Some mortgage servicers do not have sufficient guidance in place to respond to credit reporting disputes and other accuracy issues, according to a special edition of a supervisory highlights report.
The CFPB plans to assess the costs and benefits of the integrated mortgage disclosure rule, inviting stakeholders and the public at-large to comment. Assessment results will be released by October 2020.
The CFPB's assessment of the TRID rule does not mean the bureau is planning to eliminate or even modify the rule, according to attorneys watching the action.
The CFPB will announce changes to its consent order termination policy, making it easier for firms to get out from under post-enforcement monitoring, agency Director Kathy Kraninger said in a recent speech. She also hinted at a few other soon-to-be-announced items.
The CFPB's recent report on mortgage servicers seems to state the obvious: the biggest shops dominate the residential loan processing market, and nonbank market share is growing.
The CFPB's latest regulatory agenda lays out its priorities for next year, including action on the qualified mortgage "patch" and changes to the residential data reporting rule.
The Justice Department and the Consumer Financial Protection Bureau in a recent court filing said the agency’s past enforcement actions can survive even if the U.S. Supreme Court finds its structure unconstitutional.
The bureau is seeking reapproval for its modified disclosure testing plan to allow industry stakeholders an opportunity to comment. The move indicates that the test results can influence CFPB’s rulemaking.
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