The recent departures at Nationstar began in May when the company revealed that Executive Vice President and Chief Strategy Officer David Hisey would leave the lender/servicer in mid-June.
The CFPB rang the credit card industry’s bell last week, compelling JPMorgan Chase to refund at least $50 million to consumers and to pay $136 million in penalties and payments to settle an enforcement action related to allegations of selling bad debt and robo-signing documents. The lender also must pay a $30 million penalty to the Office of the Comptroller of the Currency in a related action. According to CFPB officials and attorneys general from 47 states and the District of Columbia, who collaborated in bringing the action, Chase sold credit card accounts to debt buyers that included amounts that were inaccurate, settled, discharged in bankruptcy, not owed, or otherwise not collectible. Debt buyers then sought to collect the faulty ...
Mortgage lenders told the CFPB they support the bureau’s recent proposal to extend the effective date of its integrated disclosure rule to Oct. 3, but urged the agency to do yet more to help the industry cope. The Mortgage Bankers Association, for example, in its comment letter said the so-called TRID rule –promulgated under the Truth in Lending Act and the Real Estate Settlement Procedures Act – when finally implemented “will make the mortgage process considerably more understandable and navigable for consumers, an objective we have long shared.” However, “experience has shown that the TRID rule is far more complicated and wide ranging than any other rule previously issued by the CFPB,” the trade group added. “It is causing significant implementation ...
The mortgage lending industry, fresh off a successful appeal to the CFPB for an extension of the effective date of the pending integrated disclosure rule, has secured the introduction of another piece of legislation in the U.S. Congress that would provide lenders a “hold harmless” enforcement period under the new rule. S. 1711, a bipartisan bill sponsored by Sens. Tim Scott, R-SC, Joe Donnelly, D-IN, and others, would provide for a temporary safe harbor from the enforcement of the rule, from the effective date through Dec. 31, 2015, providing lenders are making good-faith efforts to comply with the rule. The measure is identical to H.R. 2213 introduced in May by Reps. Steve Pearce, R-NM, and Brad Sherman, D-CA. “This bill ...
The CFPB’s integrated disclosure rule under the Truth in Lending Act and Real Estate Settlement Procedures Act – dubbed TRID – is a “once in a generation transformational event for the industry,” according to Franklin Codel, executive vice president of Wells Fargo Mortgage. Even with the recently extended effective date of Oct. 3, 2015, TRID was still at the forefront of topics at a real estate conference in Miami in late June. The pending rule prompted a discussion by panelists who emphasized the magnitude of the upcoming changes. Codel said he thinks the industry is prepared but said it’s going to require strong cooperation among lenders, real estate professionals, settlement agents and consumers to get this right. “Many of the things that ...
Mortgage industry consultants at Lenders Compliance Group have received some client questions lately having to do with the seven-day waiting period under the CFPB’s integrated disclosure rule. “We know about the seven-day waiting period requirement between providing the initial disclosures and consummation,” according to a new TRID-related blog from Lenders Compliance Group that summarizes the concerns. “We need to know what criteria to use in order to determine if the consumer may waive the waiting period based on a personal emergency. And if a consumer can waive the waiting period, how is this done?” Jonathan Foxx, president and managing director at the consultancy, replied that, “For a closed-end credit transaction that is secured by the consumer’s dwelling and subject to ...
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