Late last year, IBM bought Ludwig’s Promontory Financial Services advisory firm, but the former OCC chief kept two divisions: Promontory MortgagePath LLC and Promontory Interfinancial.
“The NOLO platform allows customers to complete the mortgage lending process entirely online without the industry standard loan officer interference at each step,” 360 said.
A growing number of mortgage lenders and aggregators are actively considering entry into the private label securitization market, says Clayton President Jeff Tennyson…
Cordray Takes to the NYT to Defend CFPB Arbitration Rule. CFPB Director Richard Cordray took to the opinion page of The New York Times last week to make a public plea in support of the CFPB’s controversial arbitration rule. Cordray cited claims by opponents of the rule that plaintiffs make out better financially by acting individually instead of acting collectively in a group lawsuit. “This claim is not supported by facts or common sense. Our study contained revealing data on the results of group lawsuits and individual actions,” he said. “We found that group lawsuits get more money back to more people. In five years of group lawsuits, we tallied an average of $220 million paid to 6.8 million consumers ...
The CFPB recently filed a complaint and a proposed settlement against what’s left of Aequitas Capital Management and related entities, all of which are based in Lake Oswego, OR, accusing the firms of aiding the allegedly predatory lending behavior of Corinthian Colleges, now defunct. The complaint against Aequitas and its affiliates was filed in U.S. District Court, District of Oregon, Portland Division.“The bureau brings this action against Aequitas for its abusive acts and practices in connection with private loans made to students at Corinthian Colleges, which were funded or purchased by Aequitas,” the CFPB said. “By funding these private loans, Aequitas enabled Corinthian to present a façade of compliance with federal laws requiring that a certain portion of a ...
There may be plenty of uncertainty about the direction of the CFPB these days, given that Republicans are calling the shots on Capitol Hill and at the White House, plus the fact that Richard Cordray’s days as director of the bureau are numbered, regardless of when he actually ends up departing. Still, mortgage servicers can continue to expect robust supervision and regulation – and enforcement –if not from the bureau, then from another federal regulator, as well the states, and maybe all of the above, according to Steven Frie and Mark Shannon, top servicer analysts at S&P Global Ratings. “It’s been pretty common knowledge that the CFPB has been very active in regards to regulating the mortgage servicing industry,” Frie said ...
In the age of the CFPB, mortgage servicers have been walking a tightrope, balancing regulatory compliance with borrower satisfaction, sometimes getting stung by an enforcement action. This year, they are falling behind the curve in terms of their customers, according to the results of the 2017 U.S. Primary Mortgage Servicing Satisfaction Study from J.D. Power. “CFPB servicing regulations now in place are resulting in intense scrutiny as well as major fines for some institutions during the first waves of enforcement,” the data, analytics and advisory services provider said. “With other state and federal agencies, such as the Department of Justice and state attorneys generals, also taking actions against mortgage servicers for servicing practices, many experts expect intense regulatory scrutiny to ...
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