In the past, some in the mainstream media have referred to nonbank mortgage lenders as “shadow” lenders, a phrase that residential finance professionals find pejorative…
The Mortgage Bankers Association is projecting that more than 4,600 residential finance professionals will attend its annual convention in Denver next month.
An undisclosed number of mortgage servicers continue to drop the compliance ball, according to the latest supervisory highlights report from the CFPB, issued last week. “In recent exams, examiners found that one or more servicers received incomplete loss mitigation applications and pre-approved borrowers for short-term payment forbearance programs based on those applications,” the report noted. “However, the servicer(s) did not notify borrowers of their right to complete the application and did not separately request other information needed to evaluate for all the other loss mitigation options offered by the owner or assignee of the loan.” Also, as the modification program neared its end, and before the short-term payment forbearance period concluded, the servicer(s) failed to reach out to affected borrowers ...
In remarks that “sure sounded like a campaign speech,” according to one long-time industry compliance attorney, CFPB Director Richard Cordray threw the mortgage industry under the bus, accusing it of causing the financial crisis and the Great Recession that followed. Two weeks ago, Cordray delivered the keynote address at the Ohio Land Bank Conference in Cleveland, the same day the Democrat Party primary debate for the Ohio gubernatorial race was held. Some political observers were watching to see if the director would give his speech, resign and then appear in the debate. They were disappointed.But that doesn’t mean Cordray won’t resign before his term ends in July to pursue a run for the governor’s mansion. He has until 4 p.m. ...
The CFPB got a split verdict in a recent ruling from the U.S. District Court for the Northern District of California in its legal tussle with Nationwide Biweekly Administration, of Greene County, OH, which stood accused of engaging in deceptive practices by misleading consumers through its Interest Minimizer mortgage payment program. The bureau won a $7.9 million civil penalty from the defendants, but lost on $74 million in sought-after restitution. “After carefully considering the sufficiency, weight and credibility of the testimony of the witnesses, their demeanor on the stand, the documentary evidence admitted at trial, and the post-trial submissions of the parties, the court finds that CFPB has adequately shown that some, but not all, of defendants’ challenged marketing statements ...
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