The CFPB privately acknowledged to members of Congress recently that the bureau has had at least three data breaches thus far involving personally identifiable information from individuals who submitted complaints through the CFPB’s consumer response system. The admission was included among pages and pages of answers the bureau sent in response to numerous questions officials had received from lawmakers on Capitol Hill. Rep. Keith Rothfus, R-PA, brought the breaches to the public’s attention last week during a hearing on CFPB reform...
Mortgage lenders got a huge compliance and liability break, courtesy of the CFPB and the other federal financial regulators. A mortgage lender’s strategic decision to provide only qualified mortgages, in and of itself, will not raise its fair lending risk, the CFPB and four other regulators declared in new guidance issued last month. The agencies said they have received numerous inquiries from mortgage lenders about whether they would be liable under the disparate-impact doctrine of the Equal Credit Opportunity Act and its implementing...
Congress has no need to enact additional legislation to impose tough loss-mitigation standards on servicers and owners of securitized residential mortgage loans for the benefit of consumers. The CFPB’s mortgage servicing regulation thoroughly covers all related issues in this regard, according to a leading industry attorney. Larry Platt, a consumer finance lawyer at the global law firm K&L Gates, LLP, appeared late last month in a personal capacity before the Senate Banking, Housing and Urban Affairs Committee to discuss the Housing...
The National Association of Mortgage Brokers, the Mortgage Bankers Association and the National Association of Realtors are scheduled to meet with CFPB Director Richard Cordray and his staff this week to discuss various issues related to the bureau’s ability-to-repay rule and its qualified mortgage standard. More specifically, during their Tuesday, Nov. 5, 2013, meeting, the industry representatives plan to raise the impact of the points-and-fees cap, what they assert are the biases against mortgage brokers, and the ability for consumers to...
The CFPB’s integrated mortgage disclosure rule under the Real Estate Settlement Procedures Act and the Truth in Lending Act might not be out until early December, an informed source told Inside the CFPB. For months, the expectation had been that an October release was in the offing, but it still has yet to come out, and bureau personnel say they don’t have a release date. “We were in a meeting at the beginning of October, and before that, there were some pretty heavy rumors that it was going to come out at the end of October,” said...
Housing Commissioner Carol Galante warned that with interest rates rising, the FHA may have reached a “tipping point” with its mortgage insurance premiums.
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