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Volume 28 - Number 16

July 31, 2017

CMC Calls for Bureau to Provide More Servicing Clarifications

As the CFPB prepares to do the Dodd-Frank Act required assessment of its 2013 mortgage servicing rule under the Real Estate Settlement Procedures Act, one industry trade group has urged the bureau to provide servicers with more regulatory guidance and clarifications of the current rule. The Consumer Mortgage Coalition said in a letter to the regulator that it has appreciated the opportunity to work with the bureau as it developed the final servicing requirements. “However, as the CFPB is aware, the final regulatory requirements are very prescriptive, yet unclear, and sometimes conflict with other statutory or regulatory requirements,” said the CMC. “In some areas of the regulation, the CFPB misunderstood the reason for the problems it was trying to solve ...

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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?

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