CFPB advisory committees to meet May 1; borrowers with DTI ratios exceeding 43% barred from California Housing Finance Agency programs; forbearance and foreclosure requirements in Massachusetts.
The CFPB and other federal financial regulators last week reminded servicers and lenders of consumer protection requirements in updated guidance on loan modifications, while giving broad discretion to implement prudent modification programs.
The Comptroller of the Currency is moving forward with its plan to modernize the Community Reinvestment Act despite calls for a delay due to the coronavirus.
The consumer watchdog sued two mortgage-related companies for allegedly selling credit reports they obtained under false pretenses to debt relief companies for their marketing purposes.
Important mortgage regulatory changes and robust examinations of financial institutions are on the consumer watchdog’s 2020 agenda, but all decisions are up in the air with the battle over the bureau’s constitutionality looming in court.
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 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.
Temporary operating authority for loan officers moving from one state to another is now the law of the land. However, origination firms need to pay attention to potential compliance risks, investor appetite, and state-specific requirements.
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