Mark McArdle, an assistant director of mortgage markets at the CFPB, provided updates on the regulator’s priorities in terms of mortgage lending at the MBA’s independent mortgage bankers conference. The top concerns are LO comp practices and fair lending.
The CFPB’s proposal on streamlining mortgage servicing standards will likely be issued this spring. The regulator is trying to balance loss-mitigation options and foreclosure protections.
Currently, banks charge an average of $35 for overdraft loans, raking in billions of dollars per year. The CFPB proposed a safe harbor for overdraft loans that would be as low as $3.