Items Tagged with 'CFPB'


  • CFPB: Public consumer complaint database is here to stay

    But made enhancements to data available
    The Consumer Financial Protection Bureau announced Wednesday the controversial public Consumer Complaint Database is here to stay. The CFPB announced that it will continue the publication of consumer complaints, data fields and narrative descriptions through the bureau’s Consumer Complaint Database. But, it will be making several changes to the database.
    Read More
  • 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.
    Read More
  • 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.
    Read More
  • 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.
    Read More
  • 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.
    Read More
  • 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.
    Read More
  • FTC promises Equifax victims who want the $125 offer, "You will be disappointed"

    So many victims want the cash instead of credit monitoring, it’s blowing up the math
    Equifax allowed the private information of almost half the U.S. population to be stolen in a massive data breach in 2017 after failing to patch a security flaw, and now so many victims are choosing a $125 cash payment over credit monitoring, they’re blowing up the math. The FTC says the payment "will be a very small amount," not the $125 originally cited. That led one Twitter wit to say: “It's ironic because paying less than the full amount is exactly what Equifax tracks and punishes you for.”
    Read More