Items Tagged with 'CFPB'

ARTICLES

Time to worry? Time to close a loan ticking back up

Or is this the new normal?
In the months immediately after the implementation of the Consumer Financial Protection Bureau's TILA-RESPA Integrated Disclosures rule, the time to close a mortgage loan rose as the industry worked through the new and complex process surrounding the dissemination of loan information to borrowers. Since then, closing times fell, but now they're on the way back up, which begs the question: Is this the start of a trend? Or is this just the new normal?
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MBA: The most important factor for lenders in the TRID proposed changes

Responds to CFPB open-comment period
Pending a complete government shift in housing regulation, the industry is left to implement the Consumer Financial Protection Bureau’s Know Before You Owe mortgage disclosure rule. As one of the biggest voices in the industry, the Mortgage Bankers Association added to the discussion on the importance of the comment period that is now open for the CFPB’s proposed updates to the rule.
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Here are the top 5 ways technology reinvents getting a mortgage

The rise of the digital mortgage
The mortgage lending industry is still largely powered by technology that was first introduced before the 2000 dot-com bubble. Why? Realistically, getting a mortgage will never truly be a one-click process, and frankly, it shouldn’t be, but with technology it can be a better, faster process than it is. And while we have a ways to go to get there, these tips can help.
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Hillary Clinton on CFPB: Why would you get rid of that?

Gives speech on her economic plan
In the same week and same state as Donald Trump, Hillary Clinton also revealed her economic plan. Included in her speech, she talked about bringing tax relief to small businesses and expanding regulation. Most notably, she questioned why anyone would want to disband the CFPB. Of course, she also made time to throw in a few jabs at Trump.
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CFPB publishes 900-page final rule on mortgage servicing

NAFCU pushes back against new rule's "unintended consequences"
In a wide-ranging final rule for mortgage servicers, the CFPB has expanded protections for consumers in several key areas, including providing borrowers with foreclosure protection more than once over the life of the loan, expanding consumer protections to surviving family members and clarifying loss-mitigation timelines during servicing transfers.
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CFPB: Best practices on how to continue loss-mitigation needs

Lessons from HAMP
Besides the start of a new year, Jan. 1, 2017 will also mark the first time since 2009 that the government’s Home Affordable Modification Program and Home Affordable Refinance Program will not exist. But now that the end date on these programs is rapidly approaching, government agencies are quickly reminding the industry of the loss-mitigation programs and options available. This includes the CFPB.
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From HW Magazine

The state of gender equality in housing

How does the industry increase participation by women across the board?
Gender data isn’t always reported; even when it is, there is usually a long lag time, making the information less helpful. As Morgan Stanley noted in publishing its study, “While human resources departments should have ready access to gender-related data, companies either don’t consider this metric meaningful to investors or don’t want to expose themselves, particularly when no requirement exists.”
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Community lenders: We should be exempt from CFPB exams and primary enforcement, too

Just like most banks already are
The Community Home Lenders Association believes that small non-bank mortgage lenders should be exempt from the Consumer Financial Protection Bureau's exams and primary enforcement, just as most banks already are. Here, the organization explains why and discusses why that exemption would help small lenders better serve consumers.
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