The CFPB recently announced that it will begin working in collaboration with 11 financial regulators from across the world on fintech regulation efforts – known as the Global Financial Innovation Network (GFIN).
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The CFPB recently announced that it will begin working in collaboration with 11 financial regulators from across the world on fintech regulation efforts – known as the Global Financial Innovation Network (GFIN).
Read MoreTopics: Lenders, AMCs, Mortgage Companies, Credit Union, Appraisers, servicers, CFPB, Compliance, Regulations, technology
Bitcoin and other cryptocurrencies are hard to predict, but that hasn’t prevented many Americans from investing in them or even using the new currencies to make major real estate purchases.
Read MoreTopics: Compliance, Lenders, Credit Union, Mortgage Companies, CFPB
The Bureau of Consumer Financial Protection (BCFP) recently issued a statement that contains guidelines on the partial exemptions for small banks and credit unions under the Home Mortgage Disclosure Act (HDMA) rules of the amended Dodd-Frank Act.
Read MoreTopics: Lenders, Credit Union, Mortgage Companies, CFPB, Dodd-Frank Act, Regulations, residential mortgage industry, Compliance
The CFPB recently finalized an amendment to its “Know Before You Owe” mortgage disclosure rule—commonly known as TRID—which originally took effect in October of 2015. According to the Bureau, its amendment addresses when a mortgage lender with a valid justification can pass increased closing costs on to a consumer and disclose these costs on a Closing Disclosure.
Read MoreTopics: Lenders, Mortgage Companies, Credit Union, Compliance, Regulations, CFPB
During his recent presentation of the CFPB’s semi-annual report to Congress, Acting Director Mick Mulvaney included a memo of suggested changes that he feels should be made to the federal agency. If adopted, these changes would fundamentally alter the CFPB’s mandate and structure.
Read MoreTopics: Lenders, Mortgage Companies, Credit Union, CFPB, Compliance, Regulations, Dodd-Frank Act, proposals
The U.S. House of Representatives recently passed the Mortgage Choice Act of 2017, which now heads to the Senate for consideration. If passed and signed into law, this new legislation would adjust TILA’s definitions of points and fees that are found under the Ability to Repay/Qualified Mortgage rule.
Read MoreTopics: Lenders, Mortgage Companies, Credit Union, Compliance, Regulations, residential mortgage industry, CFPB
Mortgage News Daily recently reported that the House Financial Services Committee is considering several bills that could potentially impact lenders. According to the article, the following measures were discussed during two hearings early this month:
Read MoreTopics: Lenders, Mortgage Companies, Credit Union, Regulations, Compliance, CFPB, proposals
The CFPB recently announced that it has launched the new Mortgage Performance Trends tool, which tracks mortgage delinquency rates nationwide.
Read MoreTopics: Lenders, Mortgage Companies, Credit Union, CFPB, technology, mortgage software
As reported by DS News and The MReport, several regulatory relief bills—which are designed to alleviate regulatory burdens in the mortgage industry—recently passed the House Financial Services Committee and will now head to the House floor for consideration.
Read MoreTopics: Compliance, Regulations, Lenders, Mortgage Companies, Credit Union, CFPB
Have you ever had difficulty interpreting the slew of guidance and regulations that have been implemented by the Consumer Financial Protection Bureau (CFPB)? If so, you’re not alone.
Read MoreTopics: AMCs, Lenders, Mortgage Companies, Credit Union, servicers, Compliance, Regulations, CFPB
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