran from January through March this year, and the bureau found broad consumer benefits from eClosing transactions. The program found many challenges as well; read on to see what obstacles remain in the way of mainstream adoption of eClosing transactions.
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CFPB issues guidance on private mortgage insurance
Posted Date: Monday, August 10, 2015
The Consumer Financial Protection Bureau issued a bulletin providing guidance to mortgage servicers regarding the cancellation and termination of private mortgage insurance last week, a bulletin which explains certain requirements of the Homeowners Protection Act. See where the bureau found issues with servicers’ compliance here.
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Texas bank challenges constitutionality of CFPB
Posted Date: Monday, August 3, 2015
A small bank in Texas took on the Consumer Financial Protection Bureau (CFPB) in a big way and seems to be making a bit of headway against the regulatory giant. Last week, a federal court ruled in favor of the bank, allowing it to challenge the constitutionality and authority of the bureau.
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Texas borrower alleges Bank of America violated RESPA before foreclosing on home
Posted Date: Monday, July 20, 2015
RESPA is not a statute for the faint-of-heart or, really, pro se litigants. A borrower in Texas learned this lesson the hard way when he filed a “vague and conclusory” RESPA claim after his home had been sold in a foreclosure sale. Unused to making legal arguments in general, this litigant was well in over his head with RESPA. See what the court had to say about his claims here.
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CFPB cracks down on servicer’s loss mitigation procedures
Posted Date: Thursday, August 6, 2015
The Consumer Financial Protection Bureau announced an enforcement action against a Texas-based mortgage servicer for blocking consumers’ attempts to save their homes from foreclosure. See what the company did to invoke the bureau’s ire, and what it must do now.
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PHH Corp. granted stay of Cordray’s judgment, argues CFPB appeals process unconstitutional
Posted Date: Monday, August 10, 2015
Just in the nick of time, before PHH Corp. would be forced to pay up on Consumer Financial Protection Bureau’s (CFPB) $109 million judgment for alleged violations of RESPA, the mortgage lender was granted a stay of the bureau’s final decision while it appealed. See what the company argued in its petition and why it is saying the CFPB’s administrative appeals process is unconstitutional.
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CFPB rejects Selling Source petition to set aside civil investigative demand
Posted Date: Wednesday, August 12, 2015
After receiving a civil investigative demand (CID) seeking his oral testimony, Selling Source, LLC, and Tim Madsen, a Selling Source employee, petitioned the Consumer Financial Protection Bureau (CFPB) for an order to set aside or modify the CID. See why their arguments did not satisfy the CFPB here.
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CFPB investigates American Home Shield, finds no RESPA violations
Posted Date: Thursday, August 6, 2015
The second-quarter 2015 financial report by ServiceMaster Global Holdings, Inc., stated that the Consumer Financial Protection Bureau issued a Civil Investigative Demand to American Home Shield seeking documents and information related to potential RESPA violations. Recently, the bureau informed AHS that it will not take any enforcement action against the company.
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Cruz, Warren spar over elimination of CFPB
Posted Date: Monday, July 27, 2015
Sen. Ted Cruz and Sen. Elizabeth Warren had words for each other last week over the fourth anniversary of the Consumer Financial Protection Bureau when Cruz introduced legislation that would eliminate the agency Warren helped bring into creation. See what they had to say here.
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CFPB advises Morgan Drexen customers to ‘act quickly’
Posted Date: Monday, July 27, 2015
After a judge approved a plan at the end of June to shut down the debt-settlement firm Morgan Drexen Inc. by July 31, the business officially closed. The Consumer Financial Protection Bureau released advice to consumers who may have been expecting refunds on what they should do in order to get their cut of the now-defunct business. See what the bureau advised and what is going on now with the case here.
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CFPB to host discussion on challenges in payments
Posted Date: Thursday, September 24, 2015
The Consumer Financial Protection Bureau’s (CFPB) Credit Union Advisory Council will be hosting a meeting regarding the challenges in payments at their headquarters. See the details here.
