The trade group believes the CFPB should not take enforcement actions or conduct investigations of nonbanks unless asked to do so by a state regulator.
The state, in a recent case, took the position that the owner of mortgage servicing rights, whether handling day-to-day obligations or relying on a subservicer, is required to be licensed under state law.
One of the biggest issues mortgage lenders will face is implementing changes to the general qualified-mortgage rule, which has a mandatory compliance date of July 2021.
The Mortgage Bankers Association has drafted a model bill for state regulators to provide regulatory flexibility allowing mortgage loan originators to work from home, with prescribed regulator standards for consumer and data protection.
Citing existing mortgage regulations at the federal level, the Urban Institute said it might be most appropriate for the FHFA or the Federal Reserve to regulate nonbank mortgage servicers.
CFPB appoints former Freddie official to head Office of Innovation; CFPB cautions against reverse mortgage scams; mortgage servicers settle with DOJ; MMC examinations.
Mr. Cooper will pay $91.3 million to settle with state regulators and the CFPB for violations of federal and state servicing rules, according to an agreement released this week.
To avoid a pileup at the end of the year due to the operational challenges caused by the pandemic, state regulators have called on loan originators to renew their licenses early.
The CFPB issues no-action letter to Bank of America; lawsuit against Driver Loan; SMART Payment Plan settles with the CFPB; New York Department of Financial Services outlined expectations for financial institutions to man-age climate change risks.
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