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.
The Federal Housing Finance Agency directed Fannie Mae and Freddie Mac to provide assistance toward the development of new qualified mortgage standards.
A recent study found that a substantial portion of lenders reduced interest rates to avoid being subject to the CFPB regulation regarding high-cost mortgages.
Five industry groups have asked the CFPB to eliminate certain data points from the Home Mortgage Disclosure Act requirements. On the other hand, the NAHB is seeking reporting of more data fields.
The CFPB has extended the temporary coverage threshold for open-end lines of credit under HMDA by two years while it is considering increasing permanent thresholds for both closed- and open-end loans.
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