“Without an increase in NMLS processing fees, CSBS staff projected losses of nearly $133 million over the next decade,” CSBS said in a report in response to feedback received on the proposal.
The CFPB is looking into whether it’s necessary to recertify a borrower’s ability to repay a rate-term refi as the borrower will be receiving a lower interest rate and mortgage payment and has already proven through a standard mortgage their ability to pay their loan.
The CFPB is looking into whether it’s necessary to recertify a borrower’s ability to repay a rate-term mortgage refinance, Kevin Stevens, a senior manager at the bureau, said at a Mortgage Bankers Association conference held in Washington, DC, last week.
Without an increase in NMLS processing fees, CSBS said it will incur nearly $133 million in losses over the next decade. The fee increases are poised to go into effect in March, but most industry participants won’t be impacted until fall 2025, according to CSBS.
The Securities Industry and Financial Markets Association and the Structured Finance Association have urged the U.S. Supreme Court to weigh in on the lawsuit involving the CFPB and student loan ABS.
In an amicus brief submitted by the bureau, the regulator distinguished the purposes of the Truth in Lending Act’s repayment disclosure requirements for open-end lines of credit, helping two banks prevail in court.
Consumer advocates and fintechs believe artificial intelligence can help improve fair lending practices, but federal regulators need to take action so lenders will follow suit.
Debt collectors collecting on already-paid medical bills, bills that contain false or incorrect medical charges or bills that exceed federal and state limits are in violation of the Fair Debt Collection Practices Act, the CFPB reminded servicers.