Is this the last week on the job for CFPB Director Richard Cordray? Speculation is suddenly growing fast and furiously that the director’s time is about over, that President-elect Trump will use his signature line from his Apprentice television show, “you’re fired” shortly after he is inaugurated on Jan. 20, 2017. What took this once-peripheral issue abruptly into overdrive are press reports that retired U.S. Congressman Randy Neugebauer, R-TX, met with the president elect at Trump Tower in New York City last week to discuss becoming the new head of the CFPB. Neugebauer, the former chairman of the House Financial Services Committee’s Financial Institutions and Consumer Credit Subcommittee, reportedly has not been offered the job, as of press time, and ...
With the inauguration of Donald Trump as the 45th president of the United States now just days away, anxiety among defenders of the CFPB that its director, Richard Cordray, may be booted is intensifying, prompting some of his more vocal supporters to make impassioned public pleas to defend him and preserve the agency he heads. Up on Capitol Hill, Democrats on the House Financial Services Committee urged the new president to “reject the Wall Street agenda” and not remove Cordray from his post. “Any attempts to remove Director Cordray from his position are without historical precedent, and intended solely to distract the director and the bureau from its important work protecting servicemembers, students and other borrowers from financial predation,” the ...
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....
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…
Correspondent-originated mortgages accounted for 30.7 percent of home loans delivered into Fannie Mae and Freddie Mac mortgage-backed securities during the fourth quarter of 2016, according to a new analysis from Inside Mortgage Trends. Lenders sold $90.96 billion of correspondent-originated loans to the two government-sponsored enterprises, an 11.6 percent increase over the third quarter. The volume of retail originations rose 3.6 percent in the fourth quarter ... [Includes two data charts]
Although the question of when the conservatorship status of the GSEs will be resolved is still up in the air, a new administration has many speculating that change is on the horizon for Fannie Mae and Freddie Mac. The November election gave Republicans both houses of Congress and the executive branch. This seemed to lend itself to more talks on when and how to reform the GSEs as they approach close to a decade in conservatorship. But, while the sentiment to do something is apparent, agreeing on the best path forward is a different story. And, as in the past, there is no shortage of competing thought processes and proposals.
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