State Regulators

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

November 6, 2017 - Inside the CFPB

Other News in Brief/Provident, Ocwen, HMDA, Winter Park National

African-American and Hispanic Borrowers Allegedly Harmed by Provident Will Receive $9 Million in Compensation. Last week, Garden City Group, the settlement administrator for Provident Funding Associates, mailed out checks to African-American and Hispanic borrowers to compensate them for having been unlawfully charged higher interest or broker fees on their mortgages from Provident.... Ocwen Enters Into Agreement with Hawaii to Resolve Regulatory Action. Ocwen Financial settled some outstanding issues with regulatory authorities in Hawaii last week, continuing a streak the nonbank servicer has been on for the last two months or so....


November 6, 2017 - Inside the CFPB

CSBS Frets CFPB Rule Threatens Relationship Lending Model

The Conference of State Bank Supervisors recently told the CFPB it is concerned that a rule expected from the bureau could erode the relationship lending model that community banks use with small businesses. “The proposed new data collection requirements will require lenders to compile and report a variety of data points regarding small business applications and loans,” the state regulators said in a recent comment letter to the bureau. “At a minimum, these new data collection requirements will impose additional and disproportionate compliance costs on smaller financial institutions with limited resources and unnecessarily raise the cost of originating small business loans by all lenders.” According to the CSBS, community banks exercise a substantial amount of discretion and expertise in the ...


Poll

With originations expected to drop in 2018, will your shop turn to non-QM/non-prime mortgage products as a way to bolster volumes?

Yes, definitely. We’re planning a launch.
No. It’s still difficult compliance/regulatory-wise.
Maybe. It’s under consideration.
Not now. But things could change as 2018 progresses.

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