Examiners found problems with creditors disclosing inaccurate annual percentage rates (APR) and the total annual loan cost (TALC) in reverse mortgage transactions, according to the Consumer Financial Protection Bureau’s (CFPB) Supervisory Highlights.
The report covers bureau supervision activities generally completed between December 2018 and March 2019, and includes examination findings in mortgage origination.
Read on for details from the report, which is compiled to show how the bureau examines institutions for compliance.
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