Two Democratic senators are pressing for a CFPB examination of the Apple Card's underwriting standards, while demanding information about the agency's enforcement of fair lending standards.
The CFPB's recent report on mortgage servicers seems to state the obvious: the biggest shops dominate the residential loan processing market, and nonbank market share is growing.
The CFPB's latest regulatory agenda lays out its priorities for next year, including action on the qualified mortgage "patch" and changes to the residential data reporting rule.
Temporary operating authority for loan officers moving from one state to another is now the law of the land. However, origination firms need to pay attention to potential compliance risks, investor appetite, and state-specific requirements.
The Pennsylvania Department of Banking and Securities unveiled six enforcement actions during the third quarter against licensed mortgage lenders for operating a servicing business without a license.
A district court not convinced that the CFPB’s structure is unconstitutional declined to drop a case filed by the bureau against Ocwen Financial Corp. over alleged mortgage servicing failures.
A district judge in Wisconsin ordered two now-defunct mortgage relief firms and their principals to pay $59 million over foreclosure abuses. The payment includes $21.7 million in consumer restitution and a $37.3 million fine.
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