Mark McArdle, an assistant director of mortgage markets at the CFPB, provided updates on the regulator’s priorities in terms of mortgage lending at the MBA’s independent mortgage bankers conference. The top concerns are LO comp practices and fair lending.
The CFPB’s proposal on streamlining mortgage servicing standards will likely be issued this spring. The regulator is trying to balance loss-mitigation options and foreclosure protections.
Even though Bank of America and the borrowers were successful in reaching a reinstatement, a report filed by the foreclosure mediator put the bank on the hook for acting in bad faith.
Currently, banks charge an average of $35 for overdraft loans, raking in billions of dollars per year. The CFPB proposed a safe harbor for overdraft loans that would be as low as $3.
The settlement addresses charges that the Memphis, TN-based bank engaged in mortgage lending discrimination in majority-Black and Hispanic neighborhoods.
The Supreme Court appears poised to overturn the legal theory of “Chevron deference.” If it does, what the court chooses to replace the standard with will have an impact on the CFPB going forward.
CFPB proposes rule aimed at a fee rarely charged by banks; Connecticut regulator alleges unlicensed mortgage origination activity by LoanSnap; the CFPB and seven state AGs partner on a lawsuit against a debt-relief company; CFPB warns of scam targeting elderly.
Laws in a number of states require mortgage servicers to make interest payments to borrowers on funds held in escrow. The Supreme Court will hear oral arguments on the matter in February, helping to clarify the OCC’s stance on federal preemption.
Industry participants and consumer advocates separately applauded the CFPB’s Section 1033 proposal on open banking. There were also plenty of suggestions for adjustments among the thousands of comment letters submitted.
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