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Inside the CFPB

September 17, 2007

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Servicers Told to be Wary of Excessive DTIs

Mortgage servicers must be ready to justify their loss mitigation strategies for helping borrowers who need more than half of their gross monthly income to pay debts, according to federal and state banking regulators. It is essential for servicers to... Read More

FTC Warns Publishers on Deceptive Loan Ads

Media outlets that run deceptive mortgage loan advertisements could be as liable as the mortgage broker or lender that paid for the ad, and may be subject to enforcement action, the Federal Trade Commission has warned. In letters last week, the FTC put... Read More

Expert Recommends Unique Loan Modification Strategy

While loan modification may help cure borrower default and prevent foreclosure, lender losses are still considerable though far less than what lenders would have incurred in a foreclosure. But there is a way to avoid future losses and at the same time make loan... Read More

Unexplained Minority Share of High-Cost Loans Rose in 2006

The unexplained differences in the higher-priced lending between minority and white borrowers continued to widen in 2006 even after being modified with other borrower- and lender-related factors, according to a Federal Reserve Board analysis of 2006 Home... Read More

‘FHASecure’ Plan Falls Short of Touted Benefits, Analysts Say

The Bush administration’s plan to use the Federal Housing Administration’s residential mortgage insurance program to help thousands of troubled subprime borrowers avoid foreclosure may not be as promising as it sounds. Wall Street analysts came away... Read More

Revised GFE Form a Hit with Consumers, HUD Tests Show

With a few more tweaks, a revised disclosure form for a good faith estimate that scored high with consumers during tests conducted by the Department of Housing and Urban Development a few years ago could end up in a new proposed rule on mortgage settlement reform... Read More

Industry Asks FTC to Reconsider Plan to Limit SSN Use in Business

Mortgage lenders are skittish about a proposal by the Federal Trade Commission and a presidential task force on identity theft to limit the use of Social Security numbers as identifiers and authenticators and search for other alternatives. While strongly supportive... Read More

State Roundup

Connecticut. Attorney General Richard Blumenthal sued a number of mortgage brokers... Massachusetts. Attorney General Martha Coakley has issued a regulation permanently... New Mexico. On Aug. 30, Gov. Bill Richardson announced a task force to study the impact of... Read More

Federal Roundup

House of Representatives: FHA Modernization Bill. H.R. 1852, the Expanding American Homeownership Act of 2007, is expected to... Office of the Comptroller of the Currency: Debt Elimination Fraud. The OCC has sent out an alert to national banks and other federal... Read More

Worth Noting…

Mortgage Guaranty Insurance Corp. and Radian Group have terminated... Former Fed Gov. Edward Gramlich passed away... The New York State Banking Department has named... The USFN (U.S. Foreclosure Network), a professional network... The Consumer Bankers Association will have its annual... Read More

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