CFPB Flexes Its Regulatory Muscles

An Inside Mortgage Finance Webinar Held
Wednesday, January 25, 2012

The mortgage industry is facing a dizzying array of new regulations and oversight in 2012. And leading the charge is the Consumer Financial Protection Bureau, which has just been re-empowered thanks to the appointment of its first full-time director, Richard Cordray.

Find out what’s in store for the mortgage industry now that the CFPB can regulate thousands of nonbanks as well as large banks, with the most important Inside Mortgage Finance webinar of the new year. Hear from some of the top law and regulation mortgage experts in this important webinar recording: CFPB Flexes Its Muscles: Mortgage Regulation, Supervision and Enforcement in 2012.

Armed with its new authority to regulate non-depository firms, the CFPB has just released a set of “Mortgage Origination Examination Procedures,” including product-specific examinations for the first time. This is on top of the “Mortgage Servicing Examination Procedures” released by the CFPB last fall. Together they provide the most comprehensive set of mortgage lending and mortgage servicing regulatory oversight ever seen by the mortgage industry.

In fact the agency has opened an investigation into a large nonbank on possible RESPA violations. The bureau will exercise broad powers to investigate and hold firms to its standards for any risk to consumers, as the CFPB determines—including potentially unfair, deceptive or abusive practices, loan modification and foreclosure relief services.

Understand how these major developments will impact your mortgage-related business in the months ahead. Learn about the CFPB’s quickly evolving regulatory, supervision and enforcement initiatives.

Among the topics discussed:

  • How will combining Truth-in-Lending and RESPA regulations change how you’ll do business;
  • The status of mortgage disclosure forms initiatives—GFE and HUD-1;
  • Update on the Qualified Mortgage rule—underwriting the ability to repay and providing a workable safe harbor, over the lesser “rebuttable presumption;”
  • What to expect now with issuance of “Mortgage Origination Examination Procedures;”
  • What will be the difference between nonbank and bank enforcement actions;
  • What’s changing in servicing oversight with the new “Mortgage Servicing Examination Procedures;”
  • Details on new servicer rules—single point of contact, fixing errors and limits on fees; and
  • How likely is the bureau to impose tougher restrictions on mortgage broker behavior and compensation?


These industry experts shared their insights and answered questions:

Rodrigo J. Alba
Mortgage Finance & Senior Regulatory Counsel, Mortgage Markets, Financial Management & Public Policy Department

American Bankers Association

Donald C. Lampe
Leader, Financial Services and Regulatory
Compliance team

Laurence E. Platt Practice Area Leader
K&L Gates LLP

Guy D. Cecala
CEO & Publisher
Inside Mortgage Finance (moderator)

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With originations expected to drop in 2018, will your shop turn to non-QM/non-prime mortgage products as a way to bolster volumes?

Yes, definitely. We’re planning a launch.
No. It’s still difficult compliance/regulatory-wise.
Maybe. It’s under consideration.
Not now. But things could change as 2018 progresses.

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