Links in “Mortgage Lending”

Regulations are pressing banks to exit from servicing, creating significant capital advantages for nonbank servicers and raising concerns that regulators have gone too far. [3/4]

Director Cordray calls CFPB a "regime that will govern the mortgage servicing market—including both the banks and their nonbank competitors—in perpetuity." But Congress has taken up a bill that could changes things for the CFPB, instituting a five-member commission and subjecting it the regular appropriations process. [2/28]

CFPB's Richard Cordray's speech to the National Association of Attorneys General addressed highlights of the agency's work, including efforts with four states Attorneys General offices, use of real-time access to complaints system, mortgage services industry efforts, and collections efforts -- all part of the "crusades we are undertaking together to improve life for American consumers." [2/27]

New interagency consumer compliance examination procedures for the mortgage rules issued pursuant to the Dodd-Frank Act released that will guide both examiners and FIs. Critical review for all FIs. [2/26]

Connecticut mortgage lender self-reported potential RESPA violations and reaches a $83,000 settlement with CFPB. [2/25]

FinCEN finalizes anti-money laundering (AML) regulations regarding SAR filing issues as they relate to mortgage fraud and money laundering. [2/21]

While the CFPB had earlier pledged to take into account the good faith efforts of financial institutions to comply with the flood of new mortgage servicing rules, the bureau is now making clear that a "good faith effort does not mean services have the freedom to harm consumers." [2/21]

Agency's #2 says servicers have had more than a year to prepare for the reform rule that took effect last month, suggesting the CFPB would move quickly and harshly against violators. [2/20]

Sharp words spoken by Deputy Antonakes who doesn't mince remarks to mortgage industry citing failures of the past and expectations of the future. CFPB boldly affirms the need for paradigm shift as "business as usual is over." [2/20]

A growing number of lenders are reporting that they are no longer offering non-Qualified Mortgages due to the added costs of compliance and risks of Department of Justice referrals. [2/19]