The Casey lawsuit also alleged that Citibank increased the amount of force-placed flood insurance required for some borrowers in excess of their unpaid principal balance.
Among the banks reporting that the rules had no effect on their approval rates, half indicated that lending policies would have been tighter without the safe harbor for mortgages that pass the GSEs’ automated underwriting models.
Complaints about inaccurate data include issues such as account status, account terms, “information is not mine,” personal information, public record and “reinserted previously deleted information.”
When consumers were directed to Amerisave’s website, the lender gave quotes based on an 800 FICO score, even where consumers had previously entered a FICO score below 800, the agency said.
Multiple news organizations reported on Wednesday that Bank of America and the Department of Justice are on the verge of agreeing to a settlement valued in excess of $16 billion that would bring to a close mortgage claims stemming from the lead-up to the financial crisis.
The Consumer Financial Protection Bureau and 25 states filed amicus briefs in a case pending before the Supreme Court of the United States, Jesinoski v. Countrywide Home Loans Inc., that could resolve a circuit split over the recession of a mortgage under the Truth in Lending Act.
The American Bankers Association told the Consumer Financial Protection Bureau that its members are working hard to refine their implementation of the bureau’s new mortgage servicing rules, but have bumped into a handful of questions and concerns they’d like the agency to address via regulatory guidance or amendment.
Shortly before Congress left town for its annual summertime break, Sen. Mary Landrieu, D-LA, introduced S. 2641, legislation to amend the Truth in Lending Act to provide that residential mortgage loans held in portfolio would be deemed qualified mortgages for purposes of satisfying the requirements of the Consumer Financial Protection Bureau’s ability-to-repay rule.