Links in “CFPB”

CFPB launches new HMDA tool, but also is seeking MASSIVE expansion of HMDA reporting requirements, including information on rate spread, use of teasers, prepayment penalties, loan officer identification, underwriting information (including DTI and LTV), age and credit score, QM status, and use of AUS (Automatic Underwriting Systems). However, some streamlining is also proposed. [2/10]

The OCC’s updated booklet, “Mortgage Banking,” provides new guidance on risk by assessing mortgage banking, key aspects of risk associated with mortgage banking, and amendments to Regulation X and Regulation Z issued by the CFPB. [2/10]

Federal Reserves Q4 outlook looks at HMDA reporting requirements and the CFPB announces it is looking at making changes to reporting requirements. [2/10]

The Fiscal Times submits that CFPB is overzealous, squeezing housing and auto lenders. It cites as an example the agency's settlement with Ally Financial in December and auto sales plunge in January. [2/10]

23-page tome highlights CFPB actions taken over past few months including enforcement orders, remedial actions, supervisory and examination procedural changes, as well as internal upgrades to promote enforcement. [2/7]

The ban on unfair, abusive or deceptive acts and practices is getting heavy-duty scrutiny. See what other financial institutions are being hit with. [2/7]

The CFPB's findings of its survey of private student loan servicers on how extra payments from borrowers in excess of the minimum payment are applied suggests that it may raise Truth-in-Lending issues if excess amounts aren't applied to loans with the highest interest rates. [2/5]

CFPB examiners began using the new report templates for examinations beginning Jan. 2, 2014 or later. "Recommendations" are gone, delivered orally on-site. Names of team members are also gone. But a new section, called "Matters Requiring Attention," has been added. [2/4]

NAFCU recaps the updated educational brochures that lenders are required to provide consumers at the time of certain loan applications. [2/3]

Report highlights key problems in mortgage servicing industry including unfair practices with servicing transfers associated with modifications, improperly waiving consumer rights, poor payment processing and failing to provide correct information to consumer reporting agencies. [1/31]