The circuit court held that the ABS trusts are covered persons subject to the CFPB’s authority under the Dodd-Frank Act. The lawsuit could have a major impact on the broader securitization market, the Structured Finance Association warned.
"If a lender has a full array of products ... [they] serve the credit needs of low- and moderate-income borrowers as well as borrowers in communities of color," said Maurice Jordain-Earl, managing director of Compliance Tech.
Given that scammers are using artificial intelligence to mimic voices of trusted sources, Violet Sullivan, assistant vice president at Crum & Forster Insurance, recommended mortgage companies require the source to provide a code word or phrase during verbal confirmation of a transaction.
The lawsuit centers on whether requirements under the Truth in Lending Act apply to mortgages that are marked as commercial on loan documentation but have certain residential characteristics.
CSBS stressed that it develops and maintains the National Multistate Licensing System required by the statutory authority of the Secure and Fair Enforcement for Mortgage Licensing Act.
More than a handful of motions and briefs have been filed over the last two weeks in the lawsuit challenging the CFPB’s final credit card late fee rule.
In a boon for the CFPB, a lawsuit has been sent back to a lower court, after the Maine Supreme Court vacated the ruling and determined that the loan wasn’t exempt from TILA requirements under Section 1603(3).
Standard-setting organizations will be able to apply for recognition from the CFPB soon, Director Rohit Chopra said. The move will take the bureau closer to finalizing open banking rules.
During an event hosted by the National Fair Housing Training Academy Forum, mortgage lenders were briefed on ways to help decrease discrimination and diversify their businesses.