MBA’s Bob Broeksmit this week criticized the 250% risk weighting placed on mortgage servicing rights held by federally insured depositories. Meanwhile, several top-ranked servicers discussed issues and challenges they’re facing, from forbearance to automation and beyond.
The Supreme Court justices met in private last week to consider whether to take a case involving the CFPB’s funding structure and other authorities. A decision on the case will have major ramifications for the agency.
Records obtained by a law firm under the Freedom of Information Act reveal that the CFPB opened only 25 new enforcement investigations in fiscal year 2022, compared to 64 in the year before. The bureau, meanwhile, has made headway in hiring attorneys.
The bureau has clarified that the Real Estate Settlement Procedures Act prohibits digital mortgage comparison platforms from steering shoppers to lenders using “pay-to-play tactics.”
An appeals court agreed with the CFPB’s argument that its pre-paid rule doesn’t impose mandatory model clauses. Instead, it provides companies the option to use model language or other “substantially similar” wording.
The Community Home Lenders of America wants small mortgage lenders to be exempt from the CFPB’s proposed registry of nonbank form contracts when their compliance burdens substantially outweigh consumer benefit.
The CFPB and other regulators in a joint comment letter raised concerns that the most recent draft of the Appraisal Foundation’s guidelines for appraisers removes clarity on federal discrimination prohibitions.
The study found that the Community Reinvestment Act has had little effect on the level of household borrowing in low- to moderate-income census tracts and on lending in different debt categories.
TransUnion in talks with the CFPB and FTC to settle charges; medical collections declined in the past four years; CHLA seeks exemption for members from CFPB’s “repeat offender” registry.