The CFPB recently announced changes to its Civil Investigative Demands (CIDs) policy to ensure they provide more information about the potentially wrongful conduct that is under investigation. To recap, the Bureau uses this policy when issuing subpoenas to companies who are under investigation for possible violations.
Read MoreTopics: Lenders, AMCs, Mortgage Companies, Compliance, Regulations, CFPB, Credit Union
The CFPB recently announced that it has issued its final policy guidance regarding the Home Mortgage Disclosure Act (HMDA) data that was made available to the public on January 1, 2019.
Read MoreTopics: Lenders, Mortgage Companies, Compliance, residential mortgage industry, Regulations, CFPB, Credit Union
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: servicers, Lenders, Appraisers, AMCs, Mortgage Companies, technology, Compliance, Regulations, CFPB, Credit Union
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: Lenders, Mortgage Companies, Compliance, CFPB, Credit Union
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, Mortgage Companies, Compliance, residential mortgage industry, Regulations, Dodd-Frank Act, CFPB, Credit Union
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, Compliance, Regulations, CFPB, Credit Union
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, Compliance, Regulations, Dodd-Frank Act, proposals, CFPB, Credit Union
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, Compliance, residential mortgage industry, Regulations, CFPB, Credit Union
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, Compliance, Regulations, proposals, CFPB, Credit Union
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