In his preamble to the Congressional report, Mulvaney sums it up best, saying "many” members of Congress “disagree with my actions as Acting Director…”

The trick, though, is to convert that higher MSR value into cash…

The authors noted that appraisals associated with management companies may be more prone to contract price confirmation and super-overvaluation.

The company said it made the investments because it believed in the future economic prospects of the companies…

CFPB Upgrades Mortgage Servicing Small Entity Compliance Guide. The CFPB has released version 3.1 of its mortgage servicing Small Entity Compliance Guide. The SECG provides a summary of the agency’s 2016 final mortgage servicing rule, which goes into effect April 19. The revised guide incorporates an amendment to the rule released earlier this month, which replaces the previous single-billing-cycle exemption with a single-statement exemption for mortgage servicers ... [Includes three briefs]

Acting CFPB Director Mick Mulvaney has reportedly dropped another payday lending case, giving new ammunition to his critics. According to a Reuters report, five people with direct knowledge of the matter said the CFPB under the leadership of Mulvaney decided not to go after National Credit Adjusters and is pondering whether to end cases against three other payday lenders. The agency declined to comment on the Reuters report. Mulvaney said in February the bureau won’t spend a lot of energy ...

The CFPB late this month issued two more requests for information – one on the its inherited regulations, and another on bureau guidance and implementation support. Under the Dodd-Frank Act, the agency has the rulemaking authority for federal consumer financial laws previously vested in certain other federal agencies. The bureau is considering whether it should amend the regulations or exercise the rulemaking authorities it inherited. This RFI solicits public input on all aspects of ...

If the CFPB wants to make the civil investigative demand process less painful for companies, it might consider installing a high-level approval process before a CID even gets off the ground, according to another government agency – the Federal Trade Commission. The FTC late last week filed a comment letter on the CFPB’s request for information on CIDs, suggesting ways the agency can relieve the burden on investigative demand recipients. Mortgage lenders that have received one or more CIDs have ...

Fannie Mae and Freddie Mac in the second half of last year saw a rapid growth of loans with high debt-to-income ratios, thanks in part to the so-called GSE patch. The government-sponsored enterprises enjoy a special exemption under the qualified mortgage rule of the Consumer Financial Protection Bureau. To achieve QM status, a loan must have a DTI ratio of 43 percent or less, but if a mortgage is sold to Fannie or Freddie, DTI ratios can be higher. In the second half of 2017, loans with DTI ratios ...

The U.S. Chamber of Commerce is siding with Republicans when it comes to changing the structure of the CFPB, favoring a shift to a bipartisan commission and Congressional control over the agency’s funding. The Chamber, a business-oriented lobbying group with strong ties to the GOP, outlined 23 recommendations in six categories, such as enforcement, supervision and education. The organization has long argued that the financial industry and consumers would benefit from substantial ...