Browse articles from all of our Newsletters related to Complaints.
February 17, 2017 - Inside FHA/VA Lending
The spike in FHA delinquencies in the fourth quarter of 2016 justifies the Trump administrations decision last month to suspend and review the outgoing administrations lowering of FHA mortgage insurance premiums, said House Financial Services Committee Chairman Jeb Hensarling, R-TX. Commenting on the Mortgage Bankers Associations quarterly delinquency rate survey, Hensarling praised President Trumps decision to set aside the 25-basis-point premium reduction, which Inside FHA/VA Lending reported first on Jan. 6, 2017. Lowering premiums at this time was a big mistake, said Hensarling. The sudden increase in delinquencies makes it clear that President Trump was absolutely right to undo the previous administrations irresponsible action. Hensarling recalled that in 2013 taxpayers had to spend $1.7 billion to bail out the FHA. Going forward, the FHA must be fiscally sound, with a ...
February 13, 2017 - Inside the CFPB
Mortgage borrowers still have plenty to complain to the CFPB about, especially on the mortgage servicing front, the latest monthly consumer complaint report from the bureau suggests. The most common issues identified by consumers are problems when they are unable to pay (loan modification, collection, foreclosure), which were cited by 49 percent, according to the CFPB, followed by issues making payments (loan servicing, payments, escrow accounts), identified by 33 percent. Other homeowners brought up problems having to do with applying for a loan (application, originator, mortgage broker), which was noted by 9 percent, followed by signing the agreement (settlement process and costs), which was highlighted by 5 percent, and receiving a credit offer (credit decision, underwriting [With Two Data Charts]....
February 13, 2017 - Inside the CFPB
House Financial Services Committee Chairman Jeb Hensarling, R-TX, is looking to retain the CFPB, restructure key parts of the agency, and drastically limit its authority, Inside the CFPB has learned. According to a draft memorandum of the major changes to Hensarlings Financial CHOICE Act, now dubbed CHOICE Act 2.0, the bureau is to be retained and restructured as a civil law enforcement agency similar to the Federal Trade Commission, with additional restrictions on its authority, as follows: Sole director, removable by the president at will. Rule-making authority limited to enumerated statutes. Unfair, deceptive acts or practices authority repealed in full. Supervision repealed. Consumer complaint database repealed. Market monitoring authority repealed. Enforcement powers limited to cease-and-desist and civil investigative demand/subpoena powers....
February 10, 2017 - Inside The GSEs
Fannie Maes new regional headquarters under construction in the Dallas metro area is the target of criticism from Sen. Chuck Grassley, R-IA.He questions the Federal Housing Finance Agencys management of the project in which the GSE is combining three locations into the one leased building. This comes on the heels of the FHFA Office of the Inspector General issuing a management alert late last year raising concerns about the cost of the consolidation and relocation of Fannies high-rise offices in Plano, TX. Grassley wants answers as to how the agency plans to address the issues identified in the IG management alert.
January 27, 2017 - Inside The GSEs
A federal court ruled that GSE shareholders can no longer sue Fannie Maes accounting firm, Deloitte & Touche, and that the Federal Housing Finance Agency will take over as plaintiff in the Edwards et al v. Deloitte & Touche case. The ruling, handed down last week in the U.S. District Court of Florida, distanced shareholders from the case, and said any claims against Deloitte are the sole responsibility of ...
January 16, 2017 - Inside the CFPB
Empirical evidence of the mortgage markets recovery is still piling up, with the latest quarterly consumer complaint data from the CFPB showing that gripes about home loans fell in most categories tracked, both on a quarterly basis and year over year, according to a new analysis and ranking by Inside the CFPB. Consumer criticisms in the fourth quarter fell a solid 15.0 percent from the period ending Sept. 30, 2016. Finger pointing by borrowers fell on a YOY basis as well, but by a smaller 4.5 percent, the data show. With fewer and fewer borrowers underwater or in foreclosure these days, it should be no surprise that complaints about loan modification are down the most [With three exclusive data charts] ...
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