Items Tagged with 'CFPB'

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CFPB corrects error in TRID rule

Falls victim to the dreaded 'typographical' error
It’s been four months since the implementation of the CFPB’s TILA-RESPA Integrated Disclosures rule in October shook up the housing industry, and many in the industry are still getting used to the new normal. But, starting Wednesday, there’s a small portion of the TRID rule that will be changing, thanks to a “typographical error” in the supplementary information provided by the CFPB.
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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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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 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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CFPB to relax TRID enforcement actions

Answers questions on cure provisions for violations of the rule
After a recent letter to the Consumer Financial Protection Bureau, the Mortgage Bankers Association released a response from CFPB Director Richard Cordray that should bring some much-needed clarity to the industry on the current expectations for lenders in implementing the new TILA-RESPA Integrated Disclose rule.
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