A bill introduced in January to speed up Florida’s foreclosure process passed both the House and the Senate and made its way to Gov. Rick Scott’s desk Friday. H.B. 87, introduced by Rep. Kathleen Passidomo (R-Naples), would require lenders to prove they have the appropriate paperwork showing they have the right to foreclose on a… Read More »
It’s one of the great public policy questions of the Great Recession: which is the greater social ill: allowing people who can no longer afford their mortgages to stay in their houses, thus undermining the credit system by letting people to skip out on their payments, or evicting people from houses for which there is… Read More »
Financial regulators unveiled a new set of guidelines for a civil penalty fund created to collect fines from violators of consumer protection law. One of hundreds of new regulations spawned by the Dodd-Frank Wall Street reform law, the rule lays out the process through which the Consumer Financial Protection Bureau (CFPB) can collect fines from… Read More »
Preventing Fannie Mae and Freddie Mac from purchasing mortgages outside the parameters of the ability-to-repay rule will further constrict lending to non-traditional borrowers and rural areas, the National Association of Federal Credit Unions said this week. NAFCU went public with its objection after the Federal Housing Finance Agency issued a new rule, saying Fannie Mae… Read More »
The Federal Housing Finance Agency (FHFA) has directed Fannie Mae and Freddie Mac to limit future loan purchases to those that meet the Consumer Financial Protection Bureau’s (CFPB) criteria for “qualified mortgage” loans. In a release, FHFA said that beginning January 10, 2014, the GSEs will no longer purchase loans subject to CFPB’s “ability to… Read More »
It is now common knowledge that the Consumer Financial Protection Bureau is implementing new regulations on January 17, 2014, trickling down through the grapevine to yesterday’s news. However, the news ends on the issue that there are new regulations, few go into detail about what the new rules entail. The CFPB amended and issued the… Read More »
A sudden Consumer Financial Protection Bureau audit is the fear that keeps compliance departments and servicing executives up at night. But preparing for a CFPB probe is generally straightforward as long as servicers and lenders are both “proactive” and able to apply a common-sense approach to the process, industry experts say. “Being reactive in compliance… Read More »
The Consumer Financial Protection Bureau continues to receive consumer feedback on mortgage servicing transfers – especially mass movements of loans from one shop to the next. And if servicers are not fulfilling their obligations under federal law, the agency could seek corrective measures, Christopher Haspel, senior advisor of servicing and securitization for the CFPB, said… Read More »
During the past year, the CFPB has engaged in an in-depth review of short term and small dollar loans, specifically payday loans extended by non-depository institutions and deposit advance products offered by depository institutions to their customers. These are loans that are due to be repaid on the consumer’s next payday, or when a significant… Read More »
After months of speculation, President Obama named another potential replacement to take Edward DeMarco’s place as head of the Federal Housing Finance Agency (FHFA), the conservator for the GSEs. Obama announced Wednesday his nomination of Rep. Mel Watt (D-North Carolina) to serve as FHFA’s director, a role played by DeMarco since he was appointed acting… Read More »
