Democratic senators have asked the Government Accountability Office to investigate whether the CFPB has fulfilled its statutory obligation to combat discriminatory lending practices. Separately, Rep. Maxine Waters questioned the bureau’s potential hiring of an enforcement director.
The CFPB released two guides on how to disclose construction-to-permanent loans under the integrated mortgage disclosure rules. The guides may spur new questions from the industry, attorneys noted.
Investors in mortgage servicing rights must obtain a license in New Jersey; the Mortgage Bankers Association has urged Georgia to repropose certain portions of its proposal implementing temporary authority for LOs; New York enacts “zombie” property remediation law.
“The NYDFS has taken cyber security to a whole new level," said one lender. "They are hammering everyone about the risk and heavy enforcement in examinations.”
CFPB releases annual adjustment of asset-size thresholds under HMDA and TILA; CFPB issues financial literacy annual report for fiscal 2019; progressive groups call on Supreme Court Justice Brett Kavanaugh to recuse himself from the CFPB constitutionality case; the New Civil Liberties Alliance files lawsuit challenging the CFPB’s funding mechanism.
When it comes to mortgage-related M&A, 2019 was a bust, right? Well, not exactly. As for 2020, company sales will hinge on rates and loan production. Will weaker players be forced to exit?
Redwood also revealed deferred stock units/awards to its five most senior executives. Abate will take home $1.875 million in DSUs, Robinson, $2.25 million.
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