An analyst at J.D. Power said servicers must proactively communicate with borrowers and offer digital channels through which consumers can easily find solutions to their problems.
The CFPB said several nonbanks that have come under its oversight following a procedural rule issued in November 2022 are cooperating with the agency to iron out compliance problems before it’s too late.
The temporary injunction halting the implementation of the Section 1071 final rule applies only to members of the American Bankers Association and the Texas Bankers Association.
A CFPB proposal to set ability-to-repay requirements for PACE lending has support from mortgage lenders. However, PACE lenders and eight Republican state attorneys general have warned the proposal would lead to the end of PACE lending.
A recent Senate subcommittee hearing on the CFPB’s efforts to rein in junk fees was deeply divided along partisan lines. Also, a former CFPB deputy director panned the administration’s work around junk fees.
The CFPB has accused USASF Servicing of illegally disabling consumers’ vehicles, failure to refund premiums, double-billing and incorrect repossessions.
CFPB won’t appeal Ocwen judgment; former CFPB senior counsel launches law firm; new appraisal standards will be available in print as well as digital format.
Consumer complaints to the CFPB related to mortgages were down sharply from the early months of the year, with huge drops in every category, according to a new Inside the CFPB analysis.
Industry participants spoke last week on effective implementation of the Department of Housing and Urban Development’s discriminatory effects rule during a conference of the National Fair Housing Alliance.
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