Links in “Mortgage Lending”
- Debt Collection Complaints Outpacing Mortgage Complaints
CFPB official says that while 2013 say more complaints about mortgages than debt collection, debt collection complaints have now eclipsed mortgages for the top spot at a pace of about 5,000 complaints per month. [4/3]
- A Look at the CFPB’s New Integrated Disclosure Rule
The CFPB has created a unified mortgage disclosure rule combining the Good Faith Estimate and the initial TILA disclosure to create a new form, the Loan Estimate. It has issued an accompanying guide. [4/2]
- We’re 80% More Discontent It Seems
Not that the CFPB has been asking for them, but apparently there was an 80% increase in number of complaints received by the CFPB according to the report issued. Top three complaints categories include mortgages (37%), Â debt collection (19%), and credit reporting (15%). [4/1]
- Can’t Win ’em All: U.S. Poised to Lose First Mortgage Case Against Bank
A judge recommends dismissal of case against Bank of America for allegedly misleading investors about the quality of $850 million in mortgage loans. It would be the first for about a dozen companies targeted under FIRREA. [3/31]
- OCC Releases Mortgage Performance for Q4
Report notes improvements in the fourth quarter of 2013 with 91.8% of mortgages current compared to 89.4% in 2012 and delinquencies at lowest level since 2008. New foreclosures down and home retention actions outpaced home forfeiture actions 3 to 1. [3/28]
- Efforts to Preserve CU Access to Secondary Mortgage Market
Today, CUNA Chief Economist Bill Hampel and General Counsel Eric Richard are engaging in a dialogue about housing finance reform at the White House. They will represent credit unions and present the request that credit unions still be able to participate in the secondary mortgage market. [3/26]
- Credit Suisse’s Turn: Settlement with FHFA Comes in at $885 Million
The deal settles lawsuits by the Federal Housing Finance Agency over loans sold to Fannie Mae and Freddie Mac. The Swiss lender was among 18 lenders sued by the FHFA to recoup losses on $200 billion in mortgage backed securities. [3/24]
- CFPB’s Cordray Addresses State Treasurers
CFPB Director Richard Cordray's remarks at the National Association of State Treasurers highlighted the mortgage crisis, complaints, consumer education efforts, and use of prepaid cards by states. [3/19]
- Possible Elements of CFPB’s Zombie Foreclosure Action
CFPB's servicing and secondary markets program manager is reported to have said at a Federal Reserve Bank of Cleveland last week that possible actions the agency is considering in response to "zombie foreclosures" include creating a national definition of "abandonment," hastening the foreclosure process, and creating a national registry of zombie properties. [3/18]
- California Minority Groups Sue Governor Over Diversion of Mortgage Settlement Funds
Groups say California, which was facing a state budget shortfall at the time, diverted most of the $369 million mortgage settlement to plug the gap rather than use the funds for mortgage counseling and other housing-related purposes. [3/17]
