Tag Archives: Consumer Financial Protection Bureau

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.

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.

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.

In July 2015, Steven L. Antonakes, the Consumer Financial Protection Bureau (CFPB)'s second-in-command official, announced in a memo to employees that he would step down from his position with the Bureau. To replace Antonakes, the CFPB named Meredith Fuchs to serve as Acting Deputy Director.

Lenders have been troubled by the Home Mortgage Disclosure Act (HMDA) data points for many years, but they may see some relief in the near future.

Ocwen Financial's mortgage servicing practices have been the center of much scrutiny among its customers but new data shows that this picture is slowly but surely changing.

The Consumer Financial Protection Bureau (CFPB)’s Consumer Complaint Database has generated much controversy since June when it began publishing narratives of complaints from consumers. So much so that CFPB Director Richard Cordray issued a rare public response to the criticisms in late November.

The Consumer Financial Protection Bureau's TILA-RESPA Integrated Disclosures rule have been in effect since October 3, 2015, and despite the expected stumbles here and there, the rule has not caused any major catastrophes in the mortgage industry—just yet.

Mortgages were most complained about at Ocwen and Nationstar Mortgage, but Ocwen's complaints have fallen 16 percent overall from in the last three months, while Nationstar's complaints rose 11 percent.

The Consumer Financial Protection Bureau has been the target of much scrutiny in the last year as new regulation unfolded, but many question the structure and leadership within the government agency.