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.
The House Financial Services Committee passed eight bills on debt collection, including prohibiting the CFPB from issuing any rule that would allow collectors to contact borrowers with unlimited text messages and emails.
The bureau issued an interpretive rule that certain screening and training requirements under the Secure and Fair Enforcement for Mortgage Licensing Act do not apply to loan originators with temporary authority.
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