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Inside the CFPB

September 20, 2010

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Attorneys Try New Strategy in Mod Denials

Public interest attorneys are turning denials of permanent loan modifications into contract disputes between spurned homeowners and mortgage servicers participating in the Obama administration’s Home Affordable Modification Program.The strategy is aimed at helping homeowners who... Read More

No Matter Who Leads, BCFP Priorities Remain

As expected, President Obama last week named Elizabeth Warren temporarily in charge of getting the Bureau of Consumer Financial Protection off the ground and making it as effective as possible until an acceptable nominee can be confirmed for the post.But whether Warren, a Harvard professor, or somebody else is eventually picked ... Read More

Dodd-Frank Act Cuts Servicers’ Response Time for RESPA QWRs

The Dodd-Frank Wall Street Reform and Consumer Protection Act has drastically reduced servicers’ time to acknowledge or respond to “qualified written requests,” increasing their compliance risk, warned a foreclosure attorney.Signed into law on July 21, the Dodd-Frank Act shortens... Read More

Stringent Title XIV Measures Could Trigger Wave of Fair Lending Cases

New restrictions on loan terms in the Wall Street Reform and Consumer Protection Act could lead to increased fair lending disputes, industry attorneys warned at a recent discussion of Title XIV of the new law.At a time when purchase money loans are needed ... Read More

Providers Urged to Reevaluate Existing Marketing Arrangements

Mortgage lenders should reexamine their existing marketing agreements with settlement service providers in light of the Department of Housing and Urban Development’s new interpretive rule governing home warranty company payments to real estate brokers and agents, compliance experts recommended... Read More

Things Will Never be the Same with New LO Compensation Regulations

The Federal Reserve Board’s rules on loan originator compensation and the compensation restrictions in the Wall Street Reform and Consumer Protection Act will result in a sea change in the way loan officers and mortgage brokers are paid for their services, and most likely just as broad a change in the mortgage brokering and banking businesses, according to compliance experts. The race is on between the Fed and Congress to turn the Truth in Lending… Read More

Fed Urged to Deal with DFA’s New HMDA Data Requirements First

Mortgage lenders are urging the Federal Reserve Board to hold off establishing additional data requirements until regulators have fully fleshed out the new Home Mortgage Disclosure Act requirements under the regulatory reform law.In recent public hearings regarding the Fed’s review of HMDA regulations... Read More

State Roundup

Pennsylvania. The state Department of Banking has announced enforcement actions against four mortgage companies for violation of the state’s Mortgage Licensing Act. The department entered into separate consent agreements and orders with Trident Mortgage Co., Freedom Mortgage Corp., Liberty One Financial and American Commercial Lending. A total of $139,500... Read More

Federal Roundup

Office of the Comptroller of the CurrencyUpdated RESPA Exam Procedures. The OCC is issuing exam procedures for the Real Estate Settlement Procedures Act which incorporate changes to the Department of Housing and Urban Development’s RESPA regulations. The updated procedures replace the existing procedures, which were last issued... Read More

Worth Noting

U.S. Department of Housing and Urban Development Inspector General Kenneth Donahue will leave federal service in October. He will be joining the private sector. Regulators and central bankers have approved the Basel Committee’s recommendations to phase in the minimum requirement for common equity, which was increased to 4.5 percent from.. Read More

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