The GSEs continued to wrangle with seller/servicers over repurchase requests during the fourth quarter of 2012, but mostly over loans originated five years earlier.
Critics of the CFPB and industry opponents of its new ability-to-repay/“qualified mortgage” rulemaking quickly got excited when the Court of Appeals for the District of Columbia ruled recently in Noel Canning v. National Labor Relations Board that President Obama’s recess appointments of three officials to the NLRB were unconstitutional. Their hope was that the president’s appointment of Richard Cordray as director of the CFPB might similarly be invalidated. And perhaps more to the point, they hoped the...
The CFPB will implement a plan over the next year that focuses on the mortgage industry’s compliance with new consumer protections that are slated to take effect in January 2014, including the new qualified mortgage/ability‐to‐repay rule and the mortgage servicing rules, the bureau announced recently. “Our plan is to work with the mortgage industry to ensure that the CFPB’s new rules are implemented accurately and expeditiously,” said CFPB Director Richard Cordray. “Both consumers and the industry will win when the new rules are...
The CFPB recently issued guidance to mortgage servicers reminding them of their legal obligations to protect borrowers during the transfer of mortgage servicing between firms. “Consumers should not be collateral damage in the mortgage servicing transfer process,” said CFPB Director Richard Cordray. “This guidance directs all mortgage servicers, both banks and nonbanks, to follow the laws protecting borrowers from the risks of such transfers and makes clear that we will be monitoring them for compliance.” In CFPB...
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