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Inside the CFPB

June 22, 2009

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Obama Vows to Fight for ‘Super’ Regulator

President Obama vowed to vigorously oppose all special interests that seek to buck his proposal for a strong, independent agency that would approve and regulate all financial products and combat unfair and deceptive financial practices. In his weekly radio and Internet address, the president said he welcomes a debate with those who think that his plan to create... Read More

HVCC Causing Longer Closing Deadlines

The National Association of Mortgage Brokers last week urged Congress to hold a hearing on the impact of the Home Valuation Code of Conduct on consumers and small businesses following reports of long, costly closing delays and other implementation problems.Testifying during a House oversight subcommittee hearing on FHA fraud, NAMB President Marc Savitt said that delays in... Read More

Industry Groups Prepare to Battle Other Restructuring Proposals

While in agreement over the need for broad regulatory reform, industry groups are opposed to many of the provisions in the restructuring package President Obama brought to the table last week. The American Securitization Forum, for example, opposes a proposal for all loan originators or securitization sponsors to retain 5 percent of the credit risk of loans they securitize... Read More

Regulators Continue to Focus on Pricing Disparities, Experts Say

Industry attorneys are cautioning lenders not to let their guard down on discretionary pricing and to be always prepared to explain pricing disparities across borrower groups when confronted by regulators. A recent fair lending settlement between the Federal Deposit Insurance Corp. and the Maryland-chartered First Mariner Bank proves that discretionary pricing is still being closely... Read More

Lender Sued for Freezing HELOCs, Expert Says Lawsuit is Frivolous

California borrowers sued a major financial institution and its mortgage arm for freezing their HELOC accounts as the financial services industry teetered on the brink of collapse. But a legal expert said the suit, for which class certification is being sought, is just another frivolous attempt to label a defensive action in bad economic times as abusive. The suit filed... Read More

Interim Guidance Sought on TILA Provision in New Foreclosure Law

A coalition of financial services and securities industry groups has asked the Federal Reserve Board for temporary guidance regarding a provision in the recently enacted Helping Families Save Their Homes Act of 2009 that may cost them plenty even for an unintentional violation. The Truth in Lending Act provision, Section 404, requires the new owner or an assignee of a mortgage to... Read More

Expert Spells Out Red Flags, Strategies to Fight Fraud

Despite technological advances and constant reminders about the importance of vigilance, mortgage fraud is the bug that won’t go away. Like the humble cockroach that outlasted the dinosaurs and the behemoths of Wall Street, mortgage scammers adapt. But that doesn’t mean they’ve won the war. Justin Vedder, managing director of PBIS... Read More

OCC Chief Calls for More Stringent Supervision of Reverse Mortgages

Federal banking regulators will tighten oversight of reverse mortgages to better protect consumers, particularly cash-poor but equity rich elderly citizens who are often the target of such products. The agencies are currently working on guidance for reverse mortgages but the measures must be robust so that it can provide adequate protection, according to Comptroller of the Currency... Read More

State Roundup

California: Mortgage foreclosure consultants must register with the California Office... Alabama: The State Banking Department issued emergency regulations May 5 capping loan... Georgia: The state Department of Banking and Finance has issued cease-and-desist orders... North Carolina. State banking regulators have announced a $2.5 million settlement with... Read More

Federal Roundup

FRB/OCC/OTS/FDIC/NCUA/FTC: FAQ on ID Theft rules. Federal financial institutions regulators and the Federal Trade Commission recently issued “Frequently Asked Questions” guidelines... Department of Housing and Urban Development: Mortgagee Review Board Actions. The MRB has suspended three FHA lenders for various violations of FHA rules. Golden First Mortgage, Great Country Mortgage Bankers... Read More

Worth Noting …

Federal thrift and banking regulators announced the availability of the 2009 list of distressed or underserved non-metropolitan middle-income areas in which revitalization or stabilization... The Federal Reserve Board last week urged banks to consider the full impact of two new accounting standards that will change the way entities account for securitizations and... Read More

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