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Inside the CFPB
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A Flurry of CFPB Enforcement Settlements Suggests Some Change in Approach But Lenders Can’t Relax

August 9, 2018
After a brief hiatus while new management took over, the Consumer Financial Protection Bureau recently has resumed taking enforcement actions. Attorneys said the settlements look similar to those under the prior leadership, but the enforcement strategy is different.
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House Subcommittee Plans Hearing on ‘Waste, Fraud and Abuse’ Allegations at the FHFA. The GSEs?

August 9, 2018
Carisa Chappell
There was no mention of Freddie Mac’s CEO, Don Layton.
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CFPB Active Again in Enforcement Actions. 23 Cases Being Litigated

August 8, 2018
Yemeng Yang
A spokesperson told Inside the CFPB the agency’s office of enforcement is now “actively litigating 23 cases.”
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Industry Seeks Update from Banking Regulators on Basel, Tier I Capital and MSRs

August 8, 2018
George Brooks
At the very least, the MBA wants a timeframe from the regulators…
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Short Takes: Brother, Can You Spare $77.6 Billion? / If Things Get Rough, This is How Much Money I Might Need / Define ‘Severely Adverse’ Scenario / The Wells Fargo Mortgage Layoff Tally for July / Fannie Director Departs

August 8, 2018
Paul Muolo
But the bailout calculations – mandated under the Dodd-Frank Act Stress Tests – were not done by the FHFA.
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House Financial Services Committee Passes Bill Revising Points and Fees

August 7, 2018
Yemeng Yang
The revised definition excludes from points and fees any compensation included in the interest rate and for which the consumer was separately charged.
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Lobbying on the GSE Issue Moves from Congress to the Executive Branch

August 7, 2018
Paul Muolo
Earlier this year, Treasury Secretary Steven Mnuchin told the Senate Banking Committee he has the authority to restructure Fannie and Freddie without any change in law.
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Short Takes: R-E-S-P-E-C-T is What loanDepot CEO has for Zillow / Houlihan Lokey Advised Zillow / Shellpoint Shines / MBA Likes the Sandbox / A Handful of Promotions at PRM

August 7, 2018
Paul Muolo and Yemeng Yang
Anthony Hsieh of loanDepot: “Relax everyone. Competition is good."
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Treasury Gives Blessing to GSE Appraisal Waivers, More. But Moody’s Worries About AVMs

August 6, 2018
Carisa Chappell
The Treasury report acknowledges concerns from the appraisal industry but touts the benefits of using the waivers…
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Wells Fargo Says It’s ‘Very Sorry’ About Calculation Error that Led to Foreclosures

August 6, 2018
Paul Muolo
Wells Fargo: “As a result of this error, approximately 625 customers were incorrectly denied a loan modification..."
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