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Items Tagged with 'Consumer Financial Protection Bureau'

ARTICLES

Ocwen accused of stalling short sales

NYDFS and CFPB investigate
Brena Swanson
Ocwen just can't get out from under the spotlight of housing regulators. This time the servicer is being accused over whether it improperly stalled short sales by borrowers who owe more than their homes are worth.
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Survey: CFPB employee morale drops significantly

Distrust of CFPB senior leadership is growing
Ben Lane
Employee morale among the employees at the Consumer Financial Protection Bureau is falling and it’s falling fast. The CFPB's annual employee survey shows that employee morale has shifted in a distinctly negative direction in 2014.
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CFPB proposes 7 big changes to foreclosure process for mortgage servicers

Adds guidance on extended borrower protections
Brena Swanson
The Consumer Financial Protection Bureau is proposing additional measures to ensure that homeowners are treated fairly by mortgage servicers. Here are the key changes.
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CFPB: Don’t discriminate against borrowers on Social Security disability

Issues warning to lenders
Ben Lane
The Consumer Financial Protection Bureau issued a warning to lenders, ordering them not to discriminate against borrowers who are receiving Social Security disability income.
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Elizabeth Warren chosen for Senate Democratic leadership

Will serve as adviser to Democratic Policy and Communications Committee
Ben Lane
Senator Elizabeth Warren, D-Mass., who has long been at the forefront of Washington’s fight for financial reform, will now serve in an even more prominent position in the Senate.
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CFPB takes action against Franklin Loan over mortgage violations

Fines lender $730,000
Brena Swanson
In its latest enforcement action, the Consumer Financial Protection Bureau ordered Franklin Loan Corporation to pay $730,000 for giving its employees illegal bonuses for steering consumers into loans with higher interest rates.
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Barclays joins chorus with Ocwen warning

“Investors should be wary of a worst-case scenario”
Ben Lane
Barclays tells clients that while it may take time to determine the true extent of the practices Lawsky alleges Ocwen took part in, investors in non-agency residential mortgage-backed securitizations “should be more wary of a worst-case scenario,” when it comes to Ocwen.
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Warren calls for GAO investigation of nonbank servicers

Asks GAO to review “unprecedented” growth of nonbank servicers
Ben Lane
Sen. Elizabeth Warren, along with Congressman Elijah Cummings, sent a letter this week to the U.S. Government Accountability Office, requesting an investigation into the risks posed to consumers by the “unprecedented” growth in nonbank mortgage servicing.
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Anne Sutherland joins Ballard Spahr as counsel

Will work with mortgage banking and consumer financial services groups
Ben Lane
In her role at Ballard Spahr, Sutherland will assist clients in ensuring compliance with the regulations governing the mortgage banking industry, particularly those issued by the Consumer Financial Protection Bureau, the firm said.
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On Q Financial launches non-QM lending program

Seeks to fill gap created by regulatory standards
Ben Lane
According to the company, On Q Financial’s new program includes solutions for self-employed or recently retired borrowers, individuals with a short credit history or flawed credit from a past short sale or foreclosure.
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