Tag Archives: CFPB

The industry has long called for clarification of the Consumer Financial Protection Bureau’s TILA-RESPA Integrated Disclosure rule—or TRID. Today, with the release of its “finalized updates,” the CFPB may have finally provided it. But what do the updates mean for the industry? And is this really the end of the You Before You Owe confusion? The answer probably won’t surprise you.

The Consumer Financial Protection Bureau has taken two big steps in clarifying its amendments to the 2013 mortgage servicing rules, which were issued in August 2016. The Bureau issued a correction on its amendments, as well as guidance regarding the three-day early compliance period. Born out of industry concern over the rule’s midweek effective dates, today’s announcement could be a game-changer for many in the industry.

Several representatives and senators have been pushing for change in compliance regulations, but a recent bill could possibly be the answer. Being that this isn’t the first bill of its kind, what does it bring to the table that others didn’t? See what Representative Tom Emmer and Congressman Blaine Luetkemeyer have in mind.

According to a new study from the CFPB, consumers in lower-income parts of the country are more likely to establish credit history through negative means, like debt collection or public records. About 27 percent of low-income area consumers establish their history through what are called “non-loans,” while just 7.9 percent of consumers in high-income areas establish credit via non-loans. The study found that consumers in higher-income areas more commonly establish credit with a credit card or through co-borrowing.

Reverse mortgages are one of the most-complained about financial products for older Americans, with a new CFPB report showing servicing issues, communication problems, and difficulty changing loan terms as a common concern for consumers 62 and older. This group also reports issues with financial scams, confusion around deferred-interest credit cards, and being charged for unauthorized add-on products and services. Aging Americans are at a higher risk for financial exploitation, according to CFPB Director Richard Cordray.

The Court of Appeals rehearing of the Consumer Financial Protection Bureau (CFPB) took place Wednesday to determine the constitutionality of CFPB’s leadership structure. Previously brought by PHH Corporation in October, the initial decision by the court determined the CFPB was, in fact, unconstitutional. Wednesday’s hearing was an “en banc” review, previously agreed upon in February.

MERSCORP Holdings, Inc., announced this week it will support the Consumer Financial Protection Bureau’s updated Home Mortgage Disclosure Act requirements by facilitating legal entity identifier (LEI) registrations and renewals for users of MERS System and other industry participants.

The second-annual Five Star Diversity Symposium, a day-long event focused on advancing the conversation on diversity within the mortgage industry, featured keynote addresses from diversity leaders as well as roundtable discussions and panels. The Diversity Symposium includes representatives by several key companies and government agencies within the mortgage industry.

The Consumer Financial Protection Bureau (CFPB) is planning to assess the effectiveness of the Real Estate Settlement Procedures Act (RESPA) mortgage servicing rule. The rule, introduced in January 2013 and which took effect in January 2014, was designed to assist consumers who were behind on mortgage payments. Currently, the Bureau is seeking comment from consumers, consumer advocates, housing counselors, mortgage loan servicers, industry representatives, and the general public regarding the rule, and will issue a report of their assessment by January 2019.

The Consumer Financial Protection Bureau (CFPB) has denied Ocwen Financial Corporations’s attempt to expedite a court ruling on the constitutionality of the Bureau. The CFPB said that the mortgage servicer shouldn’t get special treatment in the case, alleging it failed “every stage of the mortgage servicing process.” The CFPB attempted to block Ocwen’s expediting attempt by telling a Florida federal court to deny Ocwen’s attempt at fast-tracking its constitutional challenge against the agency’s structure.