Sources: Morris Schneider Wittstadt declaring bankruptcy, closing immediately

Sources: Morris Schneider Wittstadt declaring bankruptcy, closing immediately

LandCastle Title’s operations will not be affected

8 avoidable mistakes first-time homebuyers keep making

Stop doing these things

Trending Thursday: CFPB data collection worse than the NSA?

Slowly but surely GSE shareholders cutting into Treasury, FHFA secrecy
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Items Tagged with 'Consumer Financial Protection Bureau'

ARTICLES

CFPB publishes 8,000 complaints against banks, lenders, financial institutions

Database aimed to help lenders, consumers
Brena Swanson
Nearly 8,000 consumers' accounts of problems they are facing with financial companies are now live in a public-facing consumer complaint database. However, before a complaint goes live, lenders do have options.
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CFPB launches investigation into Bankrate mortgage rate tracker

Questions Bankrate’s quality control process
Ben Lane
The CFPB is requesting that the publishing company produce “certain documents” and answer questions relating to the company’s quality control process for its mortgage rate tables. The inquiry could serve as a wakeup call as many websites in the mortgage space offer rate trackers as a service. Click the headline for full coverage.
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MBA, NAR, industry trade groups weigh in on TRID delay

The industry got their delay
Brena Swanson
The industry pleaded for a delay, and they got a delay. The industry quickly welcomed the news, but that doesn’t mean they are fully satisfied.
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CFPB moves TRID date to Oct. 1

"Administrative error" causes delay of Know Before You Owe rule
Brena Swanson
The Consumer Financial Protection Bureau announced on Wednesday a proposal to delay the effective date of the Know Before You Owe rule until Oct. 1, 2015, instead of the previous deadline of Aug. 1. The mortgage industry had extensively lobbied the CFPB through Congress to push back the original implementation date.
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Jamie Dimon doesn't know if Sen. Warren understands banking

Here comes the next chapter in JPMorgan Chase CEO vs. CFPB architect
Ben Lane
Dimon is at it again. According to a report from CNN Money, JP Morgan CEO Jamie Dimon recently took another jab at Warren, saying the Senator doesn’t fully understand the global banking system.
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Trade groups join Congress to push CFPB for formalized TRID grace period

Want “reasonable hold-harmless period”
Ben Lane
A large group of industry trade organizations is joining Congress to push the CFPB to adopt a formalized grace period for the enforcement of the complex TILA-RESPA Integrated Disclosure requirements that go into effect Aug. 1. The groups believe the CFPB's announcement of an undefined TRID grace period was a good first step, but it's not enough.
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CFPB fines defunct Guarantee Mortgage $228,000

Violated the Loan Originator Compensation Rule
Brena Swanson
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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With TRID looming, the mortgage industry needs to come together now

The way we’ve always done things doesn’t work anymore
Alok Datta
TRID could very well bring some of the most significant transformation to the settlement and origination processes that the mortgage industry has seen in decades. But it seems as if making the necessary changes is something close to traumatic for many firms. It's high time for this industry to come together and get ready for the future.
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Democrats push new bill allowing community banks to exceed QM rule

Bill has broad support among Democratic committee members
Ben Lane
The leading Democrats on both the Senate Banking Committee and the House Financial Services Committee are pushing a new bill designed to provide regulatory relief to community banks and increase consumer protections. Most notable among the bill’s provisions is a stipulation that would allow smaller banks to exceed the QM rules while still qualifying for QM Safe Harbor.
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CFPB warns reverse mortgage advertising is misleading

Releases study results showing confusion among the elderly
Ben Lane
A new study from the Consumer Financial Protection Bureau found that reverse mortgage advertising can be confusing and misleading, and issued a warning to older Americans to be on the lookout for potentially deceptive reverse mortgage advertisements.
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