Newfound optimism in the housing market from both lenders and borrowers is causing mortgage-related complaints to subside as customer satisfaction improves and financial institutions alter the way they do business.
Read More »CFPB Offers Lenders a Helping Hand
Since the initial implementation of these rules, the CFPB has made several moves to expand the definitions of “small creditor” and “rural area,” but before the HELP Act, smaller lenders were only eligible for special provisions if more than half its loans were in rural or underserved areas.
Read More »Credit Unions Petition CFPB Director Cordray for Exemption
NAFCU President and CEO Dan Berger wrote Cordray a letter Thursday asking the Director to exempt credit unions from certain rulemakings.
Read More »CFPB Director Defends Agency’s Decisions
CFPB Director Richard Cordray faced intense criticism from the committee's Republicans, particularly Chairman Jeb Hensarling (R-Texas), who said that Congress has made the Director a “dictator” and given him power that is “amazing, frightening, and tragic.”
Read More »Credit Unions Urge CFPB to Reduce HMDA Regulatory Burden
The revamped rule appears to be weighing heavy on the minds of many in the mortgage industry as is brings about several new data point requirements that must be fulfilled by lenders.
Read More »CFPB Director: Mortgage Credit is “Still Too Tight, In My View”
Consumer Financial Protection Bureau Director Richard Cordray called attention to the mortgage industry, particularly lenders, in a speech on Wednesday, where he highlighted some of the progress and pitfalls that the housing market faces.
Read More »CFPB: Mortgages Top the Most Complained About Financial Products
Mortgage loans in today's housing market are not keeping homebuyers happy, as they are most complained about product in the eighth volume of the Consumer Financial Protection Bureau's Monthly Complaint Report.
Read More »How eDocuments Can Improve Lenders’ Mortgage Business
Closing on a home can be an exciting but frustrating process, but recent innovations in mortgage technology have made the process much easier through electronic loan document delivery.
Read More »CFPB’s Authority in Question over Legal Battle
One case in the Consumer Financial Protection Bureau's portfolio has many in the mortgage industry questioning whether or not the organization's power and authority is used unjustly. Unlike other government agencies, the power of the agency is left on one man's shoulders: CFPB Director Richard Cordray.
Read More »Handle HMDA With Care
Michael Flynn, a partner in Goodwin Procter’s Financial Institutions Group sat down with MReport to explain how the HMDA rule is shaking up the mortgage industry and advises on how to cope with the changes.
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