“Since mortgage borrowers are captive to a company they never chose to do business with, we are working hard to detect and deter violations of law,” said CFPB Director Rohit Chopra.

"It’s hard to see how a charge that is clearly disclosed to the borrower before they enter into the transaction ... and only charged once at closing can be said to unreasonably take advantage of consumers," said Peter Idziak, a senior associate at the law firm of Polunsky Beitel Green.

Complaints filed with the CFPB regarding mortgage servicing went up in the first quarter of 2024, while issues tied to mortgage originations declined. (Includes two data tables.)

A request for information is expected from the bureau as early as the end of this month.

According to industry attorneys, the updated rule signals that the CFPB will “increasingly encourage, and perhaps pressure, nonbanks to consent to be supervised.”

Mark McArdle, assistant director of mortgage markets at the CFPB, discussed some of the bureau’s top priorities during a recent webinar.

Measures to protect consumers from violations of FDCPA and FCRA involving medical and rent collections are underway.

Republicans and Democrats remain divided over whether the CFPB’s current spending and funding are constitutional.

Changes to the state’s Community Reinvestment Act would further protect against discriminatory appraisals, according to the CFPB.

The two jurisdictions are continuing their partnership to share information about consumer financial protection issues and regulations.