The CFPB’s final rule banning arbitration agreements, as well as pending rulemakings on payday and small-dollar lending and on debt collection practices, may live or die on the decision of Director Richard Cordray to exit his term before it expires in July. That prospect could be motivating him to linger in his current gig as opposed to resigning right now to enter the race for Ohio’s governorship, according to an analysis of the current lay of the land at the bureau from a former senior official at the agency. Former CFPB Assistant Director and Deputy General Counsel Quyen Truong, now a partner at Stroock & Stroock & Lavan in DC, noted that it is still unclear whether Republicans in the ...

In case you’re wondering the concept of GSE “recap and release” is not under consideration...

Fun fact: Ocwen is one of the sponsors of the event where CFPB Director Richard Cordray will be speaking…

As another hurricane approaches the U.S. more loan closings are cancelled...

Sounding like a candidate, the CFPB Director noted: “If we do not push back on the forces that press people down, we are allowing America’s promises to go unfulfilled.”

Groups signing the Patenaude letter include the Center for Responsible Lending, Community Mortgage Lenders of America, NAACP, NAR and many others…

Brian Benjamin, who runs Two River Mortgage & Investment in Red Bank, NJ, noted that if brokerage shops are laying off, “it’s support staff.”

CFPB's Cordray clerked for both Robert Bork and Anthony Kennedy...

Several mortgagee letters issued this week may have lifted the Department of Housing and Urban Development out of the doldrums, though that can quickly change if key staff positions remain vacant for a longer period, according to industry observers. Observers say problems might arise, as two key staff positions that are crucial to the implementation and enforcement of any HUD rule remain vacant. The Trump administration’s proposed deep cuts to HUD’s FY 2018 spending bill and Republican opposition to HUD’s Affirmatively Furthering Fair Housing Rule reportedly have put a crimp on the nominations for the department’s top staff positions, observers said. Confirmations of Pamela Pantenaude as HUD deputy secretary and J. Paul Compton as HUD general counsel appear stalled on the Senate floor. The Senate Committee on Banking, Housing and Urban Affairs approved ...

Ginnie Mae Spokesperson Leaves Agency. Cynthia Adcock, director of communications and congressional relations at Ginnie Mae, will no longer be with the agency effective Sept. 4, 2017. Adcock will assume similar duties and responsibilities as a director with the Federal Housing Finance Agency. Michael Huff will handle media inquiries related to Ginnie Mae and congressional matters. FHA Lenders Settle Alleged Violations of FCA, FHA Requirements. The Department of Housing and Urban Development’s Office of the Inspector General recently announced receipt of $44.3 million from separate settlements with two FHA lenders. The settlements resolve allegations of fraudulent claims and violation of FHA requirements against Financial Freedom of Austin, TX, and Prospect Mortgage of Sherman, Oaks, CA. On May 16, 2017, Financial Freedom, an FHA servicer, agreed to pay the ...