Ex-NFL star sentenced to five years in prison for mortgage fraud

Ex-NFL star sentenced to five years in prison for mortgage fraud

Irving Fryar and his mother convicted of conspiring to steal $1.2M

Experian hacked: 15 million people’s credit data stolen in breach

Credit reporting agency becomes latest victim of data breach

Here's what today's job creation implosion means for housing and mortgage finance

Jobs crater, labor participation rate near 40-year low and zero wage growth

Items Tagged with 'Richard Cordray'


The CFPB just made it easier to get a mortgage in rural, underserved areas

6 big changes for small creditors
Big news for small creditors struggling with recent mortgage regulations. The Consumer Financial Protection Bureau finalized several changes to its mortgage rules in order to expand access to credit, particularly in rural and underserved areas. One of the most notable changes is the definition of small creditor. Hint: It's bigger.
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Here's everything you need to know about the CFPB

Let’s celebrate the Bureau’s 4th birthday!
While it may seem like the Consumer Financial Protection Bureau has been around forever, the CFPB actually opened its doors just four years ago: July 21, 2011. Here's everything you need to know about the agency synonymous with financial regulation.
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From HW Magazine

CFPB Watch: Congress fights for control

The Senate joins the House in trying to exercise oversight
“The CFPB undoubtedly remains the single most powerful and least accountable Federal agency in all of Washington,” Jeb Hensarling said. “When it comes to the credit cards, auto loans and mortgages of hardworking taxpayers, the CFPB has unbridled, discretionary power not only to make those less available and more expensive, but to absolutely take them away.”
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From HW Magazine

The awful truth about TRID

Even with a grace period, the remedy is worse than the disease
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.
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CFPB fines defunct Guarantee Mortgage $228,000

Violated the Loan Originator Compensation Rule
In the latest action from the Consumer Financial Protection Bureau, the bureau ordered defunct Guarantee Mortgage Corporation to pay a civil penalty of $228,000 for paying its branch managers on the interest rates of the loans they closed.
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CFPB secures $27.7 million judgment against foreclosure relief scammers

Problem is, the scammers have only $655,737
The Consumer Financial Protection Bureau and the State of Florida announced Friday that a federal judge granted final judgment against a Florida law firm and its associated companies, requiring the companies to pay $27.7 million for their part in a massive foreclosure relief scam that defrauded approximately 2,000 consumers.
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CFPB Director Cordray corrects “serious misunderstanding” about TRID

Plus, 3 circumstances that would allow for closing delays
The Aug. 1, 2015 implementation date for the TILA-RESPA Integrated Disclosure still stands, as of now. In a speech Tuesday, the director of the CFPB cleared some of the air on TRID misunderstandings, but looking at the fine print, talk of delaying TRID is not off the table. Still, some in Congress disagree, and are trying to do something about it.
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