Tag Archives: Consumer Financial Protection Bureau

With months to go before the implementation of the Consumer Financial Protection Bureau's (CFPB) qualified mortgage (QM) rules, the agency released several finalized amendments and clarifications created to ease the process.

In its 15th Annual Mortgage Fraud Report, LexisNexis Risk Solutions put a spotlight on three economic indicators: mortgage fraud and misrepresentation involving industry professionals, potential collusion activity, and volume of properties in default. Looking at mortgage loan fraud levels, researchers at LexisNexis determined that most states have seen fraud fall to normal levels since 2008, though the fallout from prior years continues to build.

The Mortgage Bankers Association's (MBA) Mortgage Credit Availability Index (MCAI) decreased 0.7 percent month-over-month in August.

The Consumer Financial Protection Bureau (CFPB) is putting on notice companies that furnish information to credit reporting firms, reminding them that they are responsible for investigating consumer disputes forwarded to them. "Credit reports play a critical role in the lives of consumers," said CFPB director Richard Cordray. "Given the importance of these reports, consumers need to know that their documents are being reviewed when they dispute what they believe is a mistake on a report."

Having served in an acting capacity since January 2013, Steven Antonakes has been officially named deputy director of the Consumer Financial Protection Bureau (CFPB), the agency announced.

The choice of the new Fed chair takes on added significance given the Fed's relationship with the Consumer Financial Protection Bureau.

Since helping draft the final rule for a qualified mortgage, former Consumer Financial Protection Bureau (CFPB) Deputy Director Raj Date has resigned from the agency and opened his own advisory and investment firm aimed specifically at those borrowers who do not meet the standards for 'qualified mortgages' as set by the CFPB under rules. This turn of events has raised questions as to the agency's ethics and integrity, prompting lawmakers to call for a release of communications between Date and others regarding the company's creation.

The U.S. Senate voted Tuesday to confirm Richard Cordray as director of the Consumer Financial Protection Bureau (CFPB). According to the Senate website, Cordray was confirmed in a 66-34 vote. President Obama installed Cordray as a recess appointment in 2012, a move that attracted criticism from opponents, who say the Senate was not actually in recess. Critics of the CFPB had vowed not to confirm any nomination for director until the agency saw substantial changes.

In a joint release, six federal financial regulators proposed exemptions from Dodd-Frank appraisal requirements for loans of $25,000 or less, certain streamlined refinancings, and certain loans secured by manufactured housing. Those exemptions would join others already laid out earlier this year. According to the release, the proposed exemptions "are intended to save borrowers time and money and to promote the safety and soundness and creditors."

The Consumer Financial Protection Bureau (CFPB) announced Monday proposed revisions to its ability-to-repay rule, mortgage servicing rules, and rules regarding consumer protections. "Today's proposal revises and clarifies certain aspects of our rules to ease implementation and to pave the way for more effective consumer protections in the marketplace," said Richard Cordray, director of the CFPB. Monday's proposals also addressed the ban on financing credit insurance premiums.