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Inside the CFPB

May 23, 2011

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No Compromise in Sight Over Warren, CFPB

There is "not even a whiff of a hint of a compromise" between Congressional Republicans and President Obama and his fellow Democrats in Congress over the possible appointment of Harvard law professor Elizabeth Warren to be director of the Consumer Financial Protection Bureau, according to some industry insiders... Read More

CFPB Disclosure Adds to Compliance Burden

The Consumer Finance Protection Bureau generated a lot of press last week when it released two new prototype mortgage disclosure forms that are noticeably more user-friendly for borrowers than those currently in use under the Truth in Lending Act and the Real Estate Settlement Procedures Act... Read More

House Republicans Press To Blunt CFPB's Edge

Congressional Republicans are doing just about everything they can- short of calling on U.S. Navy SEAL Team 6 - to weaken, throttle, starve or deep-six the Consumer Finance Protection Bureau before it gets up to full speed... Read More

CFPB Startup Complicates Move To National Servicer Standards

The complexity of the task of getting a brand new agency of the federal government, the Consumer Financial Protection Bureau, up and running could slow the adoption of national mortgage servicing standards... Read More

Dems Take Off the Gloves, Push Servicing Standards Legislation

A handful of Congressional Democrats aren't letting the prospect that legislation they are sponsoring may go nowhere in committee keep them from trying to toughen the terms of the regulatory debate over national servicer standards... Read More

U.S. Supreme Court Considers Quicken Loan Dispute Over Fees

The U.S. Supreme Court last week called upon the Solicitor General for advice on whether the high court should review a case involving allegations that Quicken Loans obtained unearned "loan discount fees" in some mortgage loan transactions in Louisiana, contrary to Section 8(b) of the Real Estate Settlement Procedures Act... Read More

FDIC Sues LPS, CoreLogic Over Deficiencies in Appraisals

The Federal Deposit Insurance Corp., as the receiver of Washington Mutual, earlier this month sued Lender Processing Services of Jacksonville, FL, and CoreLogic of Santa Ana, CA, and their corporate parents and affiliates for a combined $283.5 million, alleging gross negligence and breach of contract related to appraisals performed for hundreds of the defunct lender's mortgages between 2006 and 2008... Read More

OCC Affirms Federal Preemption, With Some Concessions

The Office of the Comptroller of the Currency recently released a letter on preemption maintaining that, under the Dodd-Frank Wall Street Reform and Consumer Protection Act, its 2004 preemption rule still applies to national banks... Read More

Borrowers Aren't Using the GFE As Intended, ING Survey Finds

A new survey from ING DIRECT has found that 56 percent of homebuyers do not use the Good Faith Estimate as it was intended - to shop around and compare mortgage offers to get the best possible deal... Read More

State Roundup

Florida. The state legislature recently passed SB 1613, which allows licensed loan originators to work as contract loan processors or in-house loan processors, but includes in-house loan processors in certain disciplinary provisions... Read More

Federal Roundup

Consumer Financial Protection Bureau. Two Leadership Hires Made. Harvard University Professor of Economics Sendhil Mullainathan has been hired to serve as assistant director for research at the CFPB... Read More

Worth Noting

The Office of the Comptroller of the Currency will host workshops for directors of nationally chartered community banks and federal savings associations in New York at the Hilton New York, June 28-29, 2011... Read More

CRA Ratings

Recent CRA ratings issued by federal agencies.

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As homeowner equity continues to build, more and more lenders are launching home equity lending products. Are you thinking of joining this market?

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