A couple of major proposals have emerged in the last month to reform the Consumer Financial Protection Bureau, and some recent incidents indicate that the industry may be ready for a change.
Read More »An Industry on Bated Breath for PHH v. CFPB
PHH Corporation’s appeal of the CFPB’s ruling may not only clarify the CFPB’s reach in interpreting statutes and doling out enforcement actions, but it also challenges the very structure of the bureau and its director. Editor's note: This select print feature appears in the May 2016 edition of MReport magazine.
Read More »5 Years Later—A CFPB Progress Report
Nearly five years ago, Congress created the CFPB, and its sole purpose was to serve as recovery agent for the American people coming out of the financial crisis. But how effective has the Bureau been in doing its job?
Read More »TRID’s Mixed Reviews 6 Months Later
Many in the mortgage industry have complained of the complexity of implementing the rule and the difficulty of complying, despite the rule’s goal of making it easier on all parties involved to close a mortgage loan. But do homebuyers share these same sentiments?
Read More »The Effect of the CFPB’s Arbitration Rule on Lenders
The CFPB's push to cut off lenders’ ability to include clauses prohibiting borrowers and bank account holders from filing or joining class action lawsuits in their contracts comes with a price.
Read More »Does This Advocacy Group Have the TRID Answer?
Moody's Investor's Service gave a seal of approval for the Structured Finance Industry Group's TRID compliance proposal, noting that it is adequate to address compliance risks that are likely to cause losses to residential mortgage-backed securitization (RMBS) trusts despite uncertainties.
Read More »CFPB Says No More Arbitration Clauses
The CFPB wants to cut off lenders’ ability to include clauses prohibiting borrowers and bank account holders from filing or joining class action lawsuits in their contracts.
Read More »The CFPB’s Tough Month of April
Between attempts made by lawmakers to reform the Bureau to the PHH trial, the CFPB is probably glad to see April in the rear view mirror.
Read More »Get Ready, TRID Could Become Less of a Burden Soon
Recognizing the “operational challenges” the industry is experiencing with TRID, Cordray said in a letter that the Bureau is considering making some “adjustments” in the regulation text to provide greater certainty and clarity.
Read More »Mortgage Servicing Drives Consumer Complaints
Consumers ran into three major problems with the way their loan is being serviced, according to the CFPB's latest monthly consumer complaint snapshot.
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