Tag Archives: Consumer Finance Protection Bureau (CFPB)

The share of mortgages originated by non-depository, independent mortgage companies decreased in 2022—but still accounted for 60.2% of first-lien, one- to four-family, site-built, owner-occupied home-purchase loans (down from 63.9% in 2021).

“This far-reaching agreement is an important milestone in our work to transform the operating practices at Wells Fargo and to put these issues behind us,” said Charlie Scharf, Wells Fargo’s CEO.

Special appraisal dollar-amount limits, along with thresholds for Regulation Z and Regulation M, were adjusted by the CPFB to better reflect the current economic environment.

Rohit Chopra, Director of the CFPB, said, “Companies are not absolved of their legal responsibilities when they let a black-box model make lending decisions.”

Origination fees can present a web of inconsistencies, and Yatin Karnik of Confer Inc. asks if its time to “democratize” the lending process.