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Cordray comes out swinging in NAR speech, says TRID ‘misinformation’ being spread
Posted Date: Monday, September 21, 2015
Richard Cordray, the director of the Consumer Financial Protection Bureau (CFPB), spoke last week at the National Association of Realtors, where he briefly praised the role Realtors play in the homebuying process before spending much of his time talking about the TILA-RESPA Integrated Disclosure (TRID) rule. Read on for the details.
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Massive mortgage fraud scheme uncovered in NY
Posted Date: Monday, September 21, 2015
After 8,000 homeowners were cheated out of $18.5 million following a massive mortgage modification fraud scheme, two of the men involved in the scheme have pled guilty to charges of wire fraud and conspiracy to commit wire fraud in connection with the case. See the details of the scheme and how it was uncovered here.
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Politicians debate bank reform at NAFCU congressional caucus
Posted Date: Monday, September 21, 2015
Democrats and republicans got together at the National Association of Federal Credit Unions’ congressional caucus in Washington last week to further a controversial debate: banking reform. See what each side had to say here.
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Rep. Neugebauer will not seek re-election
Posted Date: Monday, September 21, 2015
A key critic of the Consumer Financial Protection Bureau (CFPB) who has been working to restructure the leadership at the bureau, announced recently that he will not be seeking re-election in 2016. Read on for details.
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CFPB pulls in new consumer finance experts for advisory groups
Posted Date: Monday, September 21, 2015
A number of consumer finance experts from outside the federal government are joining some of the Consumer Financial Protection Bureau’s (CFPB) advisory boards, the bureau recently announced. The new members will be joining the Consumer Advisory Board, Community Bank Advisory Council and Credit Union Advisory Council. See the details here.
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Wells Fargo plans to loan $125 billion in mortgages to Hispanic families
Posted Date: Wednesday, September 16, 2015
The Hispanic community not only has been a major topic for the 2016 presidential candidates, but in the coming years it also will become a key demographic for mortgage lenders as well. See the details here of Wells Fargo’s plan to loan billions to the community over the next decade.
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HUD: Mortgage company must better review non-performing loans
Posted Date: Wednesday, September 16, 2015
The Department of Housing and Urban Development (HUD) recently audited Member First Mortgage, LLC, as part of its fiscal year 2015 audit plan to ensure that the company was complying with HUD requirements. See what the regulator found here.
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HUD audits Fresno Housing Authority
Posted Date: Wednesday, September 16, 2015
After a complaint alleging that the Fresno Housing Authority steered contracts, did not seek competition for all of its required procurements, and did not maintain adequate supporting documentation, the Department of Housing and Urban Development HUD audited the authority. See what it found here.
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ABA: HUD mortgage insurance proposal unworkable
Posted Date: Monday, September 14, 2015
The American Bankers Association is requesting that the Department of Housing and Urban Development withdraw its proposal limiting the window under which a Federal Housing Administration -approved lender would be able to file a mortgage insurance claim.
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Survey quizzes Americans on federal agencies, CFPB
Posted Date: Monday, September 14, 2015
Just as the 2016 presidential elections are starting to build steam, the U.S. Consumer Coalition/Zogby Analytics performed a poll of 3,225 likely voters and 3,604 adults nationwide to determine how Americans feel about federal government agencies, namely the Consumer Financial Protection Bureau. See what they had to say here.
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OCC will host compliance workshop, discuss TRID
Posted Date: Monday, September 14, 2015
The Office of the Comptroller of the Currency (OCC) announced that it will host two workshops in Dallas on Oct. 20-21. The workshops will be taught by OCC staff and include a variety of compliance-related topics, including the TILA-RESPA Integrated Disclosure Rule. Get the details here.
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Survey: 9 percent of bankers still unprepared for TRID
Posted Date: Thursday, September 10, 2015
With only a couple more weeks to go until the TILA-RESPA Integrated Disclosure (TRID) rules are implemented, a majority of mortgage bankers who responded to a recent survey by Lenders One indicated that they are ready for TRID. However, there are still a few stragglers. See the details here.
