The CFPB’s integrated mortgage disclosure rule has helped reduce borrowing costs particularly for first-time and disadvantaged homebuyers, a new study finds.
Rep. Maxine Waters urges CFPB leadership not to finalize any “midnight” regulations; Upstart receives no-action letter; CFPB brings lawsuits against online lender LendUp Loans and debt-relief service provider DMB.
Mr. Cooper will pay a total of $91.3 million to settle allegations by 51 state attorneys general and the Consumer Financial Protection Bureau over servicing violations since 2014.
Nearly 30% of borrowers with loans in the deal have received forbearance or a deferral. The servicer, Citadel, will not make advances on delinquent payments.
Immediate actions by lawmakers is essential to prevent a national foreclosure crisis early next year, consumer groups believe. In a new Census Bureau survey, more than a third of the respondents said they may face foreclosure or eviction in the next two months.
The new deadline will allow Oceanwide to move forward with other regulatory measures needed to close the transaction after it was re-approved by the National Development and Reform Commission in China.
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