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Inside the CFPB

November 29, 2010

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States AGs Proceed Cautiously with Probe

While there may be questions about procedures and documentation relating to the recent foreclosure outrage, there appears to be no proof that borrowers were unfairly or illegally foreclosed on, according to compliance experts. More importantly, all 50 state attorneys general have been proceeding carefully and cautiously with... Read More

No Changes to HWC Compensation Rule

The Department of Housing and Urban Development’s interpretive rule regarding the legality of home warranty company payments to real estate brokers and agents will remain as written although the analysis may be broadly applied to payments by other settlement service providers. HUD’s Office of General Counsel last week said... Read More

HUD Seeks Comment on Plan to Revise RESPA’s Funding Rules

A more stringent regulatory landscape has compelled the Department of Housing and Urban Development to revisit existing Real Estate Settlement Procedures Act rules relating to warehouse lending and secondary market transactions. The RESPA rules on funding mechanisms have not been amended since the early 1990s when HUD added... Read More

Lenders Seek Breathing Room to Comply with New MDIA Provisions

Mortgage lenders are urging the Federal Reserve Board to either extend the implementation period of the Mortgage Disclosure Improvement Act or treat lender compliance with Real Estate Settlement Procedures Act disclosure requirements as sufficient to satisfy similar requirements under the... Read More

HUD to Investigate Servicers’ Loss Mit, Foreclosure Processes

The Department of Housing and Urban Development will be conducting on-site inspections of five of the largest FHA mortgage servicers to determine their compliance with the agency’s loss mitigation and foreclosure requirements. Testifying before the House Financial Services Subcommittee on Housing and Community Opportunity last week... Read More

GOP Lawmakers Ask Agency IGs to Look into BCFP Building Process

The new, Republican-controlled House of Representatives may not seek repeal of the new reform law creating the Bureau of Consumer Financial Protection, but it will certainly keep the new agency’s activities under tight surveillance. House Financial Services Committee Ranking Member Spencer Bachus, R-AL, and... Read More

New Law Could Seriously Delay Foreclosures in Nation’s Capital

A newly enacted measure in the District of Columbia creating a quasi-judicial foreclosure process could bring all foreclosures in the nation’s capital to a screeching halt and create confusion among lenders and servicers, warned compliance attorneys with K&L Gates. Bill 18-067, the “Saving D.C. Homes from Foreclosure Emergency Amendment Act of 2010,” gives... Read More

State Roundup

Conference of State Bank Supervisors. The Nationwide Mortgage Licensing System and Registry has begun processing credit histories for individual mortgage loan originators (MLOs), according to the CSBS. Also effective on Nov. 1, all licensed residential MLOs participating in the NMLSR must complete... Read More

Federal Roundup

Bureau of Consumer Financial Protection Staff Hires. The Department of the Treasury announced Nov. 16 the hiring of Peggy Twohig and Steve Antonakes to lead the depository and non-depository institution teams, of the BCFP. Twohig, currently director of Treasury’s Office of Consumer Protection and... Read More

Worth Noting

The Mortgage Bankers Association has asked the Financial Accounting Standards Board to delay new disclosure rules on troubled debt restructuring until the board has completed its due diligence on a proposed update. A delay would give the real estate finance industry sufficient time to comment on... Read More

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