At least two young mortgage insurance firms hope to go public by yearend. But how might the market receive these deals with so much uncertainty surrounding the GSEs?
Addressing the annual convention of the American Bankers Association, the CFPB chief stressed that his agency is proceeding full speed ahead with the January implementation of its mortgage rules.
The Federal Reserve Office of Inspector General, which also serves as the IG for the CFPB, took the unusual step of entering a public policy debate and challenged the assertion by the Bipartisan Policy Center that it doesn’t have adequate investigative and reporting powers related to the bureau. In its recent report on the CFPB, the center and its Task Force on Consumer Protection said, “The bureau should have all of the other trademarks of accountability that independent bank regulators share. The Dodd-Frank Act contains...
The CFPB spent $13.2 million over the last two fiscal years on various, and at times controversial, data collection activities, according to documentation the bureau sent to the leadership of the House Financial Services Committee. When CFPB Director Richard Cordray appeared before the House Financial Services Committee on Sept. 16, he got an earful from chairman Jeb Hensarling, R-TX, for dozens of answers the congressman said he never got from Deputy Director Steven Antonakes related to the bureau’s data collection...
As the mortgage lending industry continues to brace for qualified mortgage lending versus non-QM lending, and with the new qualified residential mortgage standard about to be put into play, it’s important lenders remember they don’t have to originate QM or QRM loans. “There is no legal requirement under [Dodd-Frank] to make QM or QRM loans,” Laurence Platt, a partner with the K&L Gates law firm in Washington, DC, told participants during a recent webinar sponsored by Inside Mortgage Finance, an affiliated newsletter...
Subject matter attorneys from the CFPB participated in a webinar sponsored by the Mortgage Bankers Association last week on the bureau’s mortgage origination rules to try to give industry representatives some detailed responses to a number of frequently asked questions the agency has received in recent months. “One of our key priorities has been to bring increased clarity, certainty and burden relief wherever possible and appropriate to address critical questions that we heard from industry,” said Lisa Applegate, the...
It may be hard to believe, but there are some companies considering early compliance with the CFPB’s mortgage servicing rules which take effect on Jan. 10, 2014. But one top official from the bureau urged taking a cautious approach. Answering some questions about the effective date of the bureau’s mortgage servicing rules during a webinar sponsored last week by the Mortgage Bankers Association, Marta Tanenhaus, senior counsel with the CFPB, reminded participants that “no servicer is required to comply with the rules before Jan...
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