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Inside the CFPB

May 9, 2011

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GSE Servicing Initiative May Squeeze Out AGs

Between the servicing alignment initiative recently announced by the Federal Housing Finance Agency, the consent decrees bank regulators struck with some top mortgage servicers last month, and possible national servicing standards from federal policymakers in the near future, there may be very little room left for state attorneys general and regulators to influence servicing practices going forward... Read More

Feds Push for More Foreclosure Oversight

One of the most critical factors contributing to the foreclosure documentation debacle was a fundamental failure on the part of many of the nation’s top mortgage servicers to truly manage their foreclosure networks, and that’s one of the deficiencies federal bank regulators are trying to remedy in their recent consent orders, industry experts have concluded... Read More

How Will Servicers Cope With Multiple Regulatory Mandates?

The mortgage servicing industry is going to have its hands full and then some as it faces multiple levels of regulatory and statutory requirements over its practices, raising the question of exactly how all of these mandates and protocols are going to interact and how servicers are going to interface with them... Read More

Industry Criticizes Fed Escrow Rule As Duplicative, Burdensome

The mortgage banking industry is concerned that the Federal Reserve’s proposed rule on escrow accounts for higher-priced mortgage loans – especially the vast expansion of escrow account disclosure – is duplicative, unduly burdensome, and may be superseded shortly after it is implemented by the Consumer Financial Protection Bureau... Read More

Political Showdown Building Over Controversial CFPB Head Warren

Some Congressional Republicans are making it increasingly clear that much of their concern with the Consumer Financial Protection Bureau has to do with the person currently overseeing its startup at the behest of President Obama, Harvard law professor Elizabeth Warren... Read More

DoJ, HUD Sue Deutsche Bank, MortgageIT, Eschew Admin.

The Department of Justice and the Department of Housing and Urban Development last week announced they had filed a civil mortgage fraud lawsuit against Deutsche Bank and its wholly owned subsidiary, MortgageIT, over some of its FHA lending practices... Read More

Dodd-Frank is The Highest Mortgage Compliance Concern

The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 is the greatest mortgage compliance concern for lenders, according to the third annual survey by QuestSoft, a compliance software and services firm serving the mortgage, banking and credit union industries... Read More

Points-Fees Threshold a Critical Trigger for QM, QRM Qualification

Much of the mortgage industry remains abuzz with talk about the new proposed regulatory rules that would spell out what constitutes a “qualified mortgage” or “qualified residential mortgage.”... Read More

Mortgage Industry Presses To Address Blight Prevention

The mortgage lending industry wants to use favorable legislation in Colorado as a model for other states to use in addressing neighborhood blight prevention via the accelerated transfer of abandoned property, one informed source confided to Inside Regulatory Strategies... Read More

State Roundup

California. State Sen. Alex Padilla, D-Pacoima, is reportedly drafting his own version of anti- "dual track" legislation that would keep lenders and servicers from filing a foreclosure sale until a loan modification that has been requested by the borrower is denied... Read More

Federal Roundup

Government Accountability Office: Foreclosure report: The GAO released a report last week entitled Mortgage Foreclosures: Documentation Problems Reveal Need for Ongoing Regulatory Oversight, which was compiled as a result of a probe House Democrats requested... Read More

Worth Noting

Bill Beckmann, a former top official at CitiMortgage, has been named as the new president and CEO of Mortgage Electronic Registration Systems and its parent entity, MERSCORP. Beckmann is leaving behind his private consulting firm to join the company. Previously, he was chairman and CEO of CitiMortgage where he had responsibility for strategy, sales, operations, capital markets, and regulation/compliance. Before that, he was president of Citigroup’s real estate servicing and technology group, providing customer service, technology and default… Read More

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