The CFPB Proposes Amendments to the 2013 Mortgage Rules RESPA and TILA

On December 15, 2014 the Consumer Financial Protection (CFPB) proposed amendments to certain mortgage servicing rules that were issued back in 2013 under the Real Estate Settlement Procedures Act (RESPA) Regulation X and the Truth in Lending Act (TILA) Regulation Z. The proposed rule changes include clarifications, revisions, or amendments regarding force-placed insurance notices. The […]

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DS News: FHFA Announces Policy Change For GSEs’ Existing REO Sales

“The Federal Housing Finance Agency (FHFA) announced a policy change on Wednesday that would allow Fannie Mae and Freddie Mac to sell existing REO properties to any qualified purchaser at fair market value, which would be determined by the companies. The new directive applies only to the single-family REO inventory of Fannie Mae and Freddie […]

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Insurance Journal: House Subcommittee Renews Call for Private Flood Insurance

“A House Financial Services subcommittee scheduled a hearing for today to focus attention on encouraging flood insurance sold by private insurers as an alternative to policies sold by the National Flood Insurance Program (NFIP). The hearing called by the Subcommittee on Housing & Insurance is entitled “Opportunities for a Private and Competitive Sustainable Flood Insurance […]

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CFPB: Avoiding Discrimination Against Consumers Receiving Disability Income

“The CFPB released a bulletin to help lenders avoid discrimination against consumers receiving disability income. The bulletin is meant to remind lenders that requiring unnecessary documentation from consumers who receive Social Security disability income may raise fair lending risk. The bulletin discusses standards and guidelines on verification of Social Security disability income, including under the […]

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HousingWire: Fannie, Freddie Form New Company to Develop Single GSE Bond

“Fannie Mae and Freddie Mac have taken another step in the development and day-to-day management of a single GSE bond by joining together in the formation of a new company. The two companies established Common Securitization Solutions, a jointly owned limited liability company, with the goal of facilitating the design and eventual implementation of the […]

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ABA Dodd-Frank Tracker: CFPB Reveals Supervisory Concerns about Servicing Rules

“The CFPB issued a “Supervisory Highlights” report that outlined several areas of concern its examiners have had with the new servicing rules. The report said that the bureau’s examiners cited violations based on insufficient or lacking policies and procedures for monitoring third-party service providers and information sharing with vendors. It also found that at least […]

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DS News: Servicers, Regulators Partner to Create CFPB Complaint Tracking Report

“Black Knight Financial Services (BKFS) is working to create a prototype of an industry-level report to provide detailed information on the consumer complaints the Consumer Financial Protection Bureau (CFPB) receives, promoting greater understanding for regulators and servicers. The CFPB Complaint Tracking Report, produced by Black Knight, will incorporate data contributed by both servicers and CFPB. […]

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DS News: The Fate of Fannie and Freddie and the Importance of GSE Reform

Congress chartered Fannie Mae in 1938 as part of the New Deal and Freddie Mac in 1970. Although they were chartered by the federal government, the corporations were owned by private shareholders for the purpose of making homeownership affordable for lower- and middle-class and other underserved Americans. In theory, GSEs purchase mortgages from lenders, guarantee […]

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