Lawmakers, led by Sen. Sherrod Brown, D-OH, are urging Director Kathy Kraninger to not weaken the bureau’s ability to identify discriminatory lending patterns, particularly during the pandemic.
The CFPB has called upon borrowers to exercise caution before requesting forbearance, noting that they will have to repay any missed or reduced payments.
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.
Democratic senators criticized the CFPB’s response to the economic pain caused by COVID-19 as “tepid and inefficient.” Meanwhile, the bureau’s former director, Richard Cordray, outlined his suggestions.
The CFPB’s latest supervisory highlight report red flags mortgage servicing violations, where firms failed to provide loss-mitigation notices in time after natural disasters.
CRA proposal comment period extended; enforcement against brokers charging high interest rates; CFPB advisory committee meetings; New York mortgage-related complaints; new servicing requirements.
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 Pennsylvania Department of Banking and Securities unveiled six enforcement actions during the third quarter against licensed mortgage lenders for operating a servicing business without a license.