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CFPB acting director Mick Mulvaney letter to Sen. Warren 040418
Posted Date: Thursday, April 5, 2018
As Mick Mulvaney prepares for his first appearance before Congress since beginning work at the Consumer Financial Protection Bureau, he announced his intention to continue pushing for reforms at the bureau. He did that first by citing four key legislative changes he believes Congress should make to the CFPB in the bureau’s semi-annual report to Congress. He followed that with a response letter to Sen. Elizabeth Warren (D-Mass.)
CFPB Guidance Documents
CFPB RFI on Guidance
Posted Date: Thursday, April 5, 2018
The Consumer Financial Protection Bureau’s request for information (RFI) on guidance and implementation support appears to be its most wide-ranging of the first 10 released.
CFPB Guidance Documents
CFPB RFI on adopted regulations
Posted Date: Friday, March 16, 2018
The Consumer Financial Protection Bureau’s (CFPB) latest Request for Information (RFI) looks for public feedback on its adopted regulations and new rulemaking authorities.
CFPB Guidance Documents
CFPB RFI on Rulemaking
Posted Date: Monday, March 12, 2018
The latest Request for Information (RFI) issued by the Consumer Financial Protection Bureau (CFPB) gets to the heart of its rulemaking processes.
CFPB Guidance Documents
CFPB RFI on Consumer Complaints
Posted Date: Monday, March 5, 2018
The latest in the continuing sequences of Requests for Information (RFI) from the Consumer Financial Protection Bureau (CFPB) was released last week, seeking details on the public reporting of consumer complaints.
CFPB Guidance Documents
Mulvaney remarks at CUNA conference
Posted Date: Wednesday, February 28, 2018
Speaking extemporaneously before a Credit Union National Association conference in Washington D.C., Consumer Financial Protection Bureau (CFPB) acting director Mick Mulvaney reiterated the new path for the bureau which he outlined in a recent memo to staff. He also continued his recent barbs with Sen. Elizabeth Warren (D-Mass.) over his role at the CFPB and implied that the CFPB under former Director Richard Cordray’s tenure put companies out of business that did not deserve it.
CFPB Guidance Documents
CFPB RFI on External Engagements
Posted Date: Thursday, February 22, 2018
The latest request for information (RFI) released by the Consumer Financial Protection Bureau (CFPB) goes deeper into the background of external engagements before discussing target areas for comment.
CFPB Guidance Documents
OIG report on the audit of CFPB privacy progam
Posted Date: Thursday, February 22, 2018
An independent audit of the Consumer Financial Protection Bureau’s privacy program that was conducted from October through December – overlapping the tenures of former Director Richard Cordray and acting director Mick Mulvaney – found a privacy program that addresses federal requirements.
CFPB Guidance Documents
CFPB RFI on Supervision
Posted Date: Tuesday, February 20, 2018
Following a request for information (RFI) on the Consumer Financial Protection Bureau’s enforcement procedures that presented fewer questions than might have been expected, the bureau’s latest RFI on supervision returns to asking for more details.
CFPB Guidance Documents
CFPB Enforcement RFI
Posted Date: Tuesday, February 13, 2018
The third in a series of requests for information (RFI) issued by the Consumer Financial Protection Bureau was published Monday regarding the bureau’s enforcement processes. Unlike previous RFI issued, the enforcement RFI does not concern statutory mandates, and has fewer questions for which public input is requested.
CFPB Guidance Documents
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12 USC Section 2605 or Section 6 is titled Servicing of mortgage loans and administration of escrow accounts. It pertains to qualified written requests, notices of transfer of servicing and the administration of escrow accounts.
An arrangement that involves a person who is in a position to refer business as part of a real estate settlement service and who has an interest in a settlement services provider.
In the arrangement, the person, who has either an affiliate relationship with or a direct or beneficial ownership interest of more than one percent in a settlement services provider, directly or indirectly refers business to that provider or influences a consumer to select that provider.
An arrangement that involves a person who is in a position to refer business as part of a real estate settlement service and who has an interest in a settlement services provider.
In the arrangement, the person, who has either an affiliate relationship with or a direct or beneficial ownership interest of more than one percent in a settlement services provider, directly or indirectly refers business to that provider or influences a consumer to select that provider.
A mortgage disclosure that lists all estimated charges and fees associated with your loan. In addition to fees and charges, it will list your loan amount, mortgage rate, loan term and estimated monthly payment. Your escrows due at closing for insurance and taxes will also be outlined. Mortgage lenders are legally required to provide a GFE within three days of receiving your application.
A mortgage disclosure that lists all estimated charges and fees associated with your loan. In addition to fees and charges, it will list your loan amount, mortgage rate, loan term and estimated monthly payment. Your escrows due at closing for insurance and taxes will also be outlined. Mortgage lenders are legally required to provide a GFE within three days of receiving your application.
Under RESPA Section 2605(e)(1)(B), a qualified written request is a written correspondence that includes: 1) the name and account of the borrower, or has enough information to allow the servicer identify that information; and 2) a statement of the reasons for the belief of the borrower that the account is in error or provides sufficient detail to the servicer regarding other information sought by the borrower.
A QWR cannot be written on a payment coupon or other payment medium supplied by the servicer.
Under RESPA Section 2605(e)(1)(B), a qualified written request is a written correspondence that includes: 1) the name and account of the borrower, or has enough information to allow the servicer identify that information; and 2) a statement of the reasons for the belief of the borrower that the account is in error or provides sufficient detail to the servicer regarding other information sought by the borrower.
A QWR cannot be written on a payment coupon or other payment medium supplied by the servicer.
12 USC Section 2609 or Section 10 is titled Limitation on requirement of advance deposits in escrow accounts. It governs escrow accounts including notifications and statements to borrowers. Section 10 also sets out penalties for those who violate the section.
RESPA Section 3 provides that a thing of value includes any payment, advance, funds, loan, service or other consideration
Regulation X says thing of value includes: monies, things, discounts, salaries, commissions, fees, duplicate payments of a charge, stock, dividends, distributions of partnership profits, franchise royalties, credits representing monies that may be paid at a future date, the opportunity to participate in a money-making program, retained or increased earnings, increased equity in a parent or subsidiary entity, special bank deposits or accounts, special or unusual banking terms, services of all types at special or free rates, sales or rentals at special prices or rates, lease or rental payments based in whole or in part on the amount of business referred, trips and payment of another person’s expenses or reduction in credit against an existing obligation.
A form used by a settlement or closing agent itemizing all charges imposed on a borrower and seller in a real estate transaction. This form represents the closing transaction and provides each party with a complete list of incoming and outgoing funds. RESPA requires the HUD-1 to be used as the standard real estate settlement form in all transactions in the U.S. involving federally related mortgage loans.
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