CFPB
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CFPB Issues Reports Identifying Illegal Practices Covered Under Supervision
By Anna DeSimoneJune 23, 2015, the Consumer Financial Protection Bureau (CFPB) released its latest supervision report outlining the illegal practices uncovered by the Bureau’s examiners in the first four months of 2015. The Bureau found problems with dual-tracking at mortgage servicers that could mislead consumers to believe their trial modifications were canceled. The Bureau also […]
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CFPB Delays TRID Until October 1st
by Anna DeSimoneJune 17, 2015 the Consumer Financial Protection Bureau Issued the following Press Release: Statement by CFPB Director Richard Cordray on Know Before You Owe Mortgage Disclosure RuleWASHINGTON, D.C. – Today, Consumer Financial Protection Bureau (CFPB) Director Richard Cordray issued the following statement on the Know Before You Owe mortgage disclosure rule:“The CFPB will […]
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CFPB Issues Letter to Congress to Allow Enforcement Grace Period
On May 20 2015, a letter was sent by Congress to Richard Cordray, Director of the Consumer Financial Protection Bureau, asking for the grace period through the end of 2015, claiming the industry was not prepared for the rule’s implementation. The letter was signed by 255 Members of Congress. To read the letter and see […]
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CFPB Releases Updated Mortgage Origination Examination Procedures
By Anna DeSimoneMay 4, 2015, the Consumer Financial Protection Bureau (CFPB) released an update to the bureau’s Mortgage Origination examination procedures. The update offers financial institutions and other industry participants valuable guidance on how the CFPB will conduct examinations for compliance with the TILA-RESPA Integrated Disclosure Rule which will become effective August 1, 2015. The […]
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CFPB Issues Guidance on Housing Counselor Requirement
Final Interpretive Rule Includes Additional Instructions for Providing Housing Counselor Information April 15, 2015, the Consumer Financial Protection Bureau (CFPB) issued a final interpretive rule on how to provide mortgage applicants with a list of local homeownership counseling organizations. The interpretive rule restates guidance the CFPB issued in 2013, and provides further guidance for lenders who […]
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Mortgage Servicing and Regulatory Compliance
by Margaret Wright, J.D.Mortgage servicing is becoming solidified as an area of major regulatory importance. The Consumer Financial Protection Bureau’s more recent entry into the mortgage servicing rulemaking arena has resulted in updated and new servicing regulatory requirements. Additionally, the current servicing market has shown that although delinquencies are down overall, servicing income and employment […]
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CFPB Releases ‘Know Before You Owe’ Toolkit
March 31, 2015 the Consumer Financial Protection Bureau (CFPB) released a new toolkit that guides consumers through the process of shopping for a mortgage and buying a house. Developed as part of the CFPB’s “Know Before You Owe” mortgage initiative, the toolkit was designed to help consumers take full advantage of the new Loan Estimate […]
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CFPB Issues Fair Debt Collection Report
March 26, 2015, the Consumer Financial Protection Bureau (CFPB) submitted to Congress its Fourth Annual Report summarizing activities to administer the Fair Debt Collections Practices Act (FDCPA). This year’s report describes activities conducted by the CFPB and the FTC during 2014 in relation to debt collection. The CFPB and the FTC work closely to coordinate […]
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CFPB Report Outlines Legal Violations Uncovered by Supervision
The CFPB has published Supervisory Highlights which summaries compliance violations uncovered by the bureau’s supervision. Please click on the link to view the full 20-page report. http://www.consumerfinance.gov/reports/supervisory-highlights-winter-2015/ Within the detailed section concerning mortgage origination, a key violation pertained to “an effective compliance management system.” A recommended component includes a compliance audit program. Bankers […]
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HMDA Compliance News
February 18, 2015, the Federal Financial Institutions Examination Council (FFIEC) published the January 2015 HMDA-CRA Newsletter. Earlier this month on February 9th, the FFIEC’s HMDA site updated the Geocoding System with the 2015 Census boundary definitions. Exemption thresholdAs announced by the CFPB on December 29, 2014, the 2015 exemption threshold for depository institutions was changed […]