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Inside the CFPB

March 22, 2010

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Many Differences Between BCFP, CFPA

The original Democratic goal for consumer protection – to achieve regulatory reform that would prevent a repeat of the abusive practices that led to the global financial meltdown – remains the same, but politics have certainly caused some radical changes in strategy. Regulatory reform legislation unveiled by Sen. Christopher Dodd, D-CT, last week tries to preserve the... Read More

Latest DOJ Pact Focuses on Pricing Policy

The recent fair lending settlement agreement between the Department of Justice and two mortgage units of American International Group should send a strong message that wholesale lenders who ignore the discriminatory practices of their mortgage brokers will be held accountable, the DOJ said. The DOJ said the settlement breaks new ground in terms of lender liability for disparate wholesale... Read More

Bankruptcy Attorneys are ‘Debt Relief Agencies,’ SCOTUS Finds

On March 8, in Milavetz, Gallop & Milavetz v. U.S. 559 U.S.(2010), the U.S. Supreme Court unanimously decided that attorneys who provide bankruptcy assistance to individuals are “debt relief agencies” under federal bankruptcy law. The ruling could restrict the types of advice bankruptcy lawyers can give to potential filers, lawyers say. Writing her first majority opinion... Read More

Overcharges Not a Violation of RESPA, U.S. Appeals Court Rules

Another federal circuit court has joined other sister courts in finding that overpricing for a mortgage settlement service actually rendered by the provider does not violate the Real Estate Settlement Procedures Act’s prohibition on unearned fees. In Martinez v. Wells Fargo Home Mortgage, the U.S. Court of Appeals for the 9th Circuit aligned with previous... Read More

FL Advocates Urge Congress to Declare Application Testing Legal

Fair lending and housing advocates would like to investigate lenders through surreptitious testing but are worried they might end up in violation of the Fair Housing Act. Testifying recently before a House Judiciary subcommittee hearing on the 42-year old law, advocates for non-discriminatory mortgage lending called for legislation allowing legitimate individual or paired... Read More

HUD Overstepping Authority in SAFE Proposals, Industry Charges

A proposal by federal housing regulators to treat mortgage servicer employees engaged in loan modifications as originators for purposes of the Secure and Fair Enforcement for Mortgage Licensing Act is sheer abuse of authority, according to industry groups. In a joint letter, the Mortgage Bankers Association, American Bankers Association, American Financial Services... Read More

OMB Reviews Registration Rule for Federal Loan Mod Specialists

Federal and state banking regulators are working together to ensure that the registry for mortgage loan originators employed by federally chartered institutions is fully operational when the Office of Management and Budget completes a review of a draft final rule on federal registration requirements. The Office of Thrift Supervision and the Office of the Comptroller of the Currency... Read More

State Roundup

California: The Department of Real Estate recently issued guidance exempting current individual licensees from the pre-licensing education requirements of the Secure and Fair Enforcement... Washington: Gov. Chris Gregoire signed legislation into law March 12 requiring mortgage loan modification service providers under the state Consumer Loan Act or the Mortgage Broker Practices... Read More

Federal Roundup

Revised Interagency Q&A on Community Reinvestment. Federal thrift and banking regulators have adopted, with minor clarifications, one new and two revised questions and answers... Mortgagee Compliance Manager. Michaelson, Connor & Boul, Inc. has signed a contract with the Department of Housing and Urban Development to serve as a “mortgagee compliance... Read More

Worth Noting …

Michael Ashley and the company he worked for, Lend America, have been permanently banned from doing... February saw the largest month-to-month conversion of trial-to-permanent modification... The Real Estate Services Providers Council’s board of directors has elected Kevin Breeland... The Appraisal Foundation is seeking applicants for positions on the Appraisal Foundation... Read More

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