While it may seem like the Consumer Financial Protection Bureau has been around forever, the CFPB actually opened its doors just four years ago: July 21, 2011. Here's everything you need to know about the agency synonymous with financial regulation.
"The kind of terrible mortgage loans…the abuse of mortgage loans that hurt consumers, hurt financial institutions, and hurt the economy…we outlawed them and they haven’t been made since then," former Congressman Barney Frank said in a CNBC interview. "There have been some very real accomplishments."
"As a Davis Polk & Wardwell LLP progress report on the legislation indicates, the deadlines for 280 rulemaking requirements have passed, as of July 18," analysts from SNL Financial write in a new report. “Of those, 127 deadlines were missed. Of the 398 total required rulemakings contained in the bill, 96 have yet to be proposed."
The Small Entity Compliance Guide will serve to help smaller lenders and other mortgage companies understand and comply with the new mortgage disclosure rules, designed to make it easier for consumers to understand the loan documentation.
The passing and implementation of Dodd-Frank gave the government more ineffectual power to micromanage the mortgage sector and ultimately reverse any progress made within the market itself, House Financial Services Chairman Jeb Hensarling, R-TX, said Tuesday.
Nonbank servicers are having the most trouble meeting the CFPB's compliance expectations for mortgage servicing. Many of the firms continue to operate without the appropriate compliance management systems in place, the regulator claims.
The Consumer Financial Protection Bureau finalized clarifications to mortgage rules Wednesday, improving consumer protections in qualified mortgages and mortgage servicing.The corrections, clarifications and amendments were first...
Mere stats don't tell the real story of these outstanding leaders. They represent the whole spectrum of the housing economy, from real estate agents to originators to nonprofits. They lead companies, mentor others and give back to their communities. Read on to find out how each one is inspiring..
HousingWire covered the introduction of Costco into the mortgage lending space and it made the industry nervous. Lenders openly asked each other at conferences, “Who will be next? Google, Apple?” Well, that never happened. Here's the story why, in long-form feature. Read More
From both an operational and regulatory standpoint, the industry continues to progress as new technological advancements are made and new regulations and policies are implemented. While it is important to change with the times, it is equally important to define and maintain the very essence of your company’s own core vision and values, so that you can succeed regardless of the inevitable changes the industry will undergo. Read More