The MBA believes that the Treasury Department – despite being the GSEs’ single biggest shareholder – has been absent on Fannie/Freddie reform since early 2011.
The numbers suggest that after seven quarters of complaints being received by the CFPB, mortgage lenders are getting a better handle on complaint resolution.
Accenture is making major inroads in the residential finance space with its purchase of Mortgage Cadence. Meanwhile, Fannie says market could move toward ARMs.
The CFPB issued a final rule last week that finalizes the April clarifications made to its ability-to-repay and mortgage servicing rules. Among other things, the final rule clarifies and amends how several factors can be used to calculate a consumer’s debt-to-income ratio. Such factors include a consumer’s employment record and income, business credit reports and other documents relating to self-employed consumers, Social Security income, and non-employment related income such as from a trust or rental property. The final...
Debt collection practices are now fully and firmly on the CFPB’s radar. Last week, the bureau warned all companies under its jurisdiction that they will be held accountable for unlawful conduct in collecting a consumer’s debts. In the first of two bulletins, the CFPB makes clear that any entity subject to the Consumer Financial Protection Act of 2010, whether a third-party collector or a creditor collecting its own debts, can be held accountable for any unfair, deceptive or abusive practices in collecting a consumer’s debts...
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