CFPB
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CFPB Issues Proposal to Boost Lending in Rural, Underserved Areas
By Anna DeSimoneProposal Would Extend Provisions to Cover More Community Banks, Credit Unions, and Other CreditorsJanuary 29, 2015, the Consumer Financial Protection Bureau (CFPB) proposed several changes to its mortgage rules to facilitate responsible lending by small creditors, particularly in rural and underserved areas. If finalized, the proposal issued would increase the number of financial […]
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CFPB Issues Supervisory Compliance Bulletin
By Anna DeSimone Bulletin Reminds Companies of Existing Legal Responsibilities Regarding Treatment of Confidential Supervisory Information January 27, 2015 the Consumer Financial Protection Bureau (CFPB) issued a bulletin to remind supervised financial institutions, including nonbank companies that may be unfamiliar with federal supervision, of existing regulatory requirements regarding confidential supervisory information. The CFPB supervises companies […]
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CFPB Finalizes Minor Changes to “Know Before You Owe” Mortgage Rules
By Anna DeSimone, PresidentChanges Address Mortgage Disclosures After Locking Interest Rates and Information on Construction Loans January 20, 2014, the Consumer Financial Protection Bureau (CFPB) finalized two minor modifications to the “Know Before You Owe” mortgage disclosure rules. The changes finalized January 20th which were proposed in October 2014, address when consumers will receive updated disclosures […]
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CFPB Issues Lender Guidance on Social Security Income Discrimination
by Anna DeSimone, President On November 18, 2014, the Consumer Financial Protection Bureau (CFPB) issued a bulletin to help lenders avoid imposing illegal burdens on consumers receiving disability income who apply for mortgages. The CFPB is reminding lenders that requiring unnecessary documentation from consumers who receive Social Security disability income may raise fair lending risk. […]
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CFPB Issues Lender Guidance on Disability Income Discrimination
by Anna DeSimone, President November 18, 2014, the Consumer Financial Protection Bureau (CFPB) issued a bulletin to help lenders avoid imposing illegal burdens on consumers receiving disability income who apply for mortgages. The CFPB is reminding lenders that requiring unnecessary documentation from consumers who receive Social Security disability income may raise fair lending risk. The […]
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CFPB Finalizes Minor Changes to Mortgage Rules to Ensure Access to Credit
By Anna DeSimone, President Changes Will Assist Nonprofits and Allow for Refunds of Excess Points and Fees for Qualified Mortgages October 22, 2014, the Consumer Financial Protection Bureau (CFPB) today finalized minor adjustments to its mortgage rules to ensure access to credit. The adjustments, which were proposed in April, include two changes that will help […]
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CFPB Finalizes Rule to Promote More Effective Privacy Disclosures
By Anna DeSimone, PresidentOctober 20, 2014 the Consumer Financial Protection Bureau (CFPB) finalized a rule to promote more effective privacy disclosures from financial institutions to their customers. The new rule, which was proposed in May, allows companies that limit their consumer data-sharing and meet other requirements to post their annual privacy notices online rather than […]
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CFPB Issues Bulletin Regarding Mortgage Servicing Transfers
By Anna DeSimone August 19, 2014 the Consumer Financial Protection Bureau (CFPB) released a bulletin outlining expectations for mortgage servicers that transfer loans. The bulletin includes information on how mortgage servicers should pay special attention to new rules protecting consumers applying for loss mitigation help or trial modifications. The bulletin gives examples of some things […]
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CFPB Proposes Updates to HMDA Reporting
by: Anna DeSimone Bureau Aims to Simplify the Reporting Process for Financial Institutions July 24, 2014 the Consumer Financial Protection Bureau (CFPB) proposed a rule to improve information reported about the residential mortgage market. The rule would shed more light on consumers’ access to mortgage credit by updating the reporting requirements of the Home Mortgage […]
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CFPB Issues Guidance Regarding Brokers Shifting to “Mini-Correspondent” Model Bureau Describes Evaluation of Mini-Correspondent Transactions
by: Anna DeSimone July 11, 2014, the Consumer Financial Protection Bureau (CFPB) issued guidance regarding mortgage brokers transitioning to a “mini-correspondent” lender model. The full content of the CFPB Press Release is provided: The CFPB is concerned that some mortgage brokers may be shifting to the mini-correspondent model under the mistaken belief that identifying themselves […]