Items Tagged with 'Consumer Financial Protection Bureau'

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CFPB releases report promoting diversity in mortgage industry

Here are five strategies
The CFPB released a report today with what it calls innovative solutions for diversity and inclusion within the mortgage industry. The regulator gathered a roundtable of industry experts including the MBA and other bank leaders to discuss the best solutions for increasing diversity. Here are a few of the strategies.
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Ocwen pulls a PHH: Asks court to declare CFPB unconstitutional, requests DOJ help

Asks court for expedited decision on CFPB constitutionality
Ocwen Financial is pulling a PHH. Just as PHH did recently, Ocwen is playing the unconstitutional card in its fight against the Consumer Financial Protection Bureau, asking the United States District Court for the Southern District of Florida to declare the CFPB unconstitutional and toss out the CFPB’s lawsuit against the company.
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Credit rating agencies ding Ocwen over CFPB, state regulator charges

S&P, Fitch, Moody’s, Morningstar take action on nonbank’s ratings
In the wake of the Consumer Financial Protection Bureau and a growing group of state regulators accusing Ocwen Financial of widespread mortgage servicing issues, S&P Global Ratings, Moody’s Investors Service, Fitch Ratings, and Morningstar each released updated views of Ocwen, with each agency’s analysts stating that Ocwen’s recent regulatory troubles could have dire long-term consequences for the company.
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Cincinnati sues Harbour Portfolio Advisors over predatory foreclosure sales

Already under CFPB investigation
Harbour Portfolio Advisors remains in the hot seat as it faces another investigation into its foreclosure sales practices. The city of Cincinnati announced a lawsuit against the company, one of the nation’s largest sellers of foreclosed homes, due to unpaid fines and alleged failure to properly maintain dozens of homes.
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Attention lenders: The CFPB is now focusing more on fair lending in mortgages

A look at where the CFPB will increase its fair lending oversight this year
After looking back at its fair lending priorities for 2016, the Consumer Financial Protection Bureau highlighted which areas will be top priorities for 2017. So what’s at the top of the list? Mortgages. The bureau explains where it is ramping up its efforts in its latest annual Fair Lending report.
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Florida also alleges widespread servicing failures at Ocwen

Attorney General Pam Bondi files lawsuit against nonbank
The Consumer Financial Protection Bureau and the members of the Multi-State Mortgage Committee were not the only ones to take action against Ocwen Financial on Thursday for the nonbank’s mortgage servicing practices. The state of Florida also sued Ocwen, along with the company’s subsidiaries Ocwen Loan Servicing and Ocwen Mortgage Servicing, for “mortgage servicing misconduct.”
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Ocwen accuses CFPB of playing politics with lawsuit, vows to defend itself

Claims suit is "politically motivated attempt by the CFPB to grab headlines"
Ocwen Financial took the gloves off in responding to the Consumer Financial Protection Bureau’s allegations that the nonbank “failed borrowers at every stage of the mortgage servicing process,” arguing that the CFPB’s lawsuit is politically motivated and vowing to defend itself against claims that are “inaccurate” and “unfounded.”
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CFPB sues Ocwen, alleges total failure of mortgage servicing process

Claims "widespread errors, shortcuts, runarounds cost borrowers money, homes"
April 20, 2017 is turning into D-Day for Ocwen Financial. Earlier, a group of state banking regulators issued a series of cease-and-desist orders prohibiting the acquisition of new mortgage servicing rights. Now, the Consumer Financial Protection Bureau is suing the nonbank for "failing borrowers at every stage of the mortgage servicing process."
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CFPB sues Ohio law firm over "illegal" debt collection practices

Weltman, Weinberg & Reis vows to defend itself
The Consumer Financial Protection Bureau claims that an Ohio law firm is using illegal methods to collect debt and is suing the firm to put a halt to the alleged illegal activity. The firm, however, contends that the CFPB is trying to “strong-arm” it into signing a consent order and says it will fight the lawsuit.
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