News & Analysis as of

Mortgage Loan Originators Consumer Financial Protection Bureau

Mortgage Loan Originators are individuals who are paid to assist borrowers with residential mortgage transactions by taking applications and offering or negotiating terms.

Treasury Department Report: Decreasing Regulatory Burdens, Increasing Regulatory Accountability and Fostering Economic Growth

On June 12, 2017, the U.S. Treasury Department released its report to the President, "A Financial System That Creates Economic Opportunities – Banks and Credit Unions," authored by Steven Mnuchin, Secretary, and Craig...more

What You Need to Know from the CFPB Spring 2017 Supervisory Highlights

by Baker Donelson on

The Consumer Financial Protection Bureau (CFPB) released its Spring 2017 Supervisory Highlights last month. This is the 15th volume to be released and each volume is a great resource to obtain line-of-sight into what the CFPB...more

The Financial CHOICE Act, now closer to passage, would significantly impact the mortgage industry

by Ballard Spahr LLP on

On May 4 H.R. 10, the Financial CHOICE Act (the Act) introduced by House Financial Services Committee Chairman Jeb Hensarling, R-Texas, obtained enough votes to move the bill on to the House of Representatives floor.  The Act...more

CFPB Supervisory Highlights Focus on Mortgage Origination, Mortgage Servicing, and Student Loan Servicing

by Goodwin on

On April 26, 2017, the CFPB issued a press release and its latest Supervisory Highlights, which spotlight the CFPB’s recent enforcement efforts in the areas of mortgage loan origination, mortgage loan servicing, and student...more

CFPB Spring 2017 Supervisory Highlights focuses on mortgage origination/servicing, student loan servicing deficiencies, service...

by Ballard Spahr LLP on

The CFPB’s newly-released Spring 2017 edition of Supervisory Highlights covers supervisory activities generally completed between September and December 2016. The report indicates that supervisory resolutions resulted in...more

Regular CFPB Service Provider Examinations Have Begun; More Service Providers to Face Examinations

by Ballard Spahr LLP on

At the program held on April 7 titled “The State of Consumer Protection Initiatives” at the American Bar Association Business Law Section Consumer Financial Services Committee 2017 Spring Meeting, Peggy Twohig, the CFPB’s...more

CFPB unveils Consumer Credit Trends web-based tool

by Ballard Spahr LLP on

The CFPB has unveiled “Consumer Credit Trends,” which it describes as “a web-based tool to help the public monitor developments in consumer lending and forecast potential future risks.”...more

CFPB issues Fall 2016 Supervisory Highlights

by Ballard Spahr LLP on

In its Fall 2016 Supervisory Highlights, which covers supervision work generally completed between May and August 2016, the CFPB highlights violations found by its examiners involving origination and servicing of auto...more

GAO issues report on CFPB SBREFA panels

by Ballard Spahr LLP on

The Government Accountability Office has issued a report on the CFPB’s use of Small Business Regulatory Enforcement Fairness Act (SBREFA) panels in its rulemaking process. The report, “Observations from Small Business Review...more

CFPB Issues Proposed Amendments to TRID Rule

Last week, the Consumer Financial Protection Bureau (CFPB) released its proposed amendments to the “Know Before You Owe” mortgage disclosure rule, commonly known as the Truth in Lending Act-Real Estate Settlement Procedures...more

CFPB Supervisory Highlights – January 2016 to April 2016

by Dorsey & Whitney LLP on

On June 30, 2016, the Consumer Financial Protection Bureau (“CFPB”) released the twelfth edition of its Supervisory Highlights report (“Report”), which focused on supervision work completed between January and April 2016. The...more

CFPB issues Summer 2016 Supervisory Highlights

by Ballard Spahr LLP on

In its Summer 2016 Supervisory Highlights, which covers supervision work generally completed between January and April 2016, the CFPB highlights violations found by its examiners involving automobile origination, debt...more

[Webinar] The State of Mortgage Examinations - June 29th, 1:00p.m. EDT

by BakerHostetler on

With changing federal regulations, all eyes naturally focus on the Consumer Financial Protection Bureau’s (CFPB) latest activity. However, the CFPB will conduct less than 30 origination examinations by the end of this year,...more

CFPB issues Winter 2016 supervisory report

by Ballard Spahr LLP on

In its Winter 2016 Supervisory Highlights, which covers supervision work generally completed between September and December 2015, the CFPB highlights violations found by CFPB examiners involving consumer reporting, debt...more

CFPB Agrees to Give Originators a Grace Period for Compliance with New TRID Regulations

by Baker Donelson on

On the eve of the New Year, the Consumer Financial Protection Bureau (CFPB) took steps to calm industry concerns about the effect of the new TILA RESPA Integrated Disclosure (TRID) rules enacted by the CFPB. Effective October...more

Residential Real Estate Marketing Services Agreements: Not Worth the Regulatory Risk

by Poyner Spruill LLP on

The residential mortgage origination industry has long used Marketing Services Agreements (MSAs) to establish the terms of certain marketing arrangements. An MSA, written or oral, addresses the terms according to which a...more

Big Data, Big Government – Big Trouble? A Hard Look at the Final HMDA Rule

by Morrison & Foerster LLP on

If all goes according to plan, financial institutions will report over 250 million data points related to mortgage loan applications and originations in 2018. If the mortgage market returns to the high volumes seen in 2005,...more

Lessons for Smaller Creditors

by Baker Donelson on

As we look back on 2015, it’s not surprising that the CFPB's enforcement actions continued to focus on mortgage-related practices. What was surprising was that its actions were not confined to the nation's largest banks and...more

CFPB issues Fall 2015 supervisory report

by Ballard Spahr LLP on

In its Fall 2015 Supervisory Highlights, which covers supervision work generally completed between May and August 2015, the CFPB highlights legal violations resolved using non-public supervisory actions involving consumer...more

CFPB Publishes List of Rural Counties and Underserved Areas

by BakerHostetler on

We have an update to our September 23 post regarding the CFPB’s expanded definition of “small creditors” and “rural areas” for purposes of meeting the requirements of qualified mortgages. As first reported by Housing Wire,...more

CFPB Finalizes New HMDA Reporting Requirements

by BakerHostetler on

The Consumer Financial Protection Bureau (CFPB) finalized a rule yesterday aimed at providing the public and regulators with meaningful information concerning the lending practices of financial institutions....more

First Round of ATR Cases Goes to Banks

by Williams Mullen on

The CFPB’s ability-to-repay (ATR) rule became effective in January 2014. It requires mortgage lenders to determine during underwriting that a borrower has a reasonable ability to repay a loan according to its terms. ...more

CFPB Issues RESPA and Marketing Services Agreements Compliance Bulletin

by Stinson Leonard Street on

On October 8, 2015, the Consumer Financial Protection Bureau (CFPB) issued a compliance bulletin concerning marketing services agreements (MSAs) under the Real Estate Settlement Procedures Act (RESPA). RESPA - RESPA...more

CFPB Sends Industry Letter on TRID

by MoFo Reenforcement on

On October 1, regulators including the CFPB sent a letter to mortgage industry trade groups regarding TRID. The letter states that...more

CFPB Issues Rule on Mortgage Guidelines for Special Classes of Creditors

by Reed Smith on

The Consumer Financial Protection Bureau (“CFPB”) this week issued a final rule making a series of changes to its mortgage guidelines for small creditors and creditors in rural and underserved communities....more

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