Tag Archives: Consumer Financial Protection Bureau

CFPB Director Richard Cordray appeared Tuesday in front of the Senate Banking Committee, and as always, the proceedings were contentious. At the hearing, a myriad of topics were discussed, including mortgages, student loans, and proposed data collection efforts for the National Mortgage Database.

Speaking before an audience in Boulder, Colorado, Consumer Financial Protection Bureau (CFPB) Richard Cordray addressed the growing amount of student loan debt—$1.2 trillion and counting—and how it will have negative ramifications on the housing market in the future.

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 percentage of older Americans with outstanding mortgage debt has increased since the start of the housing crisis, according to a report released Wednesday by the Consumer Financial Protection Bureau (CFPB). In fact, according to the bureau, about half of retired seniors with mortgage debt pay more than 30 percent of their household income on housing costs.

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.

As part of its "Know Before You Owe" initiative to streamline mortgage lending, CFPB released Wednesday the results of a year of research on the closing process, including comments collected from both consumers and market participants. The findings indicate frustration all around. Among consumers, the most common complaints the bureau saw dealt with the complexity and sheer amount of paperwork required to finalize a loan.

The American Bankers Association (ABA) released the results of its latest annual Real Estate Lending Survey. According to the ABA, more than 80 percent of bankers surveyed believe that tightened Dodd-Frank rules will restrict credit, thereby narrowing the pool of candidates able to secure mortgages. More than a third of bankers surveyed said they would only offer qualified mortgages.

An audit of the Consumer Financial Protection Bureau's (CFPB) operational efficiency found the agency is lacking when it comes to the execution of its supervisory activities. In a report, the Office of the Inspector General for the Federal Reserve System says CFPB could improve in three areas: reporting timelines, standard compliance rating definitions, and examination reporting policies.

A new survey published through George Mason University's Mercatus Center finds bankers at smaller institutions are growing increasingly anxious about the roll-out of the Dodd-Frank Act and subsequent regulatory requirements. One anonymous banker objected to "the maddening pace of illogical and unnecessary regulation (that would not) have done anything to prevent the 2008 collapse."

California's Department of Business Oversight announced the state has joined 48 others in reaching a $2.1 billion settlement with Ocwen Financial Corporation and Ocwen Loan Servicing. The lawsuit stems from Ocwen's acquisition of two mortgage servicers, Litton Loan Servicing, LP and Homeward Residential, Inc., in 2011 and 2012, respectively. Ocwen was held liable for prior malfeasance regarding mortgage servicing laws.