CFPB Older Americans Office Targets Financial Scammers On the Road

The Office of Older Americans under the Consumer Financial Protection Bureau is continuing its visits with senior groups across the United States to help identify potential fraud targeting the elderly and take the proper precautions to avoid it. In his latest travels, the CFPB’s Skip Humphrey visited older Americans in Tampa Bay, Florida. There, he […]

CFPB to Banks, Non-Banks: You’re Responsible for Your Vendors

The Consumer Financial Protection Bureau is now holding financial institutions accountable for any service providers with which they work. The bureau announced the clarification last week in a bulletin, stating that consumers are at a disadvantage in not being able to choose the service providers with which their financial institutions work. “Consumers are at a […]

On United Front, Group Seeks Mortgage Answers from CFPB

An extensive group of more than 30 different associations, consumer and civil rights advocates, lenders and others came together this week in a letter to Consumer Financial Protection Bureau chief Richard Cordray imploring the CFPB to broadly define the term “qualified mortgage,” or “QM,” as part of the CFPB’s pending Ability to Repay regulation. Formerly […]

CFPB Clarifies Loan Originator Transitional Licensing Rules

In a bulletin published Thursday, the Consumer Financial Protection Bureau stated a clarification to the SAFE Act regarding loan originator licensing from state to state. Responding to questions from state regulators concerning the ability for state licenses to transfer, the CFPB states that the SAFE Act and Regulation H do permit state reciprocity with respect to transitional […]

CFPB Targets Discriminatory Lenders, Warns Consumers of Red Flags

The Consumer Financial Protection Bureau is now targeting discriminatory lenders and says it will use all avenues, including disparate impact to pursue them. In a statement released Wednesday accompanying a bulletin to lenders, the CFPB outlined its plan to crack down on any lenders that discriminate consumers—including equipping consumers so they can identify any unlawful […]

CFPB: Time to Put the “Service” Back in Mortgage Servicing

The Consumer Financial Protection Bureau has begun to make its mark on mortgage lenders through oversight of non-bank institutions, audits and discussions of altering its policy on loan originator compensation. In its most recent announcement, however, the agency is looking to make new rules in the mortgage servicing arena that it hopes to finalize by […]

New Reverse Mortgage Disclosure Drafts Under Way

New reverse mortgage disclosure forms are being drafted, representatives for the National Reverse Mortgage Lenders association told regional conference attendees in New York last week. In an effort to work with the Consumer Financial Protection Bureau and its overall initiative to revamp all mortgage disclosure forms under a Dodd-Frank rule to combine the Truth in Lending […]

CFPB Chief: Loan Origination Compensation Rule Could Change by 2013

Changes to the Federal Reserve Board’s controversial loan originator compensation rule will likely be made by January 2013, according to statements made today by Richard Cordray, chief of the Consumer Financial Protection Bureau, which now has authority over the rule. The changes are likely to allow originators to lower their compensation in order to close […]

CFPB to Revisit Loan Originator Compensation Rule, Proposal Coming “Soon”

Loan officer compensation rules may be facing change once again, National Mortgage News reported today based on comments made by the Consumer Financial Protection Bureau’s Peter Carroll, head of the agency’s Office of Mortgage Markets. “The Consumer Financial Protection Bureau plans on taking a close look at the Federal Reserve’s controversial loan officer compensation rule […]

Have a Question About Reverse Mortgages? Ask the CFPB

The Consumer Financial Protection Bureau today launched an interactive reverse mortgage information resource as part of its “Ask CFPB” initiative. Ask CFPB allows consumers to ask questions and get answers on financial products and topics from credit card agreements to estate planning. It currently includes 20 reverse mortgage-specific questions and answers, with the potential to […]