Category — Mortgage Lending and Servicing

On May 25, 2012, the Consumer Financial Protection Bureau (CFPB), in its continued attempt to regulate any and every nonbank, announced a new “riskiness” factor in deciding who it can regulate. [Read more →]

In furtherance of its supervision and examination program, the CFPB released its notification and regulated entity response procedures on May 24, 2012. [Read more →]

After clearing the House with bipartisan support, legislating preserving the confidentiality of information submitted by regulated entities to the CFPB during the administration of its supervision and examination program is being held in the Senate. [Read more →]

The CFPB outlined the rulemakings affecting mortgage lenders that it plans to issue for public comment in coming months.  [Read more →]

Reforming mortgage remains the CFPB’s top priority according to the CFPB’s Raj Date in comments before the Mortgage Bankers Association National Secondary Market Conference.  

Date’s remarks alluded to “common sense rules” that the CFPB is finalizing concerning a borrower’s ability to pay, notice of force-placed insurance and enhanced disclosures for rate adjustments and mortgage balances.  Date expressed confidence that each of the aforementioned rules will be completed by January 2013. 

Date’s full remarks are available here.

CFPB Director Richard Cordray addressed the 2012 Simon New York City Conference on a range of topics concerning financial services regulation.  His address referenced the CFPB’s regulation of nonbanks where he concluded that prior to Dodd Frank nonbank actors were “held to no standards of accountability at all.”  Further, Cordray added: 

“At the Consumer Bureau, we believe in evenhanded and reasonable oversight of the marketplace. And we are seeking to accomplish that by broadening the regulatory structure to include federal oversight of both banks and the nonbank firms that directly compete against one another in many of these same markets.” 

The CFPB’s supervision and examination program of nonbanks is in full swing, and Cordray has emphasized the S&E program’s focus on nonbank mortgage lenders, payday lenders and debt collectors.

On May 9, 2012, the Consumer Financial Protection Bureau announced that it had hired Chris Peterson from the University of Utah, a loud critic of mortgage securitization practices and payday lending. [Read more →]

CFPB Deputy Director Raj Date informed attendees at a recent Mortgage Bankers Association conference in New York City that mortgage market reform remains the CFPB’s top priority.  [Read more →]

                On May 7^th, Deputy Director of the Consumer Financial Protection Bureau (CFPB), Raj Date, spoke to the Mortgage Bankers Association National Secondary Market Conference. [Read more →]

                Nonbank trade groups are calling on the Consumer Financial Protection Bureau (CFPB) to narrow the definition it will use to determine which nonbanks will be subject to federal supervision. [Read more →]