Residential servicers started 47,955 new foreclosures in the quarter, a 1.6 percent sequential decline, and a whopping 25.3 percent fall compared to a year ago.
For years, TransUnion has worked to get mortgage lenders and the GSEs to adopt VantageScore, a move that is still under consideration, according to the Federal Housing Finance Agency.
“Mr. Mulvaney has been described as a staunch deficit hawk and his nomination is viewed as sending a signal that federal regulations are likely to face tough scrutiny in a Trump administration,” Mishkin said.
CFPB Again Moves Against Finance Company. Late last month, the CFPB took its second legal action against Military Credit Services, LLC, a Norfolk, VA-based finance company, accusing the company of making loans with improper disclosures.... TransUnion Agrees to $19.4 Million Settlement. TransUnion, one of the largest credit reporting agencies in the U.S., has agreed to settle a dispute with the CFPB over the company’s practices related to the advertising, marketing and sale of consumer reports, credit scores or credit marketing products to consumers, the firm said in a recent Form 8-K filing with the Securities and Exchange Commission....
Mortgage-related issues will be a big component of the CFPB’s fair lending priorities for 2017, the bureau indicated in an online blog post late last year. Among the issues for the mortgage industry are redlining and servicing. “While the bureau has taken important strides in our efforts to protect consumers from credit discrimination and broaden access to credit, we continue to identify new and emerging fair lending risks and we will monitor institutions for compliance,” said Patrice Ficklin, associate director of the CFPB’s Office of Fair Lending. Going forward, then, the bureau is increasing its focus in three key areas, the first of which is redlining. “We will continue to evaluate whether lenders have intentionally avoided lending in minority neighborhoods,” ...
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