The pause could probably disrupt the implementation of the new qualified- mortgage standards, the final rule on escrow account exemptions and the recent clarification on the role of supervisory guidance.
The pandemic-related higher-level examination conducted by the CFPB found several instances of mortgage servicer deficiencies that raise the risk of consumer harm.
Consumer gripes related to mortgage applications more than doubled to 5,304 in 2020 from 2,588 in 2019. Complaints about loan closings were also sharply up at 43.8%. (Includes two data charts.)
The two agencies will collaborate in strategy planning sessions to identify and address areas of alignment and coordination in examinations for covered institutions.
The CFPB selects seven communities for its “Start Small, Save Up” initiative; New financial educational guide released to help servicemembers and their families.
The acting director of the CFPB directed the federal agency to focus on compliance issues involving consumers suffering hardship stemming from the coronavirus, including actions by mortgage servicers.
The bureau’s prioritized assessments are not designed to identify violations but are intended to spot and assess risks in order to prevent consumer harm.
Online lending platform Blend recently raised $300 million in Series G funding. Also, Goldman Sachs took an undisclosed stake in a cloud-based loan origination platform.