The Mortgage Bankers Association said it has become aware of bureau examiners aggressively demanding privileged attorney-client information from nonbanks.
Mortgage originators appeared to have been lax in adhering to lending practices under Regulation Z, the latest CFPB supervisory highlights report reveals.
The megabank is also required to refund at least $592,000 in garnishment-related fees to harmed consumers, reform its system for processing garnishments and update language in contracts with consumers.
After three quarters of steady declines, the number of mortgage-related complaints received by the CFPB rose again in the first quarter of 2022. Mr. Cooper Group was the most frequent target of customer ire. (Includestwo data charts.)
Although CFPB Director Rohit Chopra’s tenure so far has been unusually quiet on the mortgage front, industry attorneys and executives said other actions indicate there’s enforcement on the horizon.
Industry trade groups believe the request for information is unwarranted as fees on consumer financial products and services are already backed by adequate disclosure requirements.
The denial rate on applications for refinances increased in 2021, while the purchase-mortgage denial rate declined. For both categories, inadequate debt-to-income ratios were the main reason for denials. (Includes two data charts.)
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