In a new supervisory roundup, the bureau cited mortgage companies for violating loan originator compensation rules and charging payment-method convenience fees.
Thousands of mortgage workers have been handed pink slips this year as companies move to cut costs. But it appears many shops aren’t telling the states, as required by law. Is there a rational explanation?
The two-month renewal period began with some 2021 deja vu: reports of issues with credit reports and identity verification. But the problems were resolved in the early days.
The lender is in talks with the Consumer Financial Protection Bureau to resolve several possible violations in its auto lending, mortgage lending and consumer deposit programs. Wells already holds the record for the highest fine issued in connection with a CFPB enforcement action.
After years of court maneuvers, the most prominent of the Fannie Mae/Freddie Mac shareholder lawsuits finally went to trial. Now it’s in the hands of a jury.
Rep. Patrick McHenry (R-NC), who is likely to chair the House Financial Services Committee if Republicans win control of the House, is a frequent critic of the Consumer Financial Protection Bureau.
The Federal Housing Finance Agency will eliminate certain upfront loan-level price adjustments while implementing “targeted” increases for most cash-out refinance transactions. The agency also approved two new credit scoring models for Fannie and Freddie.
The approaching midterm elections have once again sparked debate on when the FHA will announce a reduction in insurance premiums. Will the Biden administration use an MIP cut to stoke Democratic support?
The CFPB’s fair lending director in a new blog post reminded borrowers they can use reconsideration of value processes to question appraisals. The post came with a more subtle message directed at lenders: Make your ROV processes as easy to use as possible.
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