Consumer Financial Protection Bureau Mortgages

The Consumer Financial Protection Bureau is a United States federal agency established in 2010 as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The Agency is responsible for educating... more +
The Consumer Financial Protection Bureau is a United States federal agency established in 2010 as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The Agency is responsible for educating consumers about financial products and services, enforcing federal consumer financial laws and studying trends in consumer financial markets.     less -
News & Analysis as of

CFPB to Hold Field Hearing on Mortgage Closing Process

The CFPB, in alignment with its continuing focus on the mortgage closing process, announced that it will hold a field hearing in Washington, D.C. on April 23, 2014, on this subject....more

CFPB To Hold Forum On Mortgage Closing Process

The CFPB announced today that it will hold a forum on the mortgage closing process. The event will take place at the CFPB’s headquarters in Washington, DC at 1:30 p.m. on April 23, 2014. It will be open to members of the...more

Utah Establishes Payday Loan Ability To Repay Requirements

On March 29, Utah Governor Gary Herbert signed HB 127, which amends state law to require deferred deposit lenders, i.e. payday lenders, to assess a borrower’s ability to repay the loan “in the ordinary course, which may...more

CFPB and FTC Representatives Speak at Symposium on Fine Print

CFPB General Counsel Meredith Fuchs and CFPB Assistant General Counsel for Law and Policy Anne Zorc spoke last week at the Georgetown Consumer Law Society and Citizen Works’ symposium entitled “Making the Fine Print Fair.”...more

Massachusetts Division of Banks Proposes Amendments to “Borrower’s Interest” Regulations

The Massachusetts Division of Banks proposed amendments to current regulations that would create a safe harbor from regulations that impose restrictions on refinancing home loans for qualified mortgage loans. The regulation...more

Federal Regulators Issue Proposal on Minimum Requirements for Appraisal Management Companies

Collectively, the FDIC, the OCC, FRB, CFPB, NCUA and FHFA issued a proposed rule establishing the minimum requirements for mortgage appraisal management companies. An appraisal management company is generally an entity that...more

CFPB issues small entity compliance guide for RESPA/TILA integrated disclosure rule

The CFPB recently issued an 89-page small entity compliance guide for the TILA-RESPA Integrated Disclosure Rule (the “Guide”). As we reported previously, the CFPB issued the final rule in November 2013 to integrate the...more

Dodd-Frank News - March 2014: Dodd-Frank Wall Street Reform And Consumer Protection Act Update

In This Issue: - Recent Cases January Through March 2014 ..Dodd-Frank Amendments to RESPA ..Dodd-Frank Prohibition on Arbitration Clauses ..Whistleblower Protection Under Dodd-Frank - News &...more

Congressional Democrats Want Meeting With Attorney General On Mortgage Fraud Enforcement

On March 17, Senator Elizabeth Warren (D-MA) and Representatives Elijah Cummings (D-MD) and Maxine Waters (D-CA) sent a letter requesting a meeting with Attorney General Eric Holder to review the findings of a recent report...more

HUD Proposes To Eliminate Post-Payment Interest On FHA Loans

On March 13, HUD proposed a rule to prohibit mortgagees from charging post-payment interest under FHA’s single family mortgage insurance program. The proposal is responsive to the CFPB’s ATR/QM rule, under which post-payment...more

CFPB Continues Grassroots Methods to Obtain Complaints from Borrowers

In mid-January of this year, Richard Cordray addressed mayors from around the country and explained the many ways that the CFPB is making it easier for disgruntled borrowers to lodge consumer complaints through the CFPB. At...more

Fidelity Mortgage Consent Order Sends Strong Message the CFPB Will Enforce Laws, No Matter Size of Violator

On January 16, 2014, the CFPB issued a Consent Order resolving a claim that Fidelity Mortgage Corporation (Fidelity), a mortgage lender, and its president, Mark Figert, violated RESPA Section 8 by paying illegal kickbacks to...more

CFPB considering action on zombie foreclosures

According to a Reuters report, a CFPB official, speaking at a Federal Reserve Bank of Cleveland conference last week, stated that the CFPB is beginning to take a close look at abandoned properties and “zombie” foreclosures....more

CFPB issues second report on servicemember complaints

Earlier this month, the CFPB issued a press release describing its second snapshot report of complaints from military consumers. The report details complaints the CFPB has received from servicemembers, veterans, and their...more

HUD Issues Proposal to Avoid FHA Loans From Being Prohibited Starting Next Year

On March 13, 2014, HUD published a proposal to eliminate the requirement that an FHA loan borrower be required to pay interest after the loan is prepaid. The move is needed because the requirement would effectively cause FHA...more

CFPB updated report on strategic plan, budget and performance plan shows increased spending and growth

The CFPB has issued an updated report on its strategic plan, budget, and performance plan. The report, which mostly reassembles information contained in other CFPB reports, discusses the CFPB’s progress in meeting the...more

Congresswoman Urges OCC to Scrutinize Mortgage Servicing Rights Sales to Nonbank Servicers

Congresswoman Maxine Waters, who serves as the ranking member on the House of Representatives Committee on Financial Services, sent a letter to the Office of the Comptroller of the Currency and the Office of Mortgage...more

CFPB Takes Enforcement Action Against Mortgage Lender for Alleged RESPA Violations

The CFPB announced it has entered into a consent order with a mortgage lender, engaged primarily in loss-mitigation refinancing, for violations of Section 8 of the Real Estate Settlement Procedures Act. Section 8 of RESPA...more

CFPB staff evaluations show racial disparities, American Banker reports

Given the CFPB’s fair lending focus, there is certainly a strong dose of irony in the American Banker’s report yesterday that CFPB staff evaluations show a pattern of racial disparities. The article states that, according to...more

CFPB Supplements Consumer Reporting Guidance, Holds Consumer Advisory Board Meeting, Issues Consumer Reporting Complaints Report

On February 27, the CFPB issued supplemental guidance related to consumer reporting and held a public meeting focused on consumer reporting issues. The CFPB also released a report on consumer reporting complaints it has...more

CFPB Continues Respa Enforcement With Action Against Nonbank Lender

On February 24, the CFPB announced that a nonbank mortgage lender agreed to pay an $83,000 penalty to resolve violations of RESPA’s Section 8. The lender primarily offers loss-mitigation refinance mortgage loans to distressed...more

Venable CFPB Update: (Another) RESPA Enforcement and How to Self-Report

A Connecticut mortgage lender has agreed to pay an $83,000 civil money penalty for violating the Real Estate Settlement Procedures Act (RESPA). The lender focuses its business primarily on loss mitigation financing to...more

CFPB's First Consent Order of 2014 Addresses RESPA Section 8(a) Kickback Scheme

The Consumer Financial Protection Bureau (CFPB) issued its first enforcement order of 2014 against a St. Louis mortgage lender, Fidelity Mortgage Corporation (FMC), and its president, Mark Figert. The January 16 consent order...more

CFPB Focusing on Mortgage Closing Process

Following an initial focus on altering loan qualification guidelines and servicing regulations, the Consumer Financial Protection Bureau (CFPB) has turned its attention to the loan closing process for home mortgages....more

CFPB Mortgage Servicing and Origination Examining Procedures

The beginning of 2014 marked the implementation of new rules for mortgage servicers, lenders and brokers. According to CFPB Director Richard Cordray in his testimony before the House Financial Services Committee, the goal...more

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