Items Tagged with 'Consumer Financial Protection Bureau'

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HSBC reaches $601M settlement over charges of 'abusive mortgage practices'

Settlement reached with DOJ, HUD, CFPB, Federal Reserve, 49 states
HSBC agreed to a $601 million settlement with a series of federal agencies and nearly every state over charges that the bank engaged in mortgage origination, servicing and foreclosure abuses. The massive settlement with HSBC was jointly announced Friday by the Department of Justice, the Department of Housing and Urban Development, the Consumer Financial Protection Bureau, 49 states and the District of Columbia.
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Walter Investment's Ditech buys part of Residential Credit Solutions

RCS closing Ft. Worth facility, laying off 134 employees
In another signal that the default mortgage business is shrinking, Walter Investment Management Corp. announced Friday that it acquired "certain assets" of Residential Credit Solutions. While a "number of core operational employees" are being transferred from RCS to Ditech, more than 130 of RCS’ employees will not be making the transition, and the company is laying off 134 employees at the end of February.
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Existing-home sales surge in TRID aftermath

NAR President: Near-term challenges still prevalent
The immediate impact of the Consumer Financial Protection Bureau’s TILA-RESPA Integrated Disclosures rule in October is quickly coming to light as existing-home sales bounce back after November’s steep drop. But before celebrating, NAR President Tom Salomone cautioned that data is still showing longer closing timeframes, which is a reminder that the near-term challenges they anticipated are still prevalent.
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Thanks to TRID, California home sales exploded in December

Delays led to highest monthly sales increase in five years
After November 2015 turned out to be California’s worst home sales performance for the month since 2007, several observers were quick to point to the implementation of TRID as the cause. But November 2015 is looking like a mere speedbump for California. That's because December proved all that wrong. Here are the numbers.
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CFPB nearly doubled enforcement actions in 2015

Wall Street Journal reports on growing CFPB caseload
If you thought the Consumer Financial Protection Bureau made more headlines in 2015 than ever before, you were right. According to a report from the Wall Street Journal, the CFPB brought nearly twice as many enforcement actions during 2015 than it did in 2014.
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CFPB names another acting deputy director

Will serve until permanent replacement is found
Half a year has passed since Steven Antonakes announced he was stepping down as acting director for the Consumer Financial Protection Bureau, and the bureau has yet to find a replacement. Instead, the CFPB announced it is filling the position with another acting deputy director.
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CFPB seeks feedback on mortgage information guidelines

Adjusts for new HMDA rule
Due to the Consumer Financial Protection Bureau’s finalized rule updating the reporting requirements of the Home Mortgage Disclosure Act, it is now seeking public feedback on the resubmission of mortgage lending data reported under the new regulation. This is what it’s specifically looking at.
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CFPB pushes to expose anonymous companies that sue it

Legal battle erupts over naming plaintiffs
Arguing that companies that sue it should not be granted anonymity, the Consumer Financial Protection Bureau is asking a federal judge to reveal the names of several companies that are anonymously suing the agency after a lawyer representing the group was denied entry into an investigative hearing.
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Mid America Mortgage: We’ll buy your defective TRID loans

Puts out the call for TRID Scratch & Dent loans
Since the implementation of the CFPB's TRID rule, a trend has begun to emerge for some smaller lenders – investors and aggregators rejecting loan purchases because the loans are not 100% certifiably compliant with TRID. One mortgage company that plans to be there for its fellow lenders is Mid America Mortgage, which stated that its interested in buying “Scratch & Dent” loans with TRID compliance violations.
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