CFPB will be vigilant with new mortgage rules – CFPB Director Richard Cordray defended the regulations at a Consumer Federation of America event on Thursday, and promised that the bureau would be “vigilant“ in enforcing the “back to basics” regulations for mortgage lenders and servicers, according to prepared remarks.
RESPA-TILA Final Rule November 2013 – For more than 30 years, Federal law has required lenders to provide two different disclosure forms to consumers applying for a mortgage. The law also has generally required two different forms at or shortly before closing on the loan.
Cordray Vows “Openness” with Auto Lenders – Consumer Financial Protection Bureau Director Richard Cordray acknowledged concerns Tuesday about how the agency is regulating indirect auto lenders, vowing to be more transparent about its oversight.
CFPB Semi-Annual Report – The Consumer Financial Protection Bureau (CFPB or Bureau) presents this Semi-Annual Report to the President, Congress, and the American people, in fulfillment of its statutory responsibility and commitment to accountability and transparency. This report provides an update on the Bureau’s mission, activities, accomplishments, and publications since the last Semi-Annual Report, and provides additional information required by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank or Dodd-Frank Act).
CFPB Issues ‘Final’ Amendments to Mortgage Rules – The Consumer Financial Protection Bureaulate last week finalized amendments and clarifications to its January mortgage rules.
J.P. Morgan and Assurant Agree to Settle ‘Forced’ Insurance Suit – J.P. Morgan Chase and Assurant Inc. agreed to a settlement under which they could pay about $300 million total to resolve allegations in a class-action lawsuit that they overcharged borrowers for a type of homeowners’ insurance.
NY Goes After Agents, Brokers On Force-Placed Insurance – A New York regulator on Wednesday warned insurance agents and brokers not to offer cheap or free services to mortgage lenders and servicers as part of efforts to lure force-placed insurance business.
CFPB Releases 2013 Dodd-Frank Mortgage Rules Readiness Guide – On July 8, the CFPB released the first version of the 2013 Dodd-Frank Mortgage Rules Readiness Guide. The guide is made for use by financial institutions of all sizes to evaluate their preparedness to be compliant and to maintain compliance with the upcoming mortgage rule changes.
GOP Seeks Data on What Prompted CFPB Auto Guidance –Republican lawmakers are calling on the Consumer Financial Protection Bureau to explain its rationale behind new fair lending guidelines for auto lenders.
Bankers Hem, Haw on Force-Placed Kickbacks in Closed Meeting – Bankers and specialty insurance executives defended their force-placed insurance practices and dodged questions about alleged industry kickbacks and price gouging at a private but well-attended “working group” hosted by regulators.
Force-placed insurance reforms to completely cover New York – The Cuomo Administration announced that its force-placed insurance reforms will cover 100% of the New York market. This came as a result of the New York State Department of Financial Services reaching an agreement with four force-placed insurers, including American Modern Insurance Group, Chubb, Fidelity and Deposit Company of Maryland and FinSecure.
NAIC –The practice Lender-placed insurance has recently attracted increased media coverage. The attention has primarily focused on the rates charged for lender-placed insurance policies and whether insurers and lenders are making “excess” profits on this line of business.
CFPB Issues Proposed Clarification on the 2013 Escrows Final Rule –The CFPB issued a final rule clarifying and making technical amendments to the 2013 Escrows Final Rule issued by the Bureau this past January.
Wells Fargo, QBE to Pay $19M to Settle Force-Placed Lawsuit – Wells Fargo and insurer QBE have agreed to pay $19.3 million to settle claims that they overcharged homeowners in Florida on lender-placed insurance policies.
The CFPB takes action against mortgage insurers to end kickbacks to lenders – The CFPB announced four enforcement actions to end what the Bureau believes to be improper kickbacks paid by mortgage insurers to mortgage lenders in exchange for business. The CFPB filed complaints and proposed consent orders against four national mortgage insurance companies in order to stop these practices, which have been prevalent for more than 10 years. The proposed orders require the four mortgage insurers to pay more than $15 million in penalties to the CFPB.
U.S. Cracks Down on ‘Forced’ Insurance – The Federal Housing Finance Agency, which regulates mortgage giants Fannie Mae and Freddie Mac plans to file a notice Tuesday to ban lucrative fees and commissions paid by insurers to banks on so-called force-placed insurance.
Assurant settles with New York over “force-placed” insurance– Assurant Inc settled a New York probe of its “force-placed” insurance by agreeing to pay the state a $14 million penalty,refund some homeowner premiums and reform certain business practices.
CFPB using ECOA to go after dealers and dealer mark-up – At the CBA Live conference last week in Phoenix, CFPB Assistant Director for Fair Lending & Equal Opportunity Patrice Ficklin announced that the CFPB will be using ECOA to regulate dealer mark-up.
Consumer finance agency finalizes rules to protect mortgage borrowers from runarounds, fees – The government’s consumer lending watchdog finalized new rules aimed at protecting homeowners from shoddy service and unexpected fees charged by companies that collect their monthly mortgage payments.
Force-Placed Insurance Suit Against Citibank, MidFirst Proceeds– A federal judge in New York has allowed a class action lawsuit against Citibank and MidFirst Bank over force-placed insurance practices to proceed, according to a release from lawfirms representing plaintiffs in the case.