But they want more guidance on how to determine whether a replacement index is substantially similar or comparable to the soon-to-be-phased-out London Interbank Offered Rate.
California’s plan to create a state-level CFPB back on the table; NCLC calls for prohibition of collection of all time-barred debts; Mr. Cooper nears settlement with the CFPB.
But another study found income overstatement commonly existed in commercial CMBS underwriting between 2013 and 2019, contributing to the rapid deterioration during the pandemic.
The mortgage industry can expect more enforcement actions from the Consumer Financial Protection Bureau for the rest of the year, particularly related to fair lending issues, according to stakeholders.
Democratic lawmakers have called for the resignation of CFPB Director Kathy Kraninger over the bureau's handling of the response to the coronavirus pandemic, particularly its oversight of mortgage servicers.
The idea behind the proposed pricing approach is to prevent market disruption and extend mortgage credit to consumers who are currently excluded due to strict underwriting requirements.