Avalos’ resolution targets approximately 300 underwater private-label security loans that were made on homes “particularly concentrated in San Francisco’s historically black, Latino and Asian working class communities.”

Oh, the irony: tough compliance regulations drive up the cost of renovating the HQ of the Consumer Financial Protection Bureau.

NAMB estimates that during the same year brokers nationwide rebated upwards of $2 billion to consumers at the closing table.

The Consumer Financial Protection Bureau is picking up where HUD left off, and then some, said one senior attorney.

For such assignees, the bureau would select one of the following alternative periods for the right to cure: 270 days after loan delivery, or 120 days after such assignee’s discovery of non-compliance.

When in doubt, hire an outside QM/ATR consultant to assure compliance.

But the CFPB's Richard Cordray said people are misinterpreting the formal Federal Register notice which unveiled the expansive scope of the database project.

Other “fair servicing” issues have to do with fee waivers and discretion in loss mitigation.

It’s far too early to draw definitive conclusions about the success of the QM rule and its overall effect upon the market.

But why so long? ABA's Rod Alba continued: “Well, not all the rules are done yet."