Tag Archives: Regulation

Experts gathered in Dallas earlier this week at the annual Five Star Conference and Expo to discuss the most pressing issues facing servicers—and "compliance" was the word of the day.

Testifying before the Senate Banking Committee earlier in the week, Comptroller of the Currency Thomas Curry said the financial condition of banks has improved since the financial crash—but he believes that supervisors need to "remain vigilant."

In a bulletin issued Tuesday, the Consumer Financial Protection Bureau warned mortgage servicers to pay close attention to the new "common-sense" mortgaging rules implemented by the bureau in January 2014, aimed at protecting consumers from being harmed during loan transfers.

The Consumer Financial Protection Bureau is proposing a rule that would update the reporting requirements under the Home Mortgage Disclosure Act (HMDA). The proposed rule purports to standardize the reporting threshold for most lenders, relax the reporting requirements for some smaller lenders, and improve the electronic reporting process.

Former Congressman Barney Frank testified before the House Committee on Financial Services on Wednesday, dismissing criticisms of his namesake Wall Street reform act. In the more than three hour long hearing, Frank and others faced tough questions on the effect that the act has had on the economy and the value of the changes when compared with the toll it takes on financial services firms.

Independent Community Bankers of America (ICBA) submitted a letter to the Consumer Financial Protection Bureau asking the agency to expand the small creditor exemptions set out under its mortgage rules that went into effect in January. ICBA's main request is that mortgage loans held in small creditors' portfolios automatically receive qualified mortgage safe harbor status for as long as the loans are held in those portfolios.

It's been four years since the Dodd-Frank Act was signed into law, and the Republican members of the House Financial Services Committee marked the occasion with a new report highlighting its flaws, including its failures to end "too big to fail." "In no way, shape or form does the Dodd-Frank Act end 'too big to fail,'" said Jeb Hensarling (R-Texas), chairman of the committee. "Instead, Dodd-Frank actually enshrines 'too big to fail' into law."

The New York regulator who earlier this year launched a probe into the practices of non-bank mortgage servicers revealed Tuesday he plans to expand his investigations. Delivering remarks at the Mortgage Bankers Association' 2014 National Secondary Market Conference, Superintendent Benjamin Lawsky of New York's Department of Financial Services said the agency plans to dig into fee-based ancillary services at non-banks such as Ocwen and Nationstar.

Results released in QuestSoft's latest annual survey of lenders shows the Consumer Financial Protection Bureau (CFPB) continues to rank high on the list of worries gnawing away at businesses. "Compared to last year's survey, lenders appear more weary than ever of CFPB's rules, as non-CFPB issues are seen as increasingly lower priorities," said Leonard Ryan, founder and president of QuestSoft.

The Consumer Financial Protection Bureau (CFPB) announced Wednesday it is proposing “minor changes” to its mortgage rules to assist nonprofit organizations in getting loans to underserved communities. “Today’s proposal would maintain those strong protections, while making minor changes to ensure consumers have access to credit,” said CFPB Director Richard Cordray in a statement.