The plaintiffs have long argued that the government is trying to keep roughly 1,500 documents hidden under the deliberative process and bank examination privileges.
With Trump being a real estate developer – though that part of his career is on hold right now – it will be interesting to see if he takes a hands-on approach to reforming the GSEs...
The CFPB last week issued an interim final rule to give mortgage servicers more flexibility to communicate with homeowners at risk of foreclosure. “Today’s action should make it easier for mortgage borrowers to receive timely information from their mortgage servicers about available options for saving their home, even if they have submitted a request to cease communication,” said CFPB Director Richard Cordray. In 2016, the bureau made changes to its rules to require servicers to send modified early intervention notices to certain borrowers at risk of foreclosure who asked for an end to communication under the Fair Debt Collection Practices Act. Under the FDCPA, borrowers can tell their servicers to stop contacting them, with some limited exceptions. Once such borrowers ...
The CFPB issued a proposed rule last week to provide more certainty for mortgage servicers about when to provide periodic statements to consumers in connection with their bankruptcy cases. The consumer bureau said it is proposing amendments to certain mortgage servicing rules issued in 2016 under Regulation Z (which implements the Real Estate Settlement Procedures Act) relating to the timing for servicers to transition to providing modified or unmodified periodic statements and coupon books in connection with a borrower’s bankruptcy case. Among other things, the 2016 mortgage servicing final rule addresses Reg Z’s periodic statement and coupon book requirements when a person is a debtor in bankruptcy. It includes a single-billing-cycle exemption from the requirement to provide a periodic statement ...
Ocwen Financial, the once high-flying non-bank mortgage servicer, has brought to 15 the number of states it has reached settlements with to resolve allegations its compliance with laws and regulations related to its mortgage servicing and lending activities was deficient. Last week, Ocwen settled with New Mexico, Virginia and West Virginia. Late last month, it entered into agreements with 10 other states: Georgia, Idaho, Illinois, Maine, Michigan, Mississippi, Montana, Rhode Island, South Carolina and Wisconsin. Nevada and Indiana previously either withdrew or allowed their respective cease-and-desist orders to expire. Per the settlements, Ocwen will not acquire any new residential mortgage servicing rights until April 30, 2018. Also, the nonbank will develop a plan of action and milestones regarding its transition ...
The CFPB recently ordered Meridian Title Corp., a real estate settlement agent and title insurance agency in South Bend, IN, to pay up to $1.25 million in redress to consumers who were allegedly steered to a title insurer owned partly by several of Meridian’s executives without disclosing the affiliation. According to the bureau’s consent order, Meridian issues title-insurance policies, provides mortgage loan settlement servicers, and conducts loan closings in connection with residential real estate transactions. In its role as title policy issuing agent, the company procures policy orders from borrowers and lenders and issues title commitments, final policies and related endorsements. As a settlement agency, Meridian facilitates the real property and mortgage loan settlement services required to close the mortgage ...
A greater percentage of community banks are making mortgages this year than the year before, but the mortgage regulations from the CFPB continue to cause some smaller institutions to ditch that line of business, according to a new survey conducted by the Conference of State Bank Supervisors and the Federal Reserve System. Mortgage lending is still a prominent activity among the more than 600 community banks surveyed, with 1-4 family, fixed-rate lending identified by more than 80 percent of respondents as a product currently offered that would continue to be provided. “This is higher than the 76 percent reported last year and contrasts, to some extent, with the five percent of banks that last year planned to exit from or ...
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