The mortgage lending industry widely supports the Consumer Financial Protection Bureau’s proposal to extend to Oct. 3, 2015, the effective date of its transformative integrated-disclosure rule under the Truth in Lending Act and the Real Estate Settlement Procedures Act. But more needs to be done, say those who have commented on the planned delay. The American Bankers Association, for example, said, “Given the unique circumstances posed by the TRID rulemaking, the only way to realistically ensure an orderly transition to the new regulatory framework – and to guarantee uninterrupted service to consumers – is to institute a subsequent supervisory transition period that restrains enforcement and liability during a three-month period following the proposed effective date.” For a variety of reasons, the ABA urged...
Consumer Financial Protection Bureau Director Richard Cordray tried to sooth industry concerns about regulatory enforcement of the controversial integrated disclosure rule immediately following its implementation on Oct. 3. Appearing before the Senate Banking, Housing and Urban Affairs Committee, Cordray amplified previous statements regarding compliance with the so-called TRID rule, which makes major changes to consumer disclosures under the Truth in Lending Act and the Real Estate Settlement Procedures Act. “We worked...
CFPB chief Richard Cordray promised: "If we see errors, we’ll point out what they are and how they should be corrected. We will not be looking to be punitive toward people.”
A few years back, one investor in nonperforming loans told us that when he couldn’t find a delinquent borrower he turned to the Internet, namely Facebook...
After being unable to reach the borrower for several months, Green Tree called the borrower’s neighbors multiple times, asking them to have the borrower call the servicer.
Overall consumer complaints filed with the CFPB remained generally flat in the second quarter and year-over-year as of the six-month mark. But gripes about consumer loan related issues leapt 64.6 percent YOY, despite a 9.8 percent drop in the second quarter, according to the latest analysis by Inside the CFPB. The money transfer sector also showed a poor performance over both time periods tracked by Inside the CFPB, as consumer grumbling rose 18.7 percent YOY and 23.6 percent MOM. Complaints about credit cards also were up, but not as much: 12.9 percent as of the six-month period vis-à-vis last year, and a slight 2.3 percent during the second quarter of 2015. But the residential mortgage sector again did quite well ...
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