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Predatory mortgage lending cases against three major banks revived in Miami
Posted Date: Thursday, September 10, 2015
Predatory mortgage lending cases against Wells Fargo, Bank of America and Citigroup were revived last week when the 11th U.S. Circuit Court of Appeals found that the lower court erred in dismissing the city of Miami’s claims under the Fair Housing Act. See why the appellate court overturned the lower court’s decision here.
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FHA proposes changes to lender certification rule
Posted Date: Thursday, September 10, 2015
The Federal Housing Administration (FHA) recently proposed a few changes to its lender certification rule to clarify when it might seek to recover losses for defective loans. See some of what the FHA is proposing here.
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Non-bank lenders subject to more regulation than banks, CHLA says
Posted Date: Thursday, September 10, 2015
A chart released by the Community Home Lenders Association shows a discrepancy between regulatory requirements placed on non-bank mortgage lenders versus banks. See how the chart shows that non-banks increasingly are subject to more regulatory scrutiny.
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Fannie Mae unveils program to help multi-generational households
Posted Date: Thursday, September 10, 2015
Government mortgage loans are slow to recognize that not all families live by the one home, one family structure. As a result, traditionally lenders could not consider non-borrower income when determining eligibility for a mortgage. To address this discrepancy, Fannie Mae is unveiling a new program called HomeReady that will allow borrowers to include income from roommates and boarders to qualify for a mortgage.
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Access to mortgage credit not easing, Zillow says
Posted Date: Thursday, September 3, 2015
The trend of easing access to mortgage credit halted this past year, according to the Zillow Mortgage Access Index. See what happened and whether the experts expect the situation to improve here.
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Urban Institute encourages FHA to alter proposed rule
Posted Date: Thursday, September 3, 2015
The Housing Finance Policy Center at the Urban Institute is encouraging the industry to pay more attention to the recent Federal Housing Administration (FHA) proposed rule affecting servicing FHA loans, and the FHA to change some aspects of the proposed rule. See where it says the problems lie here.
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NAR: Realtors are ready for TRID
Posted Date: Thursday, September 3, 2015
The National Association of Realtors recently conducted a survey to determine how Realtors are preparing for the TILA-RESPA Integrated Disclosure (TRID) rule, which will be implemented in October. See how prepared Realtors think they are for the rules and what they are doing to get ready here.
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HUD, Louisiana propose amendments to Katrina aid program
Posted Date: Thursday, September 3, 2015
The U.S. Department of Housing and Urban Development and the state of Louisiana have been working together to improve a program created in the wake of Hurricane Katrina which was intended to help homeowners in the devastated region to elevate their homes. See how the program is being amended to help those who still are struggling.
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FHFA, CFPB release reports of mortgage database, survey of borrowers
Posted Date: Thursday, September 3, 2015
The Federal Housing Finance Agency (FHFA) and the Consumer Financial Protection Bureau (CFPB) jointly released two technical reports about the development of the National Mortgage Database and the National Survey of Mortgage Borrowers. See the details of the ambitious project here.
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NAFCU: CFPB complaint database puts credit unions in ‘no-win situation’
Posted Date: Monday, August 31, 2015
The National Association of Federal Credit Unions (NAFCU) is not a fan of the Consumer Financial Protection Bureau’s (CFPB) complaint database. Recently the organization expressed its concern with the database in a letter to the bureau. See why NAFCU believes the database is bad for credit unions and now is encouraging the CFPB to cease publishing it.
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OIG: CFPB can better internal controls for hiring process
Posted Date: Monday, August 31, 2015
The Office of the Inspector General (OIG) recently conducted an evaluation of the Consumer Financial Protection Bureau to determine the efficiency and effectiveness of the bureau’s recruitment and selection processes. In doing so, the OIG found that the bureau still can make a few improvements to its processes.
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