New Jersey clarified that investors in mortgage servicing rights must obtain a “servicer” license in the state even if they do not handle the monthly processing chores.
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.
Mortgage industry groups have urged the Supreme Court to choose a narrow remedy approach if the CFPB’s leadership structure is found unconstitutional, in order to prevent market disruption.
Most briefs filed in the Seila Law v. CFPB case before the Supreme Court argue that the “for-cause” removal protection is not severable, and the court should invalidate the CFPB in its entirety or send the statute back to Congress.
Consumer complaints filed with the CFPB across major categories dropped in the fourth quarter, but it was a different story on an annual basis, according to a new analysis by Inside the CFPB. (Includes data chart.)
Democratic senators have asked the Government Accountability Office to investigate whether the CFPB has fulfilled its statutory obligation to combat discriminatory lending practices. Separately, Rep. Maxine Waters questioned the bureau’s potential hiring of an enforcement director.
The CFPB released two guides on how to disclose construction-to-permanent loans under the integrated mortgage disclosure rules. The guides may spur new questions from the industry, attorneys noted.