State Regulators

Browse articles from all of our Newsletters related to State Regulators.

October 19, 2017 - Inside Mortgage Finance

Most Servicing Amendments Kick in This Week, Even More Complexity Expected When States Act

Most of the final amendments the Consumer Financial Protection Bureau made to its mortgage servicing rules kicked in late this week, and the biggest challenge firms will have to contend with is the increased complexity. In an interview this week with Inside Mortgage Finance, Nanci Weissgold, a partner with the Alston & Bird law firm in Washington, DC, highlighted which provisions took effect this week and those coming on line next spring, and what they mean for ...


October 13, 2017 - Inside Nonconforming Markets

News Briefs

After the standards for qualified mortgages took effect in 2014, few state-regulated banks stopped offering non-QMs, according to a survey by the Conference of State Bank Supervisors. “Non-QM mortgage lending activity appears relatively stable despite the regulatory tumult,” the state regulators said. According to a CSBS survey of more than 600 banks, the share of respondents that don’t offer non-QMs changed from 23.8 percent in 2014 to 26.5 percent ... [Includes one brief]


October 9, 2017 - Inside the CFPB

Ocwen Financial Settles Mortgage-Related Disputes With 15 States

Ocwen Financial, the once high-flying non-bank mortgage servicer, has brought to 15 the number of states it has reached settlements with to resolve allegations its compliance with laws and regulations related to its mortgage servicing and lending activities was deficient. Last week, Ocwen settled with New Mexico, Virginia and West Virginia. Late last month, it entered into agreements with 10 other states: Georgia, Idaho, Illinois, Maine, Michigan, Mississippi, Montana, Rhode Island, South Carolina and Wisconsin. Nevada and Indiana previously either withdrew or allowed their respective cease-and-desist orders to expire. Per the settlements, Ocwen will not acquire any new residential mortgage servicing rights until April 30, 2018. Also, the nonbank will develop a plan of action and milestones regarding its transition ...


October 5, 2017 - Inside Mortgage Finance

Ocwen Makes Peace With a Number of States And the SEC Over Mortgage-Related Disputes

Ocwen Financial has now buried the hatchet with a total of 15 states over alleged deficiencies in its compliance with laws and regulations relating to the company’s servicing and lending activities. Back in April, mortgage and banking regulators from 30 states and the District of Columbia and the state attorneys general of Florida and Massachusetts brought regulatory action against the nonbank servicer. This week, Ocwen settled with New Mexico, Virginia and West Virginia ...


September 25, 2017 - Inside the CFPB

CFPB’s Cordray Misled Congress About Wells Probe, GOP Claims

A new report from the House Financial Services Committee staff accuses CFPB Director Richard Cordray of misleading Congress about the bureau’s probe of the unauthorized account creation scandal at Wells Fargo, rushing into a settlement without doing the requisite leg work, and agreeing to a paltry settlement when he could have slammed the company for at least $10 billion in fines. As a part of its investigation into the Wells Fargo fraudulent account scandal, the committee said it has obtained a crucial new document – the “Recommendation Memorandum” – that was presented to and approved by Cordray. “The Memorandum shows that the CFPB estimated that the bank was potentially liable for a statutory monetary penalty exceeding $10 billion,” said the committee. “This ...


September 11, 2017 - Inside the CFPB

Other News in Brief/Industry News in Brief

State Regulators Start Work on a Next-Generation Technology Platform. The Conference of State Bank Supervisors has initiated what it characterizes as a major redesign of the Nationwide Multistate Licensing System (NMLS), which is the core technology platform state bank regulators utilize. According to the CSBS, the redesign will enable the regulators to transform the licensing and supervision of non-bank financial institutions, including financial technology companies, or so-called fintechs. “Technology and data are powerful tools that can create sweeping benefits throughout the financial regulatory system,” said Louisiana Office of Financial Institutions Commissioner John Ducrest. “And that vision drives our efforts with the next-generation NMLS. We are committed to nothing less than modernized state regulation for a modernized financial services industry.” The ...


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