Items Tagged with 'Consumer Financial Protection Bureau'

ARTICLES

  • Wells Fargo, Bank of America, Quicken Loans, others want DTI requirement eliminated from QM lending rules

    Coalition of massive lenders, trade groups call on CFPB to change QM rules
    Four of the largest mortgage lenders in the country are leading a coalition that is calling on the Consumer Financial Protection Bureau to make to changes to the Ability to Repay/Qualified Mortgage rule. Specifically, the group, which includes Bank of America, Quicken Loans, Wells Fargo, and Caliber Home Loans, wants the CFPB to do away with the QM rule’s debt-to-income ratio requirement.
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  • Consumer groups, CFPB clash over handling of HMDA data

    Newly released data raises alarms for consumer groups
    Over the last few years, the CFPB relaxed some of the requirements for the data collection and reporting stipulated by the Home Mortgage Disclosure Act, moving to increase the threshold that lenders must meet in order to be required to report certain HMDA data. Those moves and others related to the recent publication of the 2018 HMDA data have some experts concerned about the CFPB's view of HMDA.
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  • CFPB offers financial relief to harmed veterans

    Files proposed settlement with Andrew Gamber, Voyager Financial Group and SoBell
    In a proposed settlement with several lenders allegedly offering high-interest credit to veterans, the Consumer Financial Protection Bureau offered redress to harmed veterans and consumers. The CFPB and the Office of the Arkansas Attorney General filed a proposed settlement with Andrew Gamber, Voyager Financial and SoBell. The lenders are accused of brokering contracts offering high-interest credit to veterans, many of whom are disabled, and other consumers.
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  • Housing News Podcast: Angel Oak’s Tom Hutchens explains what the QM Patch's expiration means for the housing industry

    Listen to this week's latest episode
    Each week, HousingWire interviews financial services experts who can help make sense of the latest headlines, sponsored by our partners at Blend. This week, Tom Hutchens, the EVP of production at Angel Oak Mortgage Solutions, explains to listeners the role of Non-QM lending and what the expiration of the QM Patch could mean for the housing industry. Additionally, Hutchens discusses the nation’s homebuying confidence, which climbed to new heights in July.
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  • CFPB study shows alternative credit models lead to more loans, cheaper loans

    Test shows one alternative credit model leads to 27% more loan approvals
    For the better part of this decade, there’s been a serious push to get the GSEs to use newer credit scoring models that consider factors such as a person’s bank account history or utility payments when determining their creditworthiness. That movement all but ended last year, when the FHFA said that it will not be authorizing the use of any new credit scoring model for several years, but a newly released study from the CFPB shows that using alternative credit models will not only lead to more borrowers getting loans, the loans they get will be cheaper too.
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  • CFPB moves to kill QM patch

    Plans to level playing field by ending special treatment for GSEs
    The CFPB revealed late Thursday that it plans to allow for the planned expiration of the QM patch in January 2021, noting that it may impose a brief extension “to facilitate a smooth and orderly transition.” Regardless, the QM patch appears to be nearing its end days. The bureau is seeking input on how to make this transition, and a number of industry players are already weighing in, stressing an urgent need to redefine a Qualified Mortgage. Click the headline to read more.
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  • Equifax agrees to pay up to $700 million for data breach

    Credit reporting agency settles federal and state probes into 2017 mega-hack
    Equifax, one of the nation’s top three credit reporting agencies, agreed to pay up to $700 million to settle federal and state investigations into the 2017 hack that exposed Social Security numbers and other personal data of almost half the population of the U.S. "Equifax failed to take basic steps that may have prevented the breach," FTC Chairman Joe Simons said. Click the headline to read more.
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  • [Pulse] We need to make LO comp work for everyone. Here's how

    This is what I think the CFPB should do to fix LO Comp Rule problems
    There are many in the mortgage industry who argue that the entire LO Comp Rule should be scrapped. But such a move would potentially re-open the door to the bad practices of the subprime era, and the divisive debate over this would likely be doomed to failure. Instead, the CFPB could use its existing authority to tweak its LO Comp Rule to fix certain problems. Here's what I think should be done.
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  • CFPB finds Freedom Mortgage intentionally reported inaccurate HMDA data

    Bureau hits Freedom with fine for HMDA reporting errors
    Loan officers at Freedom Mortgage intentionally reported inaccurate Home Mortgage Disclosure Act data over a several-year period, the CFPB said Wednesday. According to the bureau, an investigation found that Freedom reported "inaccurate race, ethnicity, and sex information" and that "much of Freedom’s loan officers' recording of this incorrect information was intentional" during that time. Click the headline for details.
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