Union Mortgage has been losing some of its top executives over the past year. A few months back, its president and CEO Robert Eastep departed for Stonegate Mortgage…
“The entire subject of ‘mini-corr’ and the CFPB’s interpretation is the result of a witch hunt perpetrated by one of the lawyers that moved from the Federal Reserve Board,” said one disgruntled broker.
Criticisms about servicing seem to be stubbornly resistant to much improvement, however, hovering in the 3,000 to 4,000 range for the last six quarters.
The audit is being conducted by HUD’s Office of Inspector General to assess the bank’s compliance with FHA requirements related to the origination of loans insured by the agency.
Bureau Moves to Ensure Equal Treatment for Same-Sex Marrieds. The CFPB is synchronizing its internal policies with the U.S. Supreme Court decision in United States v. Windsor, striking down as unconstitutional Section 3 of the Defense of Marriage Act, which holds that the word ‘marriage’ means only a legal union between one man and one woman. According to a staff memorandum from CFPB Director Richard Cordray, the CFPB will regard a person who is married under the laws of any jurisdiction to be married nationwide for purposes of the federal statutes and regulations under the bureau’s jurisdiction regardless of the person’s place of residency. However, consistent with other federal regulatory agencies, the bureau will not regard persons who are joined ...
As of July 21, 2014, the Dodd-Frank Wall Street Reform and Consumer Protection Act is now four years old and the CFPB three, after imposing more than $21 billion in costs and 60.7 million paperwork burden hours, according to a new study by American Action Forum, which identifies itself as a center-right policy institute. “As time passes, the law becomes more expensive as regulatory agencies like the CFPB and the Federal Housing Finance Agency grow with the mission to implement burdensome rules,” the report said. “Meanwhile, small financial services firms continue to struggle as the law restricts the availability of financial products. With about one-quarter of the law still left to implement, one can only expect the costs to continue ...
Small financial institutions are in favor of the CFPB expanding its small creditor exemptions in its final rules having to do with establishing a borrower’s ability to repay and escrow requirements for higher-priced mortgage loans. The Independent Community Bankers of America and a coalition of 45 state and regional banking associations urged the bureau to expand the exceptions for small creditors to ensure community banks can continue to meet their communities’ mortgage needs. In a joint letter, the organizations called on the CFPB to allow community bank loans held in portfolio for the life of the loan to automatically receive qualified mortgage safe harbor status and an exemption from the escrow requirements for higher-priced mortgage loans. The trade groups noted ...
The CFPB’s proposal to simplify the annual privacy notice requirement under the Gramm-Leach-Bliley Act would fail to accomplish its goal, a handful of industry trade groups said. They suggested an alternative approach that would eliminate the annual mailed notice requirement for institutions that have not changed their privacy practices and do not share information under the GLBA in a way that gives customers a right to opt out. This approach is compatible with some pending legislation in Congress, S. 635 and H.R. 749.“The key distinction between the legislative solutions pending in Congress and the CFPB approach is that the congressional solutions would only require that information sharing be limited to the current statutory exceptions, that the information disclosed in ...
The CFPB is now collecting consumer complaints about seven different segments of the financial services sector, and its latest cumulative report on the subject indicates the Dodd-Frank Act’s cop on the beat is only going to continue to expand its dragnet. So far, the CFPB is accepting complaints about credit cards (as of July 21, 2011), mortgages (Dec. 1, 2011), bank accounts and services (March 1, 2012), credit reporting (Oct. 22, 2012), money transfers (April 4, 2013), debt collection (July 10, 2013), and payday loans (Nov. 6, 2013). “The CFPB continues to work toward expanding its complaint handling to include other products and services under its authority, such as prepaid cards. Consumers may also contact the CFPB about other products ...
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