The next wave of servicing regulation is coming – Are you ready?

Join this webinar to learn what servicers need to know about recent and upcoming servicing compliance regulations and strategies experts are implementing to prepare for servicing regulatory audits.

Inside Look: RealTrends 2021 Brokerage Compensation Study

Steve Murray, senior advisor to RealTrends, gives an exclusive first look at the 2021 RealTrends Brokerage Compensation Report.

Logan Mohtashami on trends in forbearance exits

In this episode of HousingWire Daily, Logan Mohtashami discusses several hot topics in the housing market, including recent trends in forbearance exits and future homebuyer demand in the midst of inventory shortages.

How lenders can prepare for increasing regulatory pressures

As compliance becomes an increased focal point for mortgage lenders and investors, staying ahead of state and federal regulations can be the difference between a flourishing business and one mired in fines.

Politics & Money

Biden nominates CFPB’s Uejio to HUD role

Biden's nominee for CFPB director, Rohit Chopra, awaits Senate floor vote

The Joe Biden administration today nominated David Uejio, the acting director of the Consumer Financial Protection Bureau (CFPB), to an assistant secretary position at the Department of Housing and Urban Development.

The move could signal that the administration believes its nominee for director of the CFPB, Rohit Chopra, will soon finally be confirmed by the Senate.

Biden nominated Uejio to serve as assistant secretary of HUD, where he would replace Anna Maria Farias, whom former President Donald Trump appointed in 2017.

Uejio’s nomination continued an already-packed week for federal housing regulators, which saw the ouster of the head of the Federal Housing Finance Agency as well as the installation of Sandra Thompson as its acting director.

Uejio has served as acting director of the CFPB since January 2021, and under his tenure, has renewed its role as consumer watchdog.

Loan quality lessons learned from 2020

Historically, when we see the market transition from a high refinance volume environment to one that’s more purchase-driven, defects in borrower qualification categories tend to increase as lenders attempt to capture every last bit of volume they can.

Presented by: ACES Quality Management

The CFPB has taken a hard line with mortgage servicers, warning them in a compliance bulletin that “unprepared is unacceptable.” In March, the Bureau rolled back a Trump-era rule which said it would rule out seeking penalties for “certain abusive acts or practices.”

The CFPB rescinded seven COVID-19-related flexibilities, including leniency on loan modifications. It is also reevaluating the safe harbor provision of the Qualifying Mortgage rule, which shields lenders from liability during foreclosure.

The mortgage industry, overall, has not welcomed the return of the Bureau as watchdog. During the Trump administration, enforcement actions declined markedly.

During Kathy Kraninger‘s tenure as head of the CFPB, from 2018 to 2020, it fined companies only $800 million. That was a departure from the $12 billion in fines it charged companies in its first six years of existence, under the direction of former director Richard Cordray. During Kraninger’s tenure, the agency also began targeting mostly smaller companies, such as payday lenders and debt collectors. In many cases it opted to settle with companies.

But Uejio’s potential departure from the CFPB is not likely to end the hard-line policies that have defined the agency under the Biden administration.

Chopra, Biden’s nominee for the permanent directorship at the CFPB, is a current Federal Trade Commissioner who served as the bureau’s assistant director under Cordray. Chopra is a close ally of Massachusetts Senator Elizabeth Warren, who conceived of the CFPB.

Chopra’s confirmation is currently held up in the Senate. In March, the Senate Banking Committee’s vote on Chopra resulted in a tie. His confirmation now awaits a vote on the Senate Floor, where Vice President Kamala Harris would cast a vote in the event of a tie.

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