Acting CFPB Director Mick Mulvaney is perceived as someone who’s taking a softer touch on enforcement matters than his predecessor, but nonbank mortgage originators are still being examined at a regular clip, according to industry attorneys As for how many lenders are being examined each year, that’s a different matter. The agency, as a practice, does not disclose those figures. “We’ve had a significant number of nonbank clients get examined by the CFPB ...
The results of the 2018 midterm elections are sure to have implications for the CFPB. The questions are what and to what extent. One thing is almost for sure: the CFPB will have a new director – Kathy Kraninger – next year, because Senate Republicans netted three more seats, a comfortable 54-46 margin. “We will see a new leader at the CFPB in the next year and it will be interesting to see the interaction of that CFPB leadership with Congress ...
A federal court recently allowed asset-backed securities investors to intervene in a case brought by the CFPB against securitization trusts. Industry participants said it is an important and favorable decision for the securitization industry. Back in September 2017, the CFPB brought an enforcement action against National Collegiate Student Loan Trusts regarding certain student loan debt-collection practices. While the CFPB acknowledged that subservicers – not the trusts themselves ...
The CFPB and the Federal Housing Finance Agency last week for the first time released survey results from the National Survey of Mortgage Originations, a loan-level dataset the two agencies administer jointly. The quarterly survey queries borrowers about their experiences getting a mortgage, their perceptions of the mortgage market, and future expectations among others. The data cover closed-end first-lien residential mortgages newly reported to one of the ...
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