“We have a pretty good idea of what the bureau is going to do in substance,” said Donald Lampe, a partner in the financial services group at Morrison & Foerster…
The Community Mortgage Lenders of America said the bill strikes a balance of maintaining safe lending while freeing up resources so more consumers can obtain a mortgage.
While Republicans continue to work toward decreasing the CFPB’s powers, former CFPB enforcement attorney Jennifer Lee suggests that with a divided Congress, the most significant power over the CFPB could be in courts.
Applications for refinances decreased slightly last week compared with the week prior, according to the Mortgage Bankers Association, as average interest rates on mortgages increased during the week.
To help address racial disparities in lending, the NCRC called for expansion of the Community Reinvestment Act, stronger enforcement of the CRA and strengthening of the government-sponsored enterprises’ affordable housing goals.
BancorpSouth said it reserved $13.8 million during the first quarter of 2016 to resolve matters associated with the settlement, and noted that any additional financial impact is expected to be immaterial.
Ocwen experienced the greatest percentage decrease in average monthly complaint volume from the first quarter of 2015 to 1Q16. Then again, Ocwen's servicing portfolio has been shrinking.
CFPB examiners found problems with loan modification acknowledgement notices, including sending them too late and having incorrect information or deceptive statements…