"Our goal, however, is not some one-sided aim to maximize consumer protection or industry deterrence at all costs. There is such a thing as doing too little, and there is such a thing as doing too much," Steven Antonakes, deputy director of the Consumer Financial Protection Bureau.
2014 brought on a wave of new regulation from the Consumer Financial Protection Bureau, but lenders are not empty handed. The CFPB continues to pump out online tools to help everyone understand everything.
This time around, Steven Antonakes, deputy director of the Consumer Financial Protection Bureau, significantly watered down his message at Nevada’s Common Ground Conference, especially when compared to his alarming speech at the Mortgage Bankers Association’s National Mortgage Servicing Conference.
The good cop officially left the room when Steven Antonakes, deputy director of the Consumer Financial Protection Bureau, stepped up to the podium: "Business as usual has ended in mortgage servicing," he said.
The CFPB left the grace period open-ended and most in the industry interpreted that to mean that it will last throughout the rest of 2015, at least. Unfortunately, as welcome as that grace period is, TRID remains a costly and complicated fix that has enormous implications for the whole industry..
“Bad letters damage the brand,” Katherine Porter says. “There’s a contagion effect of this. I think bad letters are unjust. They disproportionately harm the borrowers we need to help the most.” Read More