Mortgage gripes filed with the CFPB increased by 5.4% in the third quarter, driven by criticisms regarding applications and closings. (Includes two data charts.)
The latest supervisory report from the CFPB found that some servicers violated Regulation X by including a lump-sum repayment option in escrow account statements when mortgagors had a shortage.
The CFPB by and large has agreed that marketing service agreements are permissible. Companies now need to reevaluate that payments for such partnerships are of reasonable market value.
To avoid a pileup at the end of the year due to the operational challenges caused by the pandemic, state regulators have called on loan originators to renew their licenses early.
Debt collectors will finally be allowed to use modern communication technology (emails and text messages) in tracking down late payors. Consumers can opt out if they want.
The CFPB issues no-action letter to Bank of America; lawsuit against Driver Loan; SMART Payment Plan settles with the CFPB; New York Department of Financial Services outlined expectations for financial institutions to man-age climate change risks.
The new expiration date will be tied to the mandatory compliance date for the revised general QM rule, or when the GSEs exit conservatorships, whichever comes first.
The CFPB has created a new office within the supervision, enforcement and fair lending division to assign cases to the enforcement office. Critics say the change will weaken the bureau’s enforcement power.
The Federal Reserve last month issued its own plan to modernize the decades-old anti-redlining law: a metrics-based approach that would separately evaluate retail lending and community development financing.
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