Nov 20 2014

CFPB Proposes Expanded Foreclosure Protections

WASHINGTON, D.C. undefined Today, the Consumer Financial Protection Bureau (CFPB) proposed additional measures to ensure that homeowners and struggling borrowers are treated fairly by mortgage servicers. The proposal would require servicers to provide certain borrowers with foreclosure protections more than once over the life of the loan, to put in place additional servicing transfer protections, and to take steps to protect borrowers from a wrongful foreclosure sale. The proposal would also help ensure that surviving family members and others who inherit or receive property have the same protections under the CFPB’s mortgage servicing rules as the original borrower.

Press Release

JUNE 05, 2014

Contact: Matt Anderson, 212-709-1691

The CFPB finalized rules to facilitate access to credit by creating specific exemptions and modifications to the CFPB's Ability-to-Repay rule for small creditors, community development lenders, and housing stabilization programs. The amendments also revised rules on how to calculate loan origination compensation for certain purposes.
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Press Release issued by CFPB

WASHINGTON, D.C. undefined Today the Consumer Financial Protection Bureau (CFPB) finalized rules to facilitate access to credit by creating specific exemptions and modifications to the CFPB’s Ability-to-Repay rule for small creditors, community development lenders, and housing stabilization programs. The amendments also revised rules on how to calculate loan origination compensation for certain purposes. Today’s final rule amends the CFPB’s Ability-to-Repay rule, which was finalized in January of this year.

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from Tracy Wilkerson, CFP

Dear Colleagues,

The Consumer Financial Protection Bureau (CFPB) goes live today with the nation’s largest public database of federal consumer financial complaints, opening up information on more than 90,000 individual complaints on financial products and services. 

A breakdown of the Consumer Complaint Database is available at: http://files.consumerfinance.gov/f/201303_cfpb_consumer-complaint-database-fact-sheet.pdf

CLICK HERE FOR PRESS RELEASE

Companies of All Sizes Need to Be Ready for CFPB Exam
By Brad Finkelstein
Small mortgage bankers should not think their organizations are not of interest to the Consumer Financial Protection Bureau because of their size.Click here to read more

Housing experts are warning legislators about the unintended consequences of a narrow qualified residential mortgage definition.

click here to read more of this article

Featured Story

New York's Brokers On the Upswing
By Brad Finkelstein

Louis Borsellino, newly-installed president of the New York Association of Mortgage Brokers, lays out his plans for the coming year.

Click here to read more....