The three major credit reporting bureaus – Experian, Equifax and TransUnion – continued to rank first, second and third, respectively, in the number of complaints filed…
The CFPB will start a rulemaking process to clarify what practices will be deemed “abusive” in the bureau’s sweeping authority to ban unfair, deceptive and abusive acts or practices, said Acting CFPB Director Mick Mulvaney. Speaking at the annual convention of the Mortgage Bankers Association in Washington this week, Mulvaney said Congress has defined “unfair” and “deceptive” practices fairly clearly, but the meaning of “abusive” is not well established in the law....
Originating home loans that don’t meet the qualified-mortgage standard remains a small, but rapidly growing market that’s looking more attractive at a time when agency mortgage lending is slowing. But many lenders are holding back because of a lack of clarity about non-QM compliance. Changes to the ability-to-repay rule may be necessary to move the non-QM niche to the next level, experts say. An estimated $21.5 billion of expanded-credit mortgages ...
A recent court ruling that Zillow’s co-marketing program does not violate the Real Estate Settlement Procedures Act is helpful to the industry, but lenders still need guidance from the CFPB to confirm the standards set by previous rulings, said compliance attorneys. Richard Andreano, a partner at Ballad Spahr, told Inside the CFPB that it is positive for lenders that a federal judge dismissed a lawsuit challenging Zillow’s co-marketing program. The bureau itself ...
The CFPB recently announced changes in how it communicates with lenders about supervisory events and how it will articulate supervisory expectations to institutions in the future. The bureau plans to continue sending examination reports and supervisory letters to institutions after exams are completed, according to a bulletin. These reports and letters will include two categories of findings: the matters requiring attention (MRAs) and supervisory ...
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