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Inside the CFPB

October 23, 2006

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FBI Scrutinizes Lenders’ ‘Role’ in Loan Fraud

A financial institution victimized by mortgage fraud may not be entirely blameless in the eyes of the law if it lacked the appropriate measures – and diligence – to prevent the deception, said loan fraud experts. Agencies, such as the Federal Bureau of Investigation and U.S. Attorneys Offices across the country, are... Read More

CMC Troubled by Scope of Ohio PL Proposals

The Consumer Mortgage Coalition commended Ohio regulators for modifying anti-predatory lending proposals related to making loans without regard to a borrower’s ability to repay, but expressed concern about a proposed tougher treatment of loans with an introductory rate... Read More

Varied Views of FCRA’s ‘Firm Offer’ Result in Many Court Conflicts

The split in the federal circuit courts over whether a prescreened solicitation is a “firm offer of credit” has compliance experts scratching their heads and mortgage lenders on the edge of their seats. A series of decisions mostly from the 7th Circuit have come down in ways that the mortgage.... Read More

Security, Accountability, Cost Bug MBA as it Mulls Licensing Scheme

Security breaches, identity theft and other concerns are causing mortgage lenders to question a decision by state regulators to create a special company to run a nationwide state licensing program and database. The program is still being developed by the National Association of... Read More

Freddie Mac to Review TN, RI Loans for Assignee Liability

Freddie Mac will conduct post-purchase reviews of mortgages originated in Tennessee and Rhode Island in response to new anti-predatory lending laws enacted in both states. In recent changes to its Single-Family Seller/Servicer Guide, Freddie Mac made clear it will not... Read More

Congress Needs to Correct Flawed CAFA Provision, says 3rd Circuit

The U.S. Court of Appeals for the 3rd Circuit urged Congress to revise a provision in the Class Action Fairness Act that appears to be causing confusion as to when a federal court may accept an appeal from a remand order issued by a district court. Ruling in... Read More

Minority Lending Rises in 2005, Countrywide Leads the Top Pack

Mortgage lending to minorities increased by 21.6 percent in 2005 from the previous year as lenders deepened their courtship of the so-called emerging markets, according to Inside Regulatory Strategies’ analysis and ranking of last year’s top minority lenders. The 2005 Home Mortgage Disclosure Act data showed... [Includes a 1 page chart] Read More

Federal Roundup

FDIC/OCC/FRB/OTS/NCUA: Info Booklet on IOs, Option ARMs. Federal thrift, banking, and credit union regulators... Department of Housing and Urban Development: Home Inspection Form: HUD has revised its... Federal Emergency Management Administration: New Flood Plain Determinations. The agency has issued... Federal Housing Finance Board: AHP Final Rules. The FHFB has finalized... Read More

Worth Noting…

Federal thrift and banking regulators will be at an upcoming... The Board of Governors of the Florida Mortgage Bankers Association will... The Consumer Bankers Association’s Fair Lending Conference will... Read More

AFSA Dodges Bullet as Agencies Ease 3rd-Party Monitoring Rules

Some of the changes made by federal regulators in the final interagency guidance on nontraditional mortgages were welcome news to members of the American Financial Services Association that act as third-party originators to financial institutions that are subject to the guidance... Read More

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