Is this any way to run a mortgage market?

Is this any way to run a mortgage market?

Here's the right solution

Has the mortgage market turned a corner?

Mortgage lending still below norms and signs point to...

Quicken Loans sues DOJ, HUD for “shake down”

Says agencies demanding unwarranted penalties, false public admissions
W S

Items Tagged with 'CFPB'

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Is this any way to run a mortgage market?

Here's the right solution
Paulina McGrath
In spite of their Achilles heel status in the U.S. housing market, the GSEs have been intentionally left vulnerable to the slightest hiccup in either the market or their financial performance and/or the most insignificant miscalculation in their hedging strategy.
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Housing advocacy groups call on FHFA, CFPB to investigate “pro-foreclosure” tactics

Groups cite Ocwen as leader in preventing mortgage defaults
Ben Lane
A consortium of housing advocacy groups is calling on the U.S. Department of the Treasury, the Federal Housing Finance Agency, and the Consumer Financial Protection Bureau to investigate “pro-foreclosure campaigns,” which the groups say are being perpetrated by “Wall Street giants including the largest hedge funds, mortgage bond traders, and insurance companies.”
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CFPB issues final rule on providing housing counseling information

Restates 2013 guidance; adds new instructions
Ben Lane
The Consumer Financial Protection Bureau issued a final interpretive rule establishing lenders’ requirements for providing mortgage applicants with a list of local homeownership counseling organizations. Lenders, here's what's now required of you.
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Overwhelming majority in House vote to expose CFPB activity

Measure would have Congress watch the watchmen
Trey Garrison
The bureau that turns its spotlight on the American economy may be getting the spotlight turned on it, as Democrats and Republicans came together Tuesday to open the CFPB to much greater scrutiny. Have a look behind the curtain.
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HSBC, Assurant offer $1.8M to end force placed kickback lawsuit

More than 11,000 steered to overpriced policies in return for commission
Trey Garrison
Homeowners sued HSBC and Assurant for steering them into unneeded and expensive policies in return for kickbacks. Now HSBC and Assurant are offering $1.8 million to make it go away.
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CFPB fines mortgage lender $250K for claiming government affiliation in ads

RMK Financial claimed connection with FHA, VA in pitches
Trey Garrison
A California-based lender led consumers to think that they were affiliated with the FHA and the VA, the CFPB alleges. CFPB hit them with a quarter-million-dollar fine, and then some.
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Mortgage industry embraces new CFPB mortgage toolkit

Know Before You Owe gets qualified stamp of approval
Trey Garrison
The Consumer Financial Protection Bureau on Tuesday released a new toolkit that guides consumers through the process of shopping for a mortgage and buying a house, and the mortgage industry thinks it’s a good idea.
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From HW Magazine

TILA-RESPA: Tick, tick, boom

As the clock counts down to TILA-RESPA implementation, title, closing and settlement services step into the line of fire
Sarah Wheeler
“We fear many lenders and title agents have been preconditioned by history to believe these changes are simply form changes, will be reversed, or the date will be moved — let alone implement an actual solution,” said Mark McElroy, president and CEO of Pavaso.
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From HW Magazine

Avoiding RESPA kickback violations in the social media age

Beware of penalties from referring business
Debbie Hoffman
The CFPB is currently paying close attention to the individuals/small players, as well as the larger institutional mortgage companies. With respect to the small players, the CFPB is looking at the loan officer, real estate agent and developer. A common violation that these smaller firms or individuals commit, in addition to possible violations resulting from social media posts, stems from agreements among themselves.
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From HW Magazine

MERS upheld

CEO: The future is binary
Jacob Gaffney
"If you look at what we do, fundamentally, MERS is the mortgagee on behalf of the investor and its assigns, it’s not a whole lot more complicated than that. And that role as an agent is well rooted in the laws of this country. So when you get down to it, and when we get challenged, we typically prevail. We simply take away all the clutter and present what we do, and what the laws actually say, and we get there," MERS CEO Beckmann said in an exclusive profile only in HousingWire magazine.
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