As anticipation builds around potential changes to the LO comp rule, some industry stakeholders have started to chime in with their visions of what form the regulation should take. The Community Home Lenders of America, specifically, is the first to publish a blueprint of what changes should be implemented to the Loan Originator Compensation Requirements. […]
CHLA floats rewrite of LO comp rule Read More »
The Consumer Financial Protection Bureau cut short a five-year agreement with Bank of America Corp. over the bank’s alleged submission of false mortgage data as the significantly curtailed government agency rolls back a bevy of settlements, ending the monitoring of BofA more than three years early. The bank “fulfilled the obligations” of the agreement signed
Bank of America exits CFPB monitoring three years early Read More »
ICE Mortgage Technology has launched its own publicly available weekly average prime offer rate [APOR] index, the company announced Tuesday. The APOR index is the underlying interest rate source used to determine what qualifies as a higher-priced mortgage loan under federal regulations. For more than a decade, the Consumer Financial Protection Bureau has published the
ICE Mortgage Technology launches its own APOR index Read More »
The American Bankers Association voiced its concerns over a proposed Consumer Financial Protection Bureau final rule to eliminate a pandemic-era policy affecting loss-mitigation procedures that brought flexibility to servicers. While stating its support to the easing of some regulations proposed since the beginning of the second Trump term, the ABA urged the bureau to retain
CFPB servicing rule change raises alarm for bankers Read More »
The Consumer Financial Protection Bureau has been an effective watchdog for consumers, and its secure, independent funding is key to its effectiveness. That’s why a new proposal from the Senate Banking Committee for the massive budget bill now quickly moving through Congress (H.R. 1) to eliminate this source of funding for the Consumer Bureau is
Why the Senate should protect funding for the CFPB Read More »
The Consumer Financial Protection Bureau under the Trump administration is eyeing revisions and a possible rescission to a number of rules governing the mortgage industry. The consumer watchdog sent five rules to the Office of Management and Budget for review on June 4. Rules on the queue include the Loan Originator Compensation Requirements under the
If the CFPB axes the LO comp rule, what happens? Read More »
Nathan Laine/Bloomberg WASHINGTON — Elon Musk is leaving the Trump administration after guiding some of President Donald Trump’s most radical attempts to dissolve government agencies, including efforts to greatly diminish the headcount at the Consumer Financial Protection Bureau. Musk’s time in Washington has been fraught with uncertainty, including the extent to which he is responsible
Musk departs White House, leaving CFPB in limbo Read More »
Trustmark National Bank is enjoying an early exit from a consent order stemming from a Biden-era redlining investigation. The Jackson, Mississippi-based lender and servicer is free of the settlement with regulators 17 months early, following a federal judge’s approval last week. The Department of Justice, the Consumer Financial Protection Bureau and the Office of the
Trustmark gets early exit from redlining consent order Read More »
Russell Vought is the acting director of the Consumer Financial Protection Bureau.Andrew Harrer/Bloomberg The Consumer Financial Protection Bureau has withdrawn guidance from the Biden administration that had expanded states’ rights, allowing individual states to broadly enforce violations of federal consumer protection laws. The CFPB under former CFPB Director Rohit Chopra interpreted the Consumer Financial Protection
CFPB blocks state enforcement of federal consumer laws Read More »
The Consumer Financial Protection Bureau published a proposed rule in the Federal Register on Friday that could scale back some procedures added for mortgaged homeowners with hardships due to COVID-19. The temporary requirements added during the pandemic have largely sunset, and one aspect that has not is on track to be addressed by a planned
CFPB proposes end to pandemic servicing requirement Read More »