Mortgage trade groups are asking the CFPB to expressly permit servicers, in the case of escrow shortage, to include a lump-sum repayment option in account statements.
For 2021, the appraisal exemption threshold for higher-priced mortgages remains unchanged at $27,200, according to a joint announcement by the CFPB, the Federal Reserve Board and the OCC.
Names of possible successors to Kathy Kraninger include two from Sen. Elizabeth Warren’s inner circle: Rep. Katie Porter and FTC Commissioner Rohit Chopra.
Debt collectors will finally be allowed to use modern communication technology (emails and text messages) in tracking down late payors. Consumers can opt out if they want.
The new expiration date will be tied to the mandatory compliance date for the revised general QM rule, or when the GSEs exit conservatorships, whichever comes first.
The Federal Reserve last month issued its own plan to modernize the decades-old anti-redlining law: a metrics-based approach that would separately evaluate retail lending and community development financing.
The CFPB is asking stakeholders about the possible scope of data that consumers should be allowed to share via authorized third parties, and how much data should be considered “protected” subject to security and privacy concerns.
With the initial 180-day forbearance plans coming to an end, Sen. Sherrod Brown, D-OH, is urging the CFPB to ensure borrowers are not victims of improper foreclosure practices.
Industry experts believe CFPB Director Kathy Kraninger’s job may be on the line if Joe Biden wins the presidential election. A few ongoing rulemakings also could be in trouble.
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