The CFPB wants to create a public registry to track nonbank financial firms that have been cited by a federal, state or local authority for unfair, deceptive or abusive acts or practices. The goal: To add sunshine to the markets and enhance regulators’ supervisory efforts.
Fannie and Freddie recommend the CFPB amend the qualified mortgage rule so that more borrowers, particularly those with small-balance loans, are eligible for refinancing.
Appraisal reform and redlining were major focus areas at an annual event that highlights federal accomplishments in fair lending. The Fed, meanwhile, will release new redlining risk assessment materials, perhaps by the weekend.
Wells Fargo and housing finance trade groups expressed support for expanding access to streamlined refinances and easing barriers to forbearance options for financially struggling consumers.
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?