With less than one month remaining until the April 19, 2018 effective date of bankruptcy-related amendments to Regulation X and Regulation Z, the Consumer Financial Protection Bureau ("CFPB") has issued "Mortgage Servicing FAQs" to address several questions it has received regarding the new bankruptcy statement requirements. specifically, the FAQs provide some clarification regarding periodic statements, coupon books, reaffirmation, successors in interest, and the effective date.
Fewer consumers say home prices, mortgage rates will grow in 2019 SoFi reboots its mortgage business with new name, updated processes Because we’re looking healthy in 2019, rates may continue to go up. The current fed funds rate is projected to rise, and Freddie Mac expects mortgage rates to end the year at 4.9%. It’s important to keep in mind that even though mortgage rates increased in 2018, they are still historically low.
The CFPB’s Declaration of Dependence Born as a fiercely independent agency meant to protect citizens, the Consumer Financial Protection Bureau has.
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CFPB Amendments to Mortgage Servicing Rules April 13, 2017 Ryan S. Stinneford.. grant industry requests for safe harbor from privacy rules; instead, a servicer may disclose non-public personal information relating to the. so that it does not include a request for payment.
CFPB previews 5-year review of mortgage rules. The Dodd-Frank Act requires the CFPB to use available evidence and data to assess all of its rules five years after they go into effect to ensure they are meeting the purposes and objectives of Dodd-Frank, and the specific goals of the subject rule. January 2018 will mark five years since.
Mortgage rates rise for second consecutive week · Trade tensions push mortgage rates lower for second week in a row. about the U.S.-China trade feud pushed mortgage rates lower this week.. trade deal breaks off and tariffs rise.
The Consumer Financial Protection Bureau (CFPB or Bureau) is updating the CFPB Dodd-Frank Mortgage Rules Readiness Guide (Guide) to help financial institutions come into and maintain compliance with the mortgage rules outlined in the Summary of the Rules in this Guide. The CFPB has designed this Guide for use by institutions of all sizes.
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The CFPB’s proposal also includes changes to its mortgage servicing rules largely meant to give more flexibility to servicers. This includes some relief in complying with force-placed insurance requirements and exemptions in having to provide periodic statements under certain circumstances when the mortgage has been charged off.
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While mortgage companies continue to have to contend with such regulatory constraints, they may get some relief from CFPB reforms like the bureau’s proposed loosening of QM standards. Continuing regulatory costs and lower volumes have helped ensure that mortgage brokers, which remain a low-cost means of sourcing loans compared to other.
New CFPB Mortgage Servicing and Loss Mitigation Rules to Take Effect in 2017 and 2018; New FDCPA Safe Harbor CFPB White Paper May Signal More to Come from CFPB on Loss Mitigation