The Mortgage Bankers Association last week suggested the CFPB provide more clarity in the trial disclosure program. The CFPB in September issued a proposed rule to revise its trial disclosure policy. The new policy would reduce the application burden, clarify timing requirements, establish procedures for extending successful trial disclosure programs, and facilitate coordination with state regulators. “The proposed revision of the [trial disclosure program] ...
A top CFPB official last week touted the agency’s strategy on fintech and innovation in financial services as a perfect fit with its emphasis on cooperating with state regulators. Paul Watkins, director of the CFPB’s Office of Innovation, said the bureau is taking unique steps to coordinate with state regulators in creating regulatory sandboxes for financial technology companies. He joined other government officials in making remarks at the Bank Policy Institute’s ...
Rep. Maxine Waters, D-CA, ranking member of the House Financial Services Committee, introduced a bill to undo changes Acting CFPB Director Mick Mulvaney has made to the agency during his tenure. The legislation has no chance in the current session of Congress, but it would likely get on the fast track if Democrats win control of the House in the upcoming midterm elections. “My bill, the Consumer First Act, would reverse the harmful changes the Trump administration ...
Eli Global’s mini-mortgage empire includes lender/servicer Castle & Cooke, wholesaler Western Bancorp, Prime Mortgage and a warehouse lending division called CapLoc…
Fannie Mae recently sold its three Northern Virginia buildings as part of its plan to consolidate the 1.5 million square feet it has in office space in Virginia into one central hub. The buildings were sold to MRP Realty and Artemis Real Estate Partners. But Fannie will continue to occupy the buildings until its new 8,500 square foot headquarters at Reston Gateway, also in Virginia, is completed in 2022.
The Federal Housing Finance Agency published its 2019 annual performance plan last week for overseeing the GSEs and Federal Home Loan Banks next year. The performance plan supports the FHFA’s long-range strategic plan, and includes goals, performance measures and targets, and strategies to accomplish those goals.
Fannie Mae Gets Interim CEO. Fannie Mae announced this week that it has appointed Hugh Frater as interim chief executive officer. Frater's appointment will be effective on Oct. 16, 2018, subject to final approval from the Federal Housing Finance Agency.
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