Bureau Mulling Possible Changes to HMDA Resubmission Guidelines. It’s been roughly one year since the CFPB issued a request for information regarding Home Mortgage Disclosure Act resubmission guidelines, and the bureau has yet to decide which way to proceed. The agency received 31 comments in response to the RFI, which was published Jan. 12, 2016, in the Federal Register. Commenters included HMDA reporters, industry trade groups, and consumer groups.... Revisions to Interagency Compliance Rating System Still Pending. The CFPB and the other members of the FFIEC continue to review public comments on their April 29, 2016, proposal to revise the existing Uniform Interagency Consumer Compliance Rating System to reflect regulatory, supervisory, technological, and market changes since the system was established....
NY Acts to Hold Banks and Mortgage Servicers Accountable for Maintaining “Zombie Properties.” The New York Department of Financial Services recently finalized a regulation intended to protect communities from the blight of “zombie properties” by requiring banks and mortgage servicers to report and maintain vacant and abandoned properties.... Mortgage Servicers Face New Licensing Requirement in Kentucky. The Kentucky Department of Financial Institutions has decided to require both master servicers and subservicers to obtain a license as a mortgage loan company with the KDFI if the loans being serviced are secured by residential real property located in the state....
Empirical evidence of the mortgage market’s recovery is still piling up, with the latest quarterly consumer complaint data from the CFPB showing that gripes about home loans fell in most categories tracked, both on a quarterly basis and year over year, according to a new analysis and ranking by Inside the CFPB. Consumer criticisms in the fourth quarter fell a solid 15.0 percent from the period ending Sept. 30, 2016. Finger pointing by borrowers fell on a YOY basis as well, but by a smaller 4.5 percent, the data show.With fewer and fewer borrowers underwater or in foreclosure these days, it should be no surprise that complaints about loan modification are down the most [With three exclusive data charts] ...
United Shore Financial Services was the top seller of broker loans by a wide margin, with $5.83 billion in fourth-quarter activity, more than twice its nearest competitor…
The Office of the Comptroller of the Currency recently fined HSBC $32.5 million for failure to correct faulty foreclosure practices in a timely manner as per a consent order originally issued back in 2011 to correct practices that harmed borrowers in the wake of the housing market’s collapse. The OCC also said the institution failed to file payment change notices (PCN) that complied with bankruptcy rules, which resulted in roughly $3.5 million in borrower remediation for approximately 1,700 mortgage loan accounts. “The bank’s untimely and missed PCN filing practices did not comply with bankruptcy rules, required the bank to undertake operational enhancements to achieve compliance, and were unsafe and unsound practices,” according to the consent order. The bank neither admitted ...